2016 Postmortem

Nasty Jack

(350 posts) Sat May 23, 2015, 07:19 PM May 2015

How to Dump the Rich for the Poor

There is a new Progressives report out that details how "to dismantle, reverse and fix how the laws and policies governing the American economy are rigged to benefit the wealthiest individuals and largest corporations." The poster boys should be the Koch Bros. A conclusion is “The American economy no longer works for most Americans…" then it tells what is causing this followed by policy changes to fix the problem. You can read the full report here. The study refutes those who say "government has shackled the free enterprise system and hobbled business" and that the "risk takers and job creators deserve the wealth." Their findings are based on the fact that the 1 percent are just getting wealthier while workers' wages remain stagnant. The 37 ways are all spelled out in the article which you should read but here are some highlights:

End “too big to fail” by imposing additional capital surcharges on systemically risky financial institutions and breaking up firms that cannot produce credible living wills.

Restructure CEO pay by closing the performance-pay tax loophole and increasing transparency on the size of compensation packages relative to performance and median worker pay and on the dilution as a result of grants of stock options.

Provide health care cost controls by allowing government bargaining.
Raise taxes on capital gains and dividends.

Reform monetary policy to give higher priority to full employment.

Raise the nationwide minimum wage and increase the salary threshold for overtime pay.

Reform immigration law to provide a pathway to citizenship for undocumented workers.

Invest in young children through child benefits, early education, and universal pre-K.

The 37 points demonstrate what this group of Progressives thinks will improve the working man and woman's financial future in the U.S. What do you think?

Nasty Jack

4 replies

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Highlight:

How to Dump the Rich for the Poor (Original Post) Nasty Jack May 2015 OP

Posted to for later. 1StrongBlackMan May 2015 #1

A worthy and vital realm of ideas. dougolat May 2015 #2

tax the rich PRB May 2015 #3

HUGE TAX on the wealthy. THEY CAN'T TAKE WITH THEM. trueblue2007 May 2015 #4

1StrongBlackMan

(31,849 posts)

1. Posted to for later.

Reply to Nasty Jack (Original post)

Sun May 24, 2015, 04:35 PM

May 2015

dougolat

(716 posts)

2. A worthy and vital realm of ideas.

Reply to Nasty Jack (Original post)

Sun May 24, 2015, 04:44 PM

May 2015

I see 3 more issues:

"three strikes - you're out"
Many states have 3 strikes laws, providing escalating penalties for repeat offenses. Imagine something applying to corporations calling for loss of bidding for contracts, first temporary, then escalating to permanence, up to the 'Death Penalty' - loss of charter; businesses with felony convictions could be expected to become quite scrupulous.

"externalities"
Passing problems, ranging from pollution to pensions, on to society at large is a built-in way of business, causing no end of mischief; solutions are called for.

"hostile take-overs"
Business with "under utilized resources", perhaps with an eye toward good stewardship, the future, and good will, have been subject to hostile take-overs by those with more rapacious, and profitable-in-the-short-term attitudes. (Pacific Lumber comes to mind)
Taking over a business and saddling it with debt, often from the take-over itself, has been the source of shady wealth and the means for media consolidation, which so troubles us now.

PRB

(139 posts)

3. tax the rich

Reply to Nasty Jack (Original post)

Mon May 25, 2015, 12:04 AM

May 2015

feed the poor until there are rich no more

trueblue2007

(17,228 posts)

4. HUGE TAX on the wealthy. THEY CAN'T TAKE WITH THEM.

Reply to PRB (Reply #3)

Mon May 25, 2015, 06:55 PM

May 2015

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