Tuesday, April 8, 2014

Robert Reich: "McCutcheon" Tightens The Wealthy's Strangle-Hold On Politics

Robert Reich connects the dots between the struggles of the middle class and poor and the Supreme Court's "McCutcheon" decision, which enables a donor to contribute $3.6 million in a single election cycle. The strangle-hold that powerful interests have on our politics prevents the country from doing what needs to be done–including raising taxes on those same powerful interests:

Most companies continue to shed workers, cut wages, and horde their cash because they don’t have enough customers to warrant expansion. Why? The vast middle class and poor don’t have enough purchasing power, as 95 percent of the economy’s gains go to the top 1 percent.

That’s why we need to (1) cut taxes on average people (say, exempting the first $15,000 of income from Social Security taxes and making up the shortfall by taking the cap off income subject to it), (2) raise the minimum wage, (3) create jobs by repairing roads, bridges, ports, and much of the rest of our crumbling infrastructure, (4) add teachers and teacher’s aides to now over-crowded classrooms, and (5) create “green” jobs and a new WPA for the long-term unemployed.

And pay for much of this by raising taxes on the top, closing tax loopholes for the rich, and ending corporate welfare.

But none of this can be done because some wealthy people and big corporations have a strangle-hold on our politics. “McCutcheon” makes that strangle-hold even tighter.

Connect the dots and you see how the big-money takeover of our democracy has lead to an economy that’s barely functioning for most Americans.

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