On the Ethics of Control of Free Market Systems

I’d like to share with you some data found in the April 26^th issue of the www.demandsideeconomics.net blog.

In March of 2011 there were 130,738 million payroll jobs in the country.

In January 2000 there were 130,781 million payroll jobs in the country.

Median household income in constant dollars:

   2009 - $49,777

   1997 - $49,307

   1998 – $51,100

All this shows that there hasn’t been much going on for the average American in the time period.

The speaker also tells us that there are 7.25 million fewer jobs than when the recession began in 2007, with 13.5 million Americans unemployed. There are 8.4 million working in part time positions and about 4 million have left the labor force. Of the unemployed, 6.1 million have been unemployed for 6 months or more. [Remember the cartoon I shared about those in poverty in this country a few blogs ago.]

The author’s point is that capital markets are not kind or fair nor have they ever been. They are just markets. Remember when I blogged earlier about Keynesian or demand side economics and the argument for the need of government to play a role in regulated the free enterprise system that can easily cause so much unfairness in our society.

Now if you really believe in the survival of the fittest and that we have no responsibility for the welfare of our brothers and sisters, our current economic philosophy, supply side economics, is just fine. But that is not what my Judeo-Christian morality, or other religious based morality or even humanism teaches. The proper role of government is to ensure the welfare of the common good. As the scripture says, from who much is given much is required.

Currently with the half the wealth o f the country being held by the top 1 tenth on the top 1 percent of the society it is clear not much is being required from those to whom much has been given. In truth is the opposite is true.

We are an incredibly well blessed country, with a lot of wealth and much is required from us. I do not take that to be mean that God loves us more than other countries, instead it just means we have greater responsibilities. But the reality is that not only do we not good care of other countries we are terribly unfair to our own members of society.

This is the message I believe we need to get across to our politicians of both parties. Just to do the right thing .