Letters to the Editor: Capitalism should work, but the U.S.’ version of it is ‘all out of whack’

To the editor: Capitalism is good. It rewards innovation and creativity and results in prosperity. In theory, all members of a capitalist society benefit from national prosperity.

But, as history has taught (think Gilded Age), unchecked and ungoverned capitalism can result in a small class of the uber-wealthy, a large class in poverty and an excess need for social assistance. Current statistics indicate this is where the U.S. is now (“‘Jenga tower’ economy teeters as middle class pulls back spending,” Nov. 6).

As Elon Musk looks to become a trillionaire and the billionaire class grows, 42 million Americans (one out of eight) need food assistance. In 2024, at the 350 largest firms in the U.S., chief executives were paid an average of 281 times more than the typical worker, while worker compensation has not even kept up with inflation for many years. Total U.S. household debt is now $18.6 trillion. Credit delinquencies and personal bankruptcies have risen sharply in 2025. The top 20% of U.S. earners account for 63% of spending; the remaining 80% account for 37% of spending.

U.S. capitalism has gotten all out of whack. The U.S. is the largest economy in the world, with the seventh-highest GDP per capita in the world. Our country’s prosperity is not being well-used and well-distributed. It’s time for a paradigm shift with some governance around U.S. capitalism to rebalance the benefit of the nation’s prosperity. And doing so does not constitute socialism or communism.

Carla St. Romain, Pasadena