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Bernie Joins the Picket Line Print
Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=36361"><span class="small">Robert Reich, Robert Reich's Facebook Page</span></a>   
Saturday, 05 September 2015 13:59

Reich writes: "Bernie joined workers in a picket line today at a plant in Iowa, where they're seeking higher wages. The last candidate for president I recall joining a picket line was Robert F. Kennedy in 1968."

Robert Reich. (photo: Richard Morgenstein)
Robert Reich. (photo: Richard Morgenstein)


Bernie Joins the Picket Line

By Robert Reich, Robert Reich's Facebook Page

05 September 15

 

ernie joined workers in a picket line today at a plant in Iowa, where they're seeking higher wages. The last candidate for president I recall joining a picket line was Robert F. Kennedy in 1968.

For years labor unions have been marginalized or castigated by Republican politicians, and taken for granted by Democratic ones. Every four years the Democratic candidate for president promises organized labor that he or she will push hard for labor law reform once in office, but nothing ever happens. In 2008, Obama committed himself to the "Employee Free Choice Act," which would have strengthened labor protections and enabled workers to organize with a simple majority in an up-or-down vote -- but Obama never followed through. In 1992, Bill Clinton promised labor that if elected he'd make labor law reform a central issue -- but Clinton never pursued it.

Bernie is making stronger promises. He believes, accurately, that the decline of organized labor (from 33% of the private sector workforce in 1955 to less than 7% today) is directly related to the decline of the American middle class. If elected, I believe he'll follow through.

Your view?

Bernie joined workers in a picket line today at a plant in Iowa, where they're seeking higher wages. The last candidate...

Posted by Robert Reich on Friday, September 4, 2015

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The People's Obituary of Henry Kissinger - Before His Death Print
Saturday, 05 September 2015 13:53

Cohen writes: "I had written on Kissinger earlier, mostly on Latin America. And I always felt that he was left out in a lot of the conversations on the rise of the right in America. Then I stumbled upon his undergraduate thesis."

A CODEPINK demonstrator dangles a set of handcuffs in front of former United States secretary of state Henry Kissinger at the Armed Services Committee on global challenges and U.S. national security strategy on Capitol Hill, in Washington, January 29, 2015. The group wanted Kissinger 'arrested' for his role during the Vietnam conflict as secretary of state for then-president Richard Nixon. (photo: Gary Cameron/Reuters)
A CODEPINK demonstrator dangles a set of handcuffs in front of former United States secretary of state Henry Kissinger at the Armed Services Committee on global challenges and U.S. national security strategy on Capitol Hill, in Washington, January 29, 2015. The group wanted Kissinger 'arrested' for his role during the Vietnam conflict as secretary of state for then-president Richard Nixon. (photo: Gary Cameron/Reuters)


The People's Obituary of Henry Kissinger - Before His Death

By Steven Cohen, The New Republic

05 September 15

 

enry Kissinger was 26 years old when he wrote a nearly 400-page undergraduate thesis arguing that “power is not only the manifestation but the exclusive aim” of history. In Kissinger’s Shadow: The Long Reach of America’s Most Controversial Statesman, New York University historian Greg Grandin tells how that tortured “philosophy of history” shaped the events of recent decades.

Far from the calculating practitioner of Realpolitik that even his most ardent detractors tend to imagine, the Kissinger that emerges from Grandin’s book is compulsively drawn towards action for its own sake. Over the course of his career as national security advisor, secretary of state, and, later, elite global consultant, Kissinger “institutionalized a self-fulfilling logic of intervention” and established a working “template for how to justify tomorrow’s action while ignoring yesterday’s catastrophe."

“At every single one of America’s postwar turning points,” writes Grandin, “moments of crisis when men of goodwill began to express doubts about American power, Kissinger broke in the opposite direction.” America almost invariably broke with him.

The following conversation has been abridged for clarity and length.

