A recent “Your Views” column suggested liberalism is a requisite check on capitalism. The writer suggested outrageous corporate profits and CEOs interested only in shareholders require more centralized government control. But, federal intervention including Dodd-Frank, EPA, and Obamacare have only injured our economy. Now, about the writer's allegations? An inconvenient truth.
Average profit of Fortune 500 companies is around 6%. That's outrageous? If they made a little more, we'd have more tax revenue. The most regulated industries' worker productivity is just half that of the least regulated industries. Paperwork doesn't produce marketable goods and services.
The shareholders? They're factory workers, teachers, first responders, office workers, neighbors, friends, state/local government employees, and workers where you shop, eat and buy gas. Less than 10 percent of U.S. shareholders are individuals. The rest of stocks are in retirement accounts, pension funds, non-profits and insurance company portfolios. And those 10% individuals? Most have invested in mutual funds to help secure their retirement or their childrens' education.
The economy stifling policies of the Obama administration retarded average Joes' earnings. Why? It costs money to fill out endless forms. EPA regulations that provide miniscule improvements cost money that could be used to create jobs. How nuts is Dodd-Frank? A local non-profit sends two people to the bank with $150 from a small event to avoid losing non-profit status. Convince me one size fits all! Extra expenses providing little public good sap money that could provide more opportunity and jobs. Too many regulations are simply bureaucratic power grabs.