Saturday, September 26, 2009

Battling corporate power

Corporations wield excessive power over U.S. politicians, as senator Bernie Sanders says in the post below.

He then says "the answer" is public financing of political campaigns.

Simply public money for campaigns is not a panacea. We already provide public money for campaigns. It could never be enough.

We must also restore all the Progressive Era reforms undone in and since the Reagan administration.

Restore real regulation of industry: stop appointing industry lobbyists to oversee regulatory agencies.

Repeal the many legislative and judicial erosions of workers' rights since the Labor Act of 1935. Pass the Employee Free Choice Act.

Enact progressive income tax on corporations: if each doubling of corporate profit meant a 1% increase in corporate tax rate, mergers and acquisitions would be less attractive.

Combating the natural tendency of money and power to funnel into fewer and fewer hands is one of the most important functions of government. It must be advanced along a broad front.

And, since what you measure affects what you do, stop focusing on "gross domestic product," which disproportionately accrues to the already-rich. Focus instead on per-capita income of the poorest 35% of the population. Evaluate policies based on their effect in advancing the well-being of the poorest 35% of the population. Unlike the rich, they spend their income--thus it benefits everyone.

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