alt Hacker NewsLetting billionaires hoard all the money has gotten us to where we are today. It seems worse than government mismanaging the budget. Was that concern also there in the 50s and 60s when the wealthy was taxed at a substantial higher rate? I don't believe so. It all seems to point at the failure of trickled down economics of Reagan.
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It's the elite wealth pump. Capital is a non-state entity but through corporations was granted person hood by states without a social contract. Trickle down economics was a complete scam and Richard Cantillon has the receipts for it.
Your answer is somewhat typical for Americans: because in my experience, Americans tend to think that all American developments are caused by domestic factors - governance, taxes, billionaires, whatever. Insular thinking, as if the rest of the world did not matter. Left or right, this is a fairly frequent pattern in the US.
But in the meantime, over a billion people elsewhere got out of poverty and built relatively developed economies. The US is no longer an automatic Nr 1 on the world scene by this fact alone. How precisely do you want to keep a massive edge over a billion hardworking East Asians who now have a lot of capital and know-how at their disposal?
Neither Musk nor Lenin can solve this. The US is simply in a relative decline.
The us was the only industrialized economy to come out ww2 unscathed. We didn't have to compete for 2 decades. The end results of these policies was the stagnate 70s Reagan was a corrective. However, the policies of Regan only made sense in that context. Republicans became too found of cutting top end taxes when most of what could be gained already was in the 80s. There is no historical period to look at on how to deal with the consequences of integrating China with the rest of the world.