"In 1929 Federal, state, and municipal governments accounted for about 8 percent of all economic activity in the United States. By the 1960s that figure was between 20 and 25 percent, far exceeding that in India, a socialist country. The National Science Foundation reckoned that federal funds were paying for 90 percent of research in aviation and space travel, 65 percent in electrical and electronic devices, 42 percent in Scientific Instruments, 31 percent in machinery, 28 percent in metal alloys, 24 percent in automobiles, and 20 percent in chemicals." William Manchester "The Glory and the Dream"
No rich man ever made a single dime outside of society. No so called entrepreneur made their wealth in a vacuum from nothing. Obama was right, but the thought does not appeal to the cowboy mentality of the modern right wingnut. Oh, and no cowboy roped a steer before there was a steer to rope, someone made the rope, and someone taught him how to ride the horses.
'It’S Mitt Romney Who Doesn’T Understand America'
"If this country is to continue leading the world both economically and technologically, then someone has to be willing to spend money on silly risks. Someone has to fund a production line for the integrated circuit computers that T.I. can’t see a use for. Someone has to send rockets into space for no other reason than because we can, and because we should see what happens after that. It’s the American way."
Romney and Obama on American Inventions : The New Yorker
The rich get rich because of their merit.
[ame=http://www.youtube.com/watch?v=htX2usfqMEs]Elizabeth Warren on Debt Crisis, Fair Taxation - YouTube[/ame]
"On moral grounds, then, we could argue for a flat income tax of 90 percent to return that wealth to its real owners. In the United States, even a flat tax of 70 percent would support all governmental programs (about half the total tax) and allow payment, with the remainder, of a patrimony of about $8,000 per annum per inhabitant, or $25,000 for a family of three. This would generously leave with the original recipients of the income about three times what, according to my rough guess, they had earned."
UBI and the Flat Tax