I was born in 1946; an original ‘baby boomer.’ I bought into the “American Dream” and a belief that nothing could stop the growth of America’s economy in the 1950’s. WWII had become a memory, and the future was glorious.
In many ways that was a reality. However, with the growth of our nation’s economy came a belief that nothing could stop the success of capitalism in America. The latter was a fact.
If we move forward to the 21st century and we are honest about the future of all 330 million Americans, we know that capitalism without restraints will destroy America. Income inequality restricts the ability of one-half of Americans to live the American dream. When 50 percent of the American people are incapable of purchasing goods and services beyond necessities, an economy based on consumer spending cannot survive.
My generation was convinced that the stock market could make us wealthy, and that an investment in companies which made America the strongest economy in the world could not fail; and the disaster of 1929 could never be repeated. This was a lie.
My generation, baby boomers, are a dying breed. Younger Americans are incapable of investing in the market, and have little interest in doing so. This fact affects more than one-half of all Americans. The average age in our nation is 38.1 years of age. What the ‘market’ means to my generation means nothing to the majority of the American people in 2020.
The policies of President Barrack Obama designed to restore our nation’s economic security included the stability and growth of Wall Street. His administration’s policies continue to allow the market’s historical increase in the value of stocks bought and sold on the Dow Industrials.
Leading the growth were the housing market and retirement benefits such as 401ks. All of these factors are about to end in a dramatic fashion.
Trump’s policies are doomed to fail. His ill-advised tariffs, and his misnamed ‘tax reform,’ which reduced the maximum corporate tax rate from an already low 33 percent to 21 percent has added trillions of dollars to the national debt. No economy can be sustained when the national treasury spends more than it receives. Super-rich American pay little or no tax in today’s America.
Most importantly, when the majority of a nation’s people lack the ability to purchase goods produced by the manufacturers of our nation’s products, an economic downturn is unavoidable. The market will experience a ‘crash’ far more devastating than the depression of 1929.
We must not blame baby boomers for the expected economic downturn. They were brainwashed by major corporations who sought inflated profits over the future of their nation. Greed prevented logic and affluence became more important than the future of all 330 million Americans. Capitalism has failed the average American, and its failure was predicted by wiser men decades in our nation’s past.
The United States has been the world’s greatest economy for generations, but under Trump’s failed administration it is all about to self-destruct. His belief in ‘trickle down economics,’ and the indestructible success of the wealthy will destroy the economy of a once prosperous nation.
Trump was undeserving of his degree from Wharton. I am convinced that ‘father Fred’ purchased his diploma as he did his draft deferments from the Vietnam War.
In 2016 uninformed Americans, with the aid of Russia, the mainstream television media, and James Comey, chose a man who was not only the least qualified man in history to be our president, they ignored the need of a nation which was recovering from a near depression. Millions of Americans rejected the efforts and successes of a great president, Barrack Obama, who inherited the most difficult situation of any president in history; the result of another failed Republican president. Two wars and a failing economy would have seemed an insurmountable challenge for most men.
“The Truth Lives Here”
Op-ed by James Turnage
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