Here are its salient features:
- We promote accumulation of vast fortunes without limits.
- We shun progressive income taxes that could narrow the gap.
- We keep most of finance deregulated even after it has collapsed so spectacularly.
- We let the minimum wage atrophy.
- We discourage unionization.
- We let middle class jobs disappear.
- We allow a revolving door between public office and high paying private sector jobs.
- We let our public infrastructure deteriorate.
- We belittle government and public service.
- We promote private gain as the best way to promote the common good.
- We force our children to pile up debt in order to get an education.
- We live with a porous safety net.
- We encourage health care to be a profit maximizing enterprise.
- We allow institutions to become too big to fail.
- We bail out the largest financial institutions when they do fail, even if that means transferring trillions to Wall Street.
- We allow Wall Street to use its bailout money to lobby against the public interest.
- We let Wall Street keep its bailout-created “profits” and bonuses.
- We have no clue if the financial sector provides any real value to our economy.
- We permit financial hucksters to buy up solid companies, load them up with debt, take the cash, and then drive them into the ground.
- We bad-mouth as protectionist all efforts to keep jobs in this country.
- We don’t have any serious plan for returning to a full-employment economy.
- We live in awe of billionaires.
Credit to Huffington Post and Les Leopold
Les Leopold is the author of The Looting of America: How Wall Street’s Game of Fantasy Finance destroyed our Jobs, Pensions and Prosperity, and What We Can Do About It, Chelsea Green Publishing, June 2009.
Categories: Income Inequality