A concise and straightforward analysis of the serious flaws in laissez faire capitalism. United States public policy on taxation and public services is reviewed for the period starting in the 1920s and extending to 2010. It is pointed out that the policies adopted to cope with World War II accidentally ended the "Great Depression" very quickly. The correlation between periods of low tax rate / minimal public services policy and a resulting "Great Depression" or "Great Recession" is shown. The low tax rate policies of the roaring 20's and also in the1980 to 2008 time periods correlate with an increase in the income share to the wealthiest sector of the population during these periods of time. It is pointed out that the period of low tax rate policy initiated about 1980 also initiated a rapid increase in the national debt which is still in progress (as of 2012). And that the high progressive tax rates and massive federal expenditures used to pursue WWII did not interfere with the sudden demise of the "Great Depression" at all, which is contrary to current political dogma.