Steven Cohen: You start your book reflecting on all the obituaries that are waiting to be written when Henry Kissinger dies. Why isn’t your book one of them? What compelled you to write this now?

Greg Grandin: Honestly, I saw a picture of Samantha Power [the U.S. ambassador to the United Nations] and Henry Kissinger at a Yankees game that so drove me over the edge. You know, Samantha Power wrote this book about genocide, including several genocides that Kissinger was implicated in, and then to see their banter about power and realism and human rights...I thought I would write a snarky book called The People’s Obituary of Henry Kissinger. That introduction, “An Obituary Foretold,” is kind of all that’s left from it. I don’t think I have the comic imagination to justify a full-length book that would have said anything new.

I had written on Kissinger earlier, mostly on Latin America. And I always felt that he was left out in a lot of the conversations on the rise of the right in America. Then I stumbled upon his undergraduate thesis. 

SC: Henry Kissinger seems particularly fixated on defining his own legacy. Is that part of what makes him an interesting person to write about, from a historian’s perspective?

GG: Well, he’s 92. He has an inordinate control over the documentation of his life. He is extremely powerful in all sorts of ways, so he has a lot of ability to set the agenda. On the other hand, there is this current of denunciation and Kissinger hatred that work against that. I find that interesting: that he can be so powerful and untouched and vilified at the same time. Too often people let his outsized personality and his talent for self-presentation get in the way.   

Part of my argument is against the commonplace assertion that Kissinger stands outside of the American tradition, that he would have been better in the 19th century, that he doesn’t like the messiness of domestic politics. But Kissinger is a product of postwar meritocracy, of the idea of self-creation, of manipulating the outside to be all things to all classes and all stations. Despite his German accent and a style that seems to be ajar with American frivolity, it is American meritocracy and democracy that make him possible.

SC: Having worked on Guatemala’s truth and reconciliation commission, how did you avoid the temptation to simply catalog Kissinger’s policies and their consequences? How did you rein in the sense of moral outrage that’s bubbling below the surface but never really gets indulged in your book?

GG: My political position and my ethical framework are that of a leftist anti-imperialist, but I also know the limits of leftist outrage, and I’ve always tried to be able to capture the complexity of social relations in ways that don’t necessarily lead you to dilute your political commitments but help you to reaffirm them in the face of nuance.

In the case of Henry Kissinger, there were plenty of books denouncing him. I felt like appreciating the vitality of his intellectual framework and how that taps into a certain form of Americanism and how it gestures forward to neo-conservatism is a more useful task for the Left than just moral outrage. And again, you know, they can still read the Christopher Hitchens book [The Trial of Henry Kissinger].

SC: You’ve written before, in Empire’s Workshop, for example, about how foreign policy under Ronald Reagan facilitated the rise of the “New Right” conservative movement.  What do you think is most misunderstood about Kissinger’s role in that evolution?

GG: The worse things get, the more Kissinger’s gravitas and invocation of purpose are held up as something that’s missing in our foreign policy establishment. So he is offset against both the crazy adventurism of the neocons and the technocratic pragmatism of Obama, who people say knows how to project power but has no purpose, doesn’t know why. And Kissinger is more embedded in all of those traditions than people realize.

The New Right did come up attacking Kissinger, but at the same time, they—Dick Cheney, Paul Wolfowitz, Donald Rumsfeld—shared a strong affinity in thinking about the world, that whole metaphysical will-to-power, the idea that statesmen shouldn’t be trapped by information, that they need to act, that acting creates reality.

What distinguishes Kissinger from other postwar realists, be they liberal or conservative, is that, at some point, every one of them breaks with the national security state, and some of them fairly strongly so. But with every lurch to the right, Kissinger is there. From Nelson Rockefeller to Richard Nixon, from Nixon to Ronald Reagan, from Reagan to the neocons. Kissinger supported every push into the Middle East, so the idea that he stands opposed to the New Right is just false.

