Offered Without Comment 03

Posted: January 1, 2020 in Consumerism, Corporatism, Economics, Environment, Outrage, Politics
Tags: , , , ,

An astounding sentence (sandwiched for context) from They Rule: The 1% vs. Democracy (2014) by Paul Street:

The contemporary wealthy do not simply benefit from society; they accumulate fortunes at the expense of it. They profit from mass unemployment’s depressive impact on wages, which cuts their labor costs; regressive tax cuts and loopholes, which increase with wealth while shutting down social services for the poor; the cutting and undermining of environmental regulations, which reduce their business costs while spoiling livable ecology; wars and giant military budgets, which feed the bottom lines of the “defense” corporations they own while killing and crippling millions and stealing money from potential investment in social uplift; a hyper-commercialized mass consumer culture that despoils the environment while reducing human worth to exchange value and destroying peoples’ capacity for critical thought; dealing with corrupt dictators who provide natural resources at cheap prices while depressing wages and crushing democracy in “developing countries”; the closing down of livable wage jobs in the United States and the export of employment to repressive and low-wage peripheries; a health care system that privileges the profits of giant insurance and drug companies over the well-being of ordinary people; exorbitant credit card interest rates that lead to millions of bankruptcies each year; predatory lending practices that spread and perpetuate poverty and foreclosure; agricultural and trade practices that destroy sustainable local and regional food cultivation and distribution practices at home and abroad; the imposition of overly long working hours that keep employee compensation levels down while helping maintain a large number of unemployed workers; exorbitant public business subsidies and taxpayer incentives and bailouts of the rich paid for by the rest; and … the list goes on and on. Corporate and financial profits were restored in the wake of the 2008 financial crisis largely because the working-class majority paid for them, through taxpayer bailouts, slashed social services, layoffs, and reduced wages, hours, and benefits. [p. 89]

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