In the 1950s, under the Dwight D. Eisenhower Administration, high taxes on the rich funded important government programs, like universally free public college. The U.S. reaped the benefits of having a debt-free, educated society, by doing things like going to the moon. When Ronald Reagan brought about the neoliberal economic revolution in 1981, conservatives rejoiced at the thought of the awesome future that “trickle-down economics” was to bring. Reagan slashed taxes to extremely low levels for the richest Americans in hopes of stimulating the economy. However, these tax cuts just led to cuts in funding for important things like education, and, while the rich made massive gains from the tax cuts, the rest of the country suffered. Reagan’s free-market capitalist revolution has caused the rich to receive an ever-increasing piece of the economic pie, while everyone else has been thrown to the wolves. This is a big problem, but, fortunately, there are ways to fix it. 
To fix the U.S.’s economic problem would be to have a redistribution of wealth from the wealthiest Americans to the poor and the middle class. To start, the rich need to start paying their fair share of taxes again. Under President Eisenhower, top income tax rates reached 92%. These taxes supported the middle class with a free public college program. For every dollar that the U.S. spent on providing education, seven dollars were returned to the economy (“The Real Story Behind Skyrocketing Student Debt”). This means that, by taxing the rich to fund social programs that support the poor and the middle class, the economy boomed, and prosperity reigned. By the time the Reagan revolution hit its peak during the George H.W. Bush presidency, top tax rates plummeted to 28%. This dramatic tax cut depleted federal revenue so much that the government was forced to make huge cuts to social programs like education and healthcare. Simultaneously, the Reagan and Bush Administrations gave more advantages to the rich and put the rest of the country further into disadvantages. It is evident today when young people across America can’t do things like buy a car, buy a house, or start a family due to the crushing student loan debts they face. Similarly, many Americans can’t afford to pay for healthcare, even for simple things like insulin, which is necessary for diabetics to live. The first step in fixing the American economy is for the rich to start paying their fair share of taxes. What is a fair share? The current top tax rate of 37% is proven to be too low. At a minimum, the top tax rate should be raised to at least 39.6%, the rate that lived under Presidents Clinton and Obama. Then, the next step can begin. 
The second step to fixing the economy is to put the revenue gained from taxing the rich to good use. The first thing that needs to be done is to reestablish the universal free public college system. President Biden proposed during his campaign to make two-year community college universally free (which is part of the $3.5 trillion infrastructure budget reconciliation bill passed by the House of Representatives in August 2021) and to make all college free to all children who come from single-income households making $75k or less, or children from two-income households making $125,000 or less. This is a great starting point which will give relief to those who need it most: the lower middle class and the poor. The U.S. also needs to develop a much more comprehensive healthcare plan. The Affordable Care Act (ObamaCare), was a serviceable first step towards this goal, as it insured millions of Americans who did not previously have access to health insurance. However, a recent study by the Commonwealth Fund found that the U.S. had the most expensive (relative to its GDP), but least-effective, healthcare system among other developed nations. Countries who utilize universal health care systems, like Australia, scored far better on the effectiveness of their health care systems, while spending less of their GDP. This proves that it is possible to guarantee all Americans health care as a human right, not a commodity for only the highest bidders, and we can do it for a lower cost than we currently spend. Once the rich are taxed and the general public is given the means to succeed, America can move on to the third step. 
At this point, there has been an adequate redistribution of wealth. The average, everyday American can go to the doctor to get treatment without worrying about how it will affect his or her pocketbook. A high school graduate can attend the school of his or her choice, for the program of his or her choice, to get the job of his or her choice, without worrying about the financial burden of getting higher education. But there is still enough wealth at the top to maintain a healthy economy and to continue contributing to these programs with tax dollars. The third and final stage to building a successful and sustainable economy for all Americans is to update infrastructure to adapt to the changing climate. This will be much easier now that there is an educated and more skilled citizenry. With these new jobs that people are working, which are higher paying and more technologically advanced, there is more taxable income to fund new projects, and more brain power to achieve them. The U.S. will need to invest in clean energy, such as solar and wind power, to meet the growing demand for electricity while limiting emissions. America should also invest in other alternative energy sources such as nuclear fusion power, which, if successful, would be able to cover a large portion of Earth’s energy needs at little cost to the environment. The U.S. also needs to get rid of gas and diesel-powered vehicles and transition to electric vehicles as fast as possible. To do this, the country will also need to build more charging stations for these vehicles to ensure that people can still get from point A to point B without trouble. And while the worst effects of climate change can still be averted, some of the effects are already happening. This country must be ready to build seawalls to deal with rising sea levels, and irrigation systems to combat droughts. Last, but certainly not least, the U.S. will need to enact laws with stricter protections for our forests, wetlands, and other wildlife and nature preserves. If biodiversity is not protected, Earth’s entire ecosystem could collapse. When the rich are taxed, the rest are taken care of, and Earth’s environment is protected, the American economy will have been fixed.  
The American system is broken. It promotes massive gains from the wealthy few, while the rest are left to fight for scraps. It prioritizes profits over protection for our world. It is broken, yes, but it can be fixed in just the three, simple steps given here. It won’t be easy, but few things worth doing are. The most important thing as of right now is for people to recognize the shortcomings of the American system as pointed out here, and then go on to vote for politicians who support these necessary changes to American life.  
 
 
 
 
 
 
Works Cited 
ABC News, ABC News Network, abcnews.go.com/Politics/eisenhower-obama-wealthy-americans-mitt-romney-pay-taxes/story?id=15387862. 

Parker, Claire. “U.S. Health-Care System Ranks Last among 11 High-Income Countries, Researchers Say.” The Washington Post, WP Company, 8 Aug. 2021, www.washingtonpost.com/world/2021/08/05/global-health-rankings/. 
 

“The Real Story Behind Skyrocketing Student Debt | Robert Reich.” YouTube, YouTube, 20 Nov. 2020, www.youtube.com/watch?v=t7lO0TlwUZw.