Ted Bauman says that the different classes struggling with one another haven’t seemingly been part of America’s tradition. When he was in school he and the other students were taught that there weren’t any classes in the United States. Everybody was just an American and everyone could move from the poorest families in the nation to become one of the richest. If you just applied yourself and work hard success would come to you.
However, there is class warfare in the United State but most people don’t see it, Ted Bauman wrote in a recent article. One famous and very successful investor commented on this, saying that not only is there class warfare in this country but that the rich are winning it in a rout.
The capitalist system has proven itself to be the most innovative and productive economic system ever created, Ted Bauman has written in one of his articles published by Banyan Hill Publishing. It has produced huge gains in regards to human welfare by producing things people need or want and are willing to pay money for. The basic idea of capitalism is that private ownership of capital gives people incentive to meet the needs and wants of consumers. They sell things on the open market and get to profit from it, sometimes stupendously so.
However, beginning in the 1970s things began to break down in America. Around 1975 productivity started to skyrocket while the wages of workers haven’t really moved an inch in the past 40 plus years. This means that almost all of the money and benefits are going to the wealthiest people at the top. Average people are in more debt than ever before and have been able to save very little because they don’t earn enough.
Ted Bauman addresses issues like this in his financial newsletters and articles he writes that appear in his Twitter feed. He is an economist by training and also has an advanced degree in history. He spent most of his career in the nonprofit sector before shifting gears and starting to write about financial matters like his father did. He has been with Banyan Hill Publishing for the past five years.