With one political party entirely committed to expanding inequality, and the other divided on the issue, overwhelming public support and commonsense ethical commitments don’t carry much weight.
That’s how oligarchies consolidate. The wealthy horde power and wealth, then that power and wealth gives them the ability to shape institutions to further increase their power and wealth.
Yellen has had some successes in restraining wealthy and corporate power. She negotiated an international agreement with 136 countries to implement a global corporate minimum tax of 15 percent.
At some point, corruption stops being a bug in democracy and starts becoming a feature of oligarchy.
Has the US passed that threshold?
Based on the sweeping and effective resistance to commonsense solutions to reign in wealthy tax scofflaws, the answer is not encouraging.
Since the 1970s, the United States has become steadily and inexorably more economically unequal. According to Pew, upper income families have brought in a larger and larger share of total income.
Has the US passed that threshold?
Based on the sweeping and effective resistance to commonsense solutions to […]
If we have a lower pay limit, why not have an upper limit also? It makes sense if all are to be treated as equals.