American economic policy is for the rich
Studies have shown that much of the wealth in the United States has flowed into the pockets of the top 0.1%. This includes a group of billionaires whose net worth has increased by $ 1.8 trillion since the start of the pandemic, according to Kurt Andersen’s âEvil Geniusesâ.
In 2020, former Labor Secretary Robert B. Reich said, âAmerica today has socialism for the rich and hard capitalism for the rest of us. This happens when government intervention does more to stimulate the stock market than the real economy.
Between 1980 and 2019, the share of the country’s total wealth going to the richest 1% more than doubled while the incomes of the poorest 90% barely increased, according to the Bureau of Labor Statistics. Poor investment in the real economy has limited opportunities and income gains for the poor and middle class
Large corporations are becoming more and more monopolistic in today’s era of low interest rates. They use their inflated stock prices and cash stocks to buy new companies and suck up all talent, innovation and resources.
We need to invest in human infrastructure that improves productivity and creates good jobs. We can have democracy, or we can have the wealth concentrated in the hands of a few. We have to choose.
Richard A. Weiherer