SC: In your book, you spend an entire chapter working your way through the complicated interplay of “secrecy and spectacle” that characterized Kissinger as a political actor. How he "supervised every aspect" of the "illegal, covert" bombing of Cambodia during the Vietnam War and then, when it became public, offered up the "ravaging" as a kind of "blood tribute" to the militarist Right. How do you see that dynamic between the secret and the spectacular reflected today, whether in relation to the drone program or revelations regarding mass surveillance and torture?

GG: Obviously, secrecy is still very much part of the discussion, and even more so now, with the surveillance state. And then you also have the spectacle of, say, the killing of Osama Bin Laden. It becomes almost a collective theater. What war as spectacle has done is turn a war-weary, relatively activist citizenry—that of the Vietnam War era—into a passive audience. The neoconservative tactic of “shock and awe” is both a full-flowering and an inversion of the logic of Kissinger’s bombing of Cambodia. But Kissinger justified those bombings in terms that are very recognizable today: that we have to destroy enemy sanctuaries, that foreign sovereignty can’t be an obstacle to those goals. Information about the national security state comes out all the time now, but when you don’t question the goals of foreign policy, it becomes a matter of proceduralism, of technique. The debate becomes a form of pageantry, with each party playing their respective part. So in that sense, secrecy and spectacle are not really opposing values. They actually reinforce one another.

SC: You start the book thinking about what’s going to be said of Kissinger when he dies. By the end, it’s no longer about him. Kissinger himself has almost transmuted into this nebulous doctrine of “Kissingerism.” Is this book a kind of ghost story, a haunting of American foreign policy?

GG: That’s a good way of putting it, yes. Kissinger, of course, is a real person. But Kissingerism will be with us long after he’s gone.

You know, it’s dangerous to focus on one person as a way of talking about a big system. But I think Kissinger reveals the system. He’s not singularly responsible for the system—if we expunge Kissinger from history, we still wouldn’t have a Virtuous Republic—but he illuminates it like nobody else. 

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FOCUS: The Fed Should Remember the 90s Print
Saturday, 05 September 2015 11:38

Krugman writes: "Headline unemployment, at 5.1 percent, is now quite low by historical standards, and the baying for a rate increase is louder than ever. But inflation is subdued, indeed below target, and wages are still going nowhere. Should the Fed be raising rates in the name of 'normalization?'"

Paul Krugman. (photo: The New York Times)
Paul Krugman. (photo: The New York Times)


The Fed Should Remember the 90s

By Paul Krugman, The New York Times

05 September 15

 

’m (a) having a good time (b) jet-lagged to the point of madness, so posting limited. But I do want to weigh in on the latest job report and the Fed.

Headline unemployment, at 5.1 percent, is now quite low by historical standards, and the baying for a rate increase is louder than ever. But inflation is subdued, indeed below target, and wages are still going nowhere. Should the Fed be raising rates in the name of “normalization”?

Well, consider the situation in 1997, when the unemployment rate dropped through 5 percent. The Fed did raise rates a quarter point, but then stopped, waiting for inflation to become a problem — which it never did, even though unemployment continued to fall, eventually to 4 percent.

Unemployment rates during the 1990s. (photo: The New York Times)
Unemployment rates during the 1990s. (photo: The New York Times)


READ MORE

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FOCUS: The Republicans Are Now Officially the Party of White Paranoia Print
Saturday, 05 September 2015 10:48

Taibbi writes: "Trump's supporters are people who are tired of being told they have to be part of some kind of coalition in order to have a political voice. They particularly hate being lectured about alienating minorities, especially by members of their own party."

