Forum Post: A Working List of Demands
Posted 12 years ago on Oct. 7, 2011, 2:28 p.m. EST by wormglue
(5)
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This can be a powerful movement, digging in for the long haul is key, it will take years. But this present is the most important hour. There has been much talk about the need for some clear goals, things that are easily understood, repeatable and that can be translated fluidly into policy. There is great truth in this and the sooner defined the better. It is all important for long term success and sustainability. For now, I suggest to center on 6 big items, with the top three being the most hammered in. Here is a starter list of ideas. Feel free to ad on.
- Tax hikes on millionaires/billionaires
- Tax hikes on capitals gains
- Corporate tax reform
- Reinstate the Glass-Steagall Act
- Raise minimum wage
- Support blocking republican repeal efforts of the Dodd-Frank Act
The right to a job, the very first right in FDR's Second Bill of Rights from 1944. Despite its home grown pedigree, just try proposing it to elected Democratic officials at any level - or to professional economists. There were seven other rights in the "Second Bill of Rights," but this is the one with the most traction and relevance, and the quickest way to gain a profound education in "political economy," because the current arrangements cannot and will not deliver this Right. In a global economy where wage levels in Asia set the depressive norm, FDR's Bill of Rights must have international resonance.
Down with austerity, up with the Second Bill of Rights.
I do not pretend to speak for everyone, but I am certainly one of the 99%, and this is my list of demands.
I agree with your demands. For 30 years we have had a massive "wealth redistribution." The top 1% now controls over 42% of our entire nation's wealth and the top 10% now control 70% of our entire nation's wealth. The bottom 50% now control less than 2% of our entire nation's wealth.
The middle class spends their wealth on goods/services and the corporations take that money as profit. Corporations have redistributed the middle class wealth by paying their profits all out to the executives and shareholders.
Middle class wages have stagnated for 30 years while executive wages have ballooned 256% in since 1980. Even last year executive compensation went up another 11%. The top 1% now controls over 42% of the entire nation's wealth. We have not seen numbers like this since the great depression. The top 10% controls 70% of the entire nation's wealth. All of our nation's wealth has been redistributed into the hands of the few.
The middle class was roped into replacing wages with easy credit. So instead of paying people living wages, corporations fooled us into thinking we were doing well and could afford things by giving us easy credit instead of wages. Instead of having wages to buy t.v.'s, furniture, etc. we were given easy loans. So the middle class became a debtor class. There used to be a tax disincentive to paying out all of corporate profits at the top because in the 1950's income was taxed at 90% over a certain amount money and now that tax disincentive has disappeared. In 1950's the highest marginal tax rate was 90%. In 1960-1970's it was 70%. In 1980's it dropped to 49%. In 1990's dropped to 39%. Under George Bush it dropped to a mere 36%. We have had over 30 years of massive tax cuts for the wealthy.
There is now no tax disincentive to paying out all of the corporate wealth at the top. And there is no employee bargaining power because now less than 12% of all of our jobs are unionized. Corporate profits are at an all time high, healthcare company profits are at an all time high, and oil profits are at an all time high. We don't have a healthcare crisis we have a healthcare company profit-taking crisis that no politician will doing anything about. Healthcare and oil companies have enjoyed a decade of record profits while we have had a decade of massive premiums for little coverage and a decade of outrageous gas prices.
The problems are: 1) deregulation of the banks by the Republican-controlled congress in 1999; 2) hedge funds are exempt from regulation; 3) tax system no longer has a disincentive against paying outrageous executive salaries (highest marginal tax rate has dropped from 90% to 36%); 4) commodities market is exempt from regulation (Republican-controlled Congress exempted it in the Commodities Future Modernization act of 2000); 5) the Supreme Court has ruled that corporations can spend unlimited funds in campaign elections (thus politicians on both sides favor the wealthy/corporations) and 6) the rise of corporate/billionaire propaganda media "news." Because of the need to raise massive sums in politics today, we no longer have a party that represents the people. The Democrats have to chase the corporate and big money donors too.
What can we do about this: 1) re-instate Glass-Steagall Act regulating the banks; 2) regulate hedge funds and the commodities market (because the commodities market is not regulated speculation has caused prices for commodities to go through the roof); 3) get rid of the money in politics (have federally funded elections with clear limits on spending and no outside groups allowed to have ads); 4) get rid of 1980's laws stating that corporations' only duty is to maximize shareholder profits; and 5) regulate "news" channels and newspapers (no more "slanted opinion news" masquerading as hard news) and reinstitute the fairness doctrine across all news outlets to ensure that both sides get equal time.
Corporations should have duties to society and to their workers too. They should have to balance their duties to maximize shareholder profits against their reinstated duties to their employees and to society. The laws saying that corporations' only duty is to maximize shareholder profits have led to the destruction of long-term business plans and care for their workers and have created short-term profit monsters at the expense of workers and society.
2) Complete overhaul of tax code for individuals, closing all special interest loopholes which will include tax hikes on capital gains and repeal of "carried interest".
Excellent
I would suggest some new ideas:
No one should be driven out under foreclosure unless there is someone ready to take occupancy.
An increase should be made in corporate taxes, but earmarked entirely as a per-worker subsidy for those same corporations. Give them a financial incentive to hire more people for at least 35 hours weekly, not to hire just a few and work them longer.
The law prohibiting companies from shutting down by surprise and leaving their workers unpaid is not working. We need worker wages to come before the banks during a bankruptcy proceeding.
And this one: To those who choose to leverage foreign labor markets, (i.e. move american jobs to communist countries who use child labor and pay piss poor wages) we are going to tax the shit out of your imported products. And I don't mean pass that tax on to the consumer, we tax the hell out of the captial gains of corporations who use this shitty practice.
This is very good
Have you read that useless piece of legislation? Dodd-Frank Act is the most consumer unfriendly law every enacted. We need smarter people the Dodd's writing legislation, because each law has ramifications.
Still seems like your demands are no different from the talking points of the DNC and the President. Might as well vote democratic and get it over with.
It is my starter list, you can help make it better.