… every group finds itself facing criticism, and ends up on the losing side of policy disputes, somewhere along the way; that’s democracy. The question is what happens next. Normal people take it in stride; even if they’re angry and bitter over political setbacks, they don’t cry persecution, compare their critics to Nazis and insist that the world revolves around their hurt feelings. But the rich are different from you and me.
We take it more or less rightly as a given that people in finance will have generally right-leaning politics - low taxes, tight money, lax regulatory regimes. Basically traditional money Republicanism. But over the last few years (since 2008), I think there’s been a pretty dramatic growth in what we’d call Tea Party politics in that set - extreme conservatism that goes beyond hands off fiscal and regulatory policy, the kind of feverish mindset in which you could write with a straight face that progressives might be building toward some sort of mass wealth confiscation or internment or even extermination for the likes of Tom Perkins. It’s a problem. And Perkins is just getting our attention because his self-censor and/or editor failed him so miserably.
@NYTimesKrugman hits it out of the park. Why don’t we have a guy like this up here?
Freedom Industries — the folks who poisoned West Virginia’s water supplies with a chemical leak — just filed for bankruptcy.
“Washington gridlock helps the super-rich stay rich, and get richer,” says Thomas Volscho, a sociologist at the City University of New York and one of the authors of the study. “And the richer they get, the more the gridlock actually helps them.”
The researchers looked back over 70 years of data, and found that the more dysfunctional Washington is, the bigger the share of the pie the top one percent tends to grab. And most importantly, they also found that when economic inequality is high, the kind of polarization and gridlock that have been the hallmark of Washington since Barack Obama’s election make legislative efforts to change course all-but-impossible.
So the apparatus of government is designed to reinforce the status quo, especially when that status quo already favours the 1 per cent. Who knew?
So take your “revise your expectations! check your ego!” Horatio Alger bullshit, and stuff it. While you’re at it, stuff this economy. Not this GDP, not this unemployment level: this economy, this financial system that establishes complete social and political control over us, that conditions us to believe that we don’t deserve basic shelter and clothing and food and education and existence-sustaining medical care unless we throw our lives into vassalage and hope, pray, that the lords don’t fuck with our retirements or our coverages. (Maybe if we’re extra productive, someday they’ll do a 4o1K match again, like our ancestors used to talk about!)
H/t Septembre Anderson.
… as long as climate change continues to advance—it seems that nothing can stop that now—and we maintain a global food system perennially subject to volatile price spikes and exploitation from speculators, without reform, our world will be an increasingly restive one. Hunger is coming, and so are the riots.
Source: Vice Magazine
Paul Krugman on the austerity fetishists. Why don’t we have someone like this with a platform like this up here?
H/t I Acknowledge Class Warfare Exists.
Along the way, however, we’ve forgotten something important — namely, that economic justice and economic growth aren’t incompatible. America in the 1950s made the rich pay their fair share; it gave workers the power to bargain for decent wages and benefits; yet contrary to right-wing propaganda then and now, it prospered. And we can do that again.