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Plutocracy ascendent

Beware The Oligarch

Image by Laurie Pink via Flickr

In the wake of the Citizen’s United ruling by the Supreme Court, unlimited amounts of cash are polluting our election campaigns and buying politicians wholesale.

Robert Reich had a nice piece on his blog Monday about the “Perfect Storm” that threatens our democracy:

“The Perfect Storm”

He hits all the bases:

  • The top one-tenth of one percent of Americans now earn as much as the bottom 120 million of us
  • Hundreds of millions of dollars are pouring into campaigns with no accountability whatsoever
  • a handful of front groups is laundering the money, and some have taken donations from foreign companies
  • Most Americans are in a bad position (unemployment, debt, mortgages) and taxes are rising and services are being cut
  • Infrastructure is crumbling
  • Politicians refuse to take the most modest step of restoring taxes for top earners (who are now “burdened” with the lowest taxation in 80 years)

Reich comments:

We’re back to the late 19th century when the lackeys of robber barons literally deposited sacks of cash on the desks of friendly legislators. The public never knew who was bribing whom.

Reich is right. And there doesn’t seem to be any hope in sight.

I have no choice but to agree with his gloomy conclusion:

The perfect storm: An unprecedented concentration of income and wealth at the top; a record amount of secret money flooding our democracy; and a public becoming increasingly angry and cynical about a government that’s raising its taxes, reducing its services, and unable to get it back to work.

We’re losing our democracy to a different system. It’s called plutocracy.

-Chris

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October 21, 2010 - Posted by | Debt, Deficit, Democrats, Economics, Elections, Politics, Republicans, Unemployment, Wall Street

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