Donald Trump currently has a negative 51 percent net unfavorable rating among Hispanic voters. (photo: Scott Olson/Getty)
Donald Trump currently has a negative 51 percent net unfavorable rating among Hispanic voters. (photo: Scott Olson/Getty)


The Republicans Are Now Officially the Party of White Paranoia

By Matt Taibbi, Rolling Stone

05 September 15

 

The rise of Trump obliterates all other issues — campaign 2016 is now almost entirely about race

BC News published an intriguing poll the other day, one that spelled out a growing racial divide:

"Nonwhites see Trump negatively by a vast 17-79 percent… That said, whites are the majority group – 64 percent of the adult population – and they now divide evenly on Trump, 48-49 percent, favorable-unfavorable. Clinton, by contrast, is far more unpopular than Trump among whites, 34-65 percent. So while racial and ethnic polarization is on the rise in views of Trump, it remains even higher for Clinton."

The Republicans already lost virtually the entire black vote (scoring just 4 percent and 6 percent of black voters the last two elections). Now, by pushing toward the nomination a candidate whose brilliant plan to "make America great again" is to build a giant wall to keep out Mexican rapists, they're headed the same route with Hispanics. That's a steep fall for a party that won 44 percent of the Hispanic vote as recently as 2004.

Trump's supporters are people who are tired of being told they have to be part of some kind of coalition in order to have a political voice. They particularly hate being lectured about alienating minorities, especially by members of their own party.

Just a few weeks ago, for instance, establishment GOP spokesghoul George Will spent a whole column haranguing readers about how Trump was ruining his party's chances for victory. He noted that Mitt Romney might have won in 2012 if he'd pulled even slightly more than 27 percent of the Hispanic vote.

Will blasted Trump's giant wall idea and even ridiculed the candidate's deportation plan by comparing Trump to Hitler:

"The big costs, in decades and dollars (hundreds of billions), of Trump's project could be reduced if, say, the targets were required to sew yellow patches on their clothing to advertise their coming expulsion."

It's not clear how forcing 11 million people to wear yellow patches saves money, but whatever. However it was supposed to be taken, the shock argument didn't work.

A few days later, in a rare episode of National Review-on-National Review crime, blogger Ramesh Ponnuru blasted Will for his hysterics. He argued Romney wouldn't have won even with a 45 percent bump in the Hispanic vote. "He needed more votes, obviously," Ponnuru wrote, "but he didn't need more Hispanic votes in particular."

Ponnuru was echoing an idea already expressed by the conservative commentariat. Hack-among-hacks Byron York said the same thing in the Washington Examiner back in 2013. He argued that even 70 percent of the Hispanic vote wouldn't have helped Romney, whose more serious problem "was that Romney was not able to connect with white voters who were so turned off… that they abandoned the GOP."

Rush Limbaugh bought what York was selling, arguing that Romney didn't lose because he failed to convince Hispanic voters that Republicans "like ‘em."

"The difference-maker was, a lot of white voters stayed home," Rush said.

Anyway, the night after Ponnuru ran his brief blog post a week and a half ago, Trump had Univision anchor Jorge Ramos tossed from a press conference in Dubuque, Iowa, sneering at him to "siddown" and "go back to Univision."

Conservative blogs and social media commentators cheered Trump's decision to have "butthurt" Jorge Ramos "deported" from the press conference, thereby turning the whole thing into another brilliant piece of symbolic political theater for the Donald.

Whether or not it's true that a Republican candidate can win the White House with a minus-51 percent net unfavorable rating among Hispanic voters (Trump's well-earned current number) is sort of beside the point. The point is that Trump clearly feels he can afford to flip off the Hispanic community and win with a whites-only strategy. And his supporters are loving the idea that he's trying.

The decision by huge masses of Republican voters to defy D.C.-thinkfluencer types like George Will and throw in with a carnival act like Trump is no small thing. For the first time in a generation, Republican voters are taking their destiny into their own hands.

In the elaborate con that is American electoral politics, the Republican voter has long been the easiest mark in the game, the biggest dope in the room. Everyone inside the Beltway knows this. The Republican voters themselves are the only ones who never saw it.

Elections are about a lot of things, but at the highest level, they're about money. The people who sponsor election campaigns, who pay the hundreds of millions of dollars to fund the candidates' charter jets and TV ads and 25-piece marching bands, those people have concrete needs.

