Looks like Progressives would like to go back to the future. All the way back to the FDR Administration, where Americans. Paid most of their income to the Federal Government. With Tax Rates ranging from 25-90% but then add on to the current Safety Net we have in America.
Progressive would like to move towards a Welfare State and making the American Economy like Europe. Adding on to the New Deal and Great Society and establish what’s been called the Fair Deal. Something that President Harry Truman pushed and that Henry Wallace ran for President on. Establishing Single Payer Medicare For All Health Insurance. Eliminating private Health Insurers, Universal Higher Education paid for at Tax Payer expense. Where the Federal Government would take over for the financing of Higher Education in America. Creating new Public Works Administrations etc. To create what they would call a ‘Fair Society.
The problem with this approach, the 1930s, late 1950s, the entire decade of the 1970s. Which could be called a lost decade like the last decade. The American Economy wasn’t doing very well. We had two recessions in the 1970s, high unemployment the whole decade. High Interest Rates and inflation most of the decade. We had an Energy Crisis that started in 1973 and carried through the rest of the decade. And the early 1980s, one of the reason why the Anti Tax Movement. That actually started in California around 1977 or so and they passed a Property Tax Cut Ballot Measure in 1978. High Tax Rates don’t equal Economic Equality, Quality of Opportunity does that. Where most Americans have an access to a good education.
To save American Capitalism, the way to save it, is go back to it. Not try to make America more like Europe but to empower Americans. Who have fallen behind, to take care of themselves and reach the “American Dream”. Where they are Self Sufficient, paying their own bills. Putting money away and enjoying life. Because they can afford to and want to.