The Federal Reserve recently released quarterly statistics that tells of continuing trouble in our economy and blows up the “trickle down tax cut obsessed economics” narrative. Americans suffered their biggest loss of wealth in more than two years. At the same time corporations have amassed record cash stock piles.
The last quaters 4% loss of wealth for Americans is associated with real families and heart-wrenching tragedies with home foreclosures, long term unemployment, 401 K’s and retirements disappearing. Many of our neighbors, friends and loved ones, through circumstances beyond their control are in dire straits with no safety net. Schools are doing without, hospitals are closing, roads and bridges are crumbling.
Meanwhile corporations have record amounts of cash on hand. With all that record cash, we still hear arguments for more tax cuts and incentives so corporations will spend money to do more hiring. The Supreme Court has declared corporations are people, and as such opened the flood gates of more money pouring into elections and lobbying by the super rich and corporations.
In 2010 more than 2/3rds of campaign contributions came from one quarter of 1% of the population. No wonder our elected officials beleaguered with outsized needs of cash to fund sky-rocketing costs of campaigning have become the loyal bidders of corporations and the super rich.
The occupy Movement has helped change the narrative, but to truly change the dynamics much more is needed. An awakening of the people, meaning broad coalitions of unions, students, churches, civic organizations , etc., to demand parity in the democratic and economic process. History reveals this will require a lot of work and likely will be very messy but deep social change rarely happens any other way.