How Greed Destroys America
Exclusive: New studies show that America’s corporate chieftains are living like kings while the middle class stagnates and shrivels. Yet, the Tea Party and other anti-tax forces remain determined to protect the historically low tax rates of the rich and push the burden of reducing the federal debt onto the rest of society, a curious approach explored by Robert Parry.
By Robert Parry
June 28, 2011
If the “free-market” theories of Ayn Rand and Milton Friedman were correct, the United States of the last three decades should have experienced a golden age in which the lavish rewards flowing to the titans of industry would have transformed the society into a vibrant force for beneficial progress.
After all, it has been faith in “free-market economics” as a kind of secular religion that has driven U.S. government policies – from the emergence of Ronald Reagan through the neo-liberalism of Bill Clinton into the brave new world of House Republican budget chairman Paul Ryan.
By slashing income tax rates to historically low levels – and only slightly boosting them under President Clinton before dropping them again under George W. Bush – the U.S. government essentially incentivized greed or what Ayn Rand liked to call “the virtue of selfishness.”