Capitalism is Broken, and I Think I Have Found the Solution
What the Scriptures Say About Fairness and Equality
by Rev. Paul J. Bern
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A Headline taken from the Internet just several days ago caught my eye, since its topic closely parallels the motto for this blog, “Where truth, justice and the Bible meet”. I then found two more related examples as well, and here they are.
What the Wealthiest Have Accumulated
- Warren Buffet’s Berkshire Hathaway sees operating earnings increase 7% over last year, cash balance grows to $147B (More)
- Microsoft annual operating income for 2023 was $88.523B, a 6.16% increase from 2022. Microsoft cash on hand for 2023 was $111.262B, a 6.21% increase from 2022.
- Lockheed Martin’s cash on hand for the quarter ending June 30, 2023 was $3.673B, a 106.93% increase year-over-year.
So now we can all see that this adds up to $262.7 billion in cold, hard cash between these three financial entities. Now, let’s compare that to the current liquid assets of the average American worker in 2023 dollars.
What the People Have in Comparison
- 42% of Americans have less than $1,000 in savings as of 2022.
- The average American savings account balance is $4,500.
- For most US workers, real wages have barely budged in decades
According to The Hutchins Center on Fiscal and Monetary Policy, the typical man with a full-time job–the one at the statistical middle of the middle–earned $50,383 last year, the Census Bureau reported this week. The typical man with a full-time job in 1973 earned $53,294, measured in 2014 dollars to adjust for inflation. How are US workers coping with the excessive financial pressure that they are under? By going into debt. They’re living off their credit cards because there is no other way at present. As a result, US credit card debt, up 4% over second quarter, has topped $1T for the first time ever. (More) The average US worker is…