They want tax breaks, federal contracts, regulatory relief, cheap financing, free security for shipping lanes, antitrust waivers and dozens of other things.

They mostly don't care about abortion or gay marriage or school vouchers or any of the social issues the rest of us spend our time arguing about. It's about money for them, and as far as that goes, the CEO class has had a brilliantly winning electoral strategy for a generation.

They donate heavily to both parties, essentially hiring two different sets of politicians to market their needs to the population. The Republicans give them everything that they want, while the Democrats only give them mostly everything.

They get everything from the Republicans because you don't have to make a single concession to a Republican voter.

All you have to do to secure a Republican vote is show lots of pictures of gay people kissing or black kids with their pants pulled down or Mexican babies at an emergency room. Then you push forward some dingbat like Michele Bachmann or Sarah Palin to reassure everyone that the Republican Party knows who the real Americans are. Call it the "Rove 1-2."

That's literally all it's taken to secure decades of Republican votes, a few patriotic words and a little over-the-pants rubbing. Policywise, a typical Republican voter never even asks a politician to go to second base.

While we always got free trade agreements and wars and bailouts and mass deregulation of industry and lots of other stuff the donors definitely wanted, we didn't get Roe v. Wade overturned or prayer in schools or balanced budgets or censorship of movies and video games or any of a dozen other things Republican voters said they wanted.

While it's certainly been fun laughing about the lunacies of people like Bachmann and John Ashcroft and Ted Cruz, who see the face of Jesus in every tree stump and believe the globalist left is planning to abolish golf courses and force country-dwellers to live in city apartments lit by energy-efficient light bulbs, the truth is that the voters they represented have been irrelevant for decades.

At least on the Democratic side there was that 5-10 percent of industry policy demands that voters occasionally rejected, putting a tiny dent in what otherwise has been a pretty smoothly running oligarchy.

Now that's over. Trump has pulled all of those previously irrelevant voters completely out of pocket. In a development that has to horrify the donors who run the GOP, the candidate Trump espouses some truly populist policy beliefs, including stern warnings about the dire consequences companies will face under a Trump presidency if they ship American jobs to Mexico and China.

All that energy the party devoted for decades telling middle American voters that protectionism was invented by Satan and Karl Marx during a poker game in Brussels in the mid-1840s, that just disappeared in a puff of smoke.

And all that money the Republican kingmakers funneled into Fox and Clear Channel over the years, making sure that their voters stayed focused on ACORN and immigrant-transmitted measles and the New Black Panthers (has anyone ever actually seen a New Black Panther? Ever?) instead of, say, the complete disappearance of the manufacturing sector or the mass theft of their retirement income, all of that's now backing up on them.

The party worked the cattle in their pen into such a dither that now they won't rest until they get the giant wall that real-life, as-seen-on-TV billionaire Donald Trump promises will save them from all those measles-infected rapists pouring over the border.

Not far under the surface of Trump's candidacy lurks a powerful current of Internet conspiracy theory that's a good two or three degrees loonier than even the most far-out Tea Party paranoia. Gone are the salad days when red-staters merely worried about Barack Obama inviting UN tanks to mass on the borders of Lubbock.

Trump supporters have gone next-level, obsessed with gooney-bird fantasies about "white genocide," a global plan to exterminate white people by sending waves of third-world immigrants across American and European borders to settle and intermarry.

The white-power nerds pushing this stuff don't like the term RINO (Republican In Name Only) and prefer "cuckservative," a term that's a mix of "cuckold" and "conservative." Cuck is also a porn term that refers to a white guy who gets off on watching his wife take it from (usually) a black man. A cuck is therefore a kind of desexualized race traitor.

So you can see why the Internet lights up when Donald Trump tosses Jorge Ramos from a presser and tells him "mine's bigger than yours" (Trump was referring to his heart, but again, whatever). All of Trump's constant bragging about his money and his poll numbers and his virility speak directly to this surprisingly vibrant middle American fantasy about a castrated white America struggling to re-grow its mojo.

