I hope this excerpt from the RAND Corporation article “America’s 1% has taken $50 trillion from the bottom 90%,” available on the internet, will convince you to read the rest. It’s one of the best articles I’ve read explaining how the upward redistribution of wealth and power wasn’t inevitable; It was a choice, a direct result of the trickle-down policies we chose to implement since 1975:
“We chose to cut taxes on billionaires and to deregulate the financial industry. We chose to allow CEOs to manipulate share prices through stock buybacks, and to lavishly reward themselves with the proceeds. We chose to permit giant corporations, through mergers and acquisitions, to accumulate the vast monopoly power necessary to dictate both prices charged and wages paid. We chose to erode the minimum wage and the overtime threshold and the bargaining power of labor. For four decades, we chose to elect political leaders who put the material interests of the rich and powerful above those of the American people.”
I’d like to add the RAND Corporation article “America’s 1% has taken $50 trillion from the bottom 90%” to my previous recommendations, including Noam Chomsky’s “Requiem for the American Dream,” Harold Meyerson’s “The 40 Year Slump,” Bill Moyers’ “How Wall Street Occupied America,” and Nicholas Freudenberg’s “McDomination: How Corporations Conquered America and Ruined Our Health,” explaining the upward redistribution of wealth and power. All are available on the internet.
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Ron Adams, Decatur