Actually the system is quite easy to fix. It just wont be fixed properly because of greed. It would only require three strategic strikes.
Step 1: Democratic quasi-socialism.
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Originally Posted by Tenser
Meaning that the democratic process stay largely in tact with a few minor but needed tweaks and an economic structure where fundamental infrastructures are owned and operated by the government. The idea being the government would own and operate competitive businesses in certain fields such as communications, insurance, health care and resource management.
I've always given out United States Postal Service as an example of this. The USPS provides excellent jobs to society, provides an invaluable service to the country and actively competes with private industries such as UPS and FedEx. All while still allowing growth through capitalistic incentives.
I honestly don't think major oil companies would be raking in their record setting profits every year if they has to compete with a US owned and operated company in the same field.
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Step 2: Semi-Isolationism via active tariffs
America needs to start levying tariffs on goods coming within the US from other countries. The tariffs so be percentage based upon which country they are coming from and that country's minimum wage earnings versus ours. Thus causing it to be less profitable to move large businesses overseas where cheap labor can be had. This will not only allow American companies to compete profitably but also will encourage companies to stay within the US to avoid costly shipping and encourage other countries to raise there minimum wage allowances.
Step 3: Medicare/Medicaid/Social Security
A) Eliminate the 200k/yr tax ceiling on social security tax. (Currently the more money you make over 200,000 a year, the smaller percentage you pay in social security.)
B) Eliminate the ability for the government to borrow money from the SS coffers. (Currently government "borrows" money from SS to fund other programs. This borrowed money is never replaced. The money vault for SS is basically filled with G'ment IOUs. If money wasn't taken out to fund other programs, SS would actually have a surplus!)
C) Eliminate the 60+ age restriction to qualify for Medicaid. Now with a huge funding from the first two steps, the government may provide, very basic, simple health care for all citizens. People may still go out and purchase extra private or company based health care for extra coverage. This will take a VERY large burden off of employers while providing at least the basics for every citizen.