Republicans won middle American votes for years by taking advantage of the fact that their voters didn't know the difference between an elitist and the actual elite, between a snob and an oligarch. They made sure their voters' idea of an elitist was Sean Penn hanging out with Hugo Chavez, instead of a Wall Street bank financing the construction of Chinese factories.

Trump similarly is scoring points with voters who don't know the difference between feeling sorry for themselves and actually being victims. We live in a society that is changing for a lot of reasons, and some of those changes feel annoying to certain kinds of people, particularly older white folks who don't like language-policing and other aspects of political correctness.

But as basketball star turned pundit Kareem Abdul-Jabbar pointed out earlier this week, PC isn't a new thing, or even a thing at all. It's just an "emotional challenge every generation has had to go through." We get older, our kids correct our bad habits, it happens.

Not to Trump's supporters. They've turned some minor cultural changes into a vast conspiracy of white victimhood. They're eating up Trump's "Make America Great Again" theme (which one supporter hilariously explained must be his true goal, because "it's on his hat"), because it's a fantasy tale of a once-great culture ruined by an invasion of mongrel criminals.

For reasons that are, again, obvious to everyone but Republican voters, this "woe is us" narrative is never to fly with the rest of the country, including especially (one imagines) the nonwhite population. Few sane people are going to waste a vote on a sob story about how rough things have gotten for white people. But Trump supporters are clinging to this fantasy far more fiercely than red-state voters were ever clinging to guns or religion.

That leaves us facing a future in which national elections will no longer be decided by ideas, but by numbers. It will be a turnout battle between people who believe in a multicultural vision for the country, and those who don't.

Every other issue, from taxes to surveillance to war to jobs to education, will take a distant back seat to this ongoing, moronic referendum on white victimhood. And there's nothing any of us can do about it except wait it out, and wonder if our politics only gets dumber from here.

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What Happened to the Moral Center of American Capitalism? Print
Saturday, 05 September 2015 08:22

Reich writes: "An economy depends fundamentally on public morality; some shared standards about what sorts of activities are impermissible because they so fundamentally violate trust that they threaten to undermine the social fabric."

Robert Reich. (photo: Richard Morgenstein)
Robert Reich. (photo: Richard Morgenstein)


What Happened to the Moral Center of American Capitalism?

By Robert Reich, Robert Reich's Blog

05 September 15

 

n economy depends fundamentally on public morality; some shared standards about what sorts of activities are impermissible because they so fundamentally violate trust that they threaten to undermine the social fabric.

It is ironic that at a time the Republican presidential candidates and state legislators are furiously focusing on private morality – what people do in their bedrooms, contraception, abortion, gay marriage – we are experiencing a far more significant crisis in public morality.

We’ve witnessed over the last two decades in the United States a steady decline in the willingness of people in leading positions in the private sector – on Wall Street and in large corporations especially – to maintain minimum standards of public morality. They seek the highest profits and highest compensation for themselves regardless of social consequences.

CEOs of large corporations now earn 300 times the wages of average workers. Wall Street moguls take home hundreds of millions, or more. Both groups have rigged the economic game to their benefit while pushing downward the wages of average working people.

By contrast, in the first three decades after World War II – partly because America went through that terrible war and, before that, the Great Depression – there was a sense in the business community and on Wall Street of some degree of accountability to the nation.

It wasn’t talked about as social responsibility, because it was assumed to be a bedrock of how people with great economic power should behave.

CEOs did not earn more than 40 times what the typical worker earned. Profitable firms did not lay off large numbers of workers. Consumers, workers, and the community were all considered stakeholders of almost equal entitlement. The marginal income tax on the highest income earners in the 1950s was 91%. Even the effective rate, after all deductions and tax credits, was still well above 50%.

Around about the late 1970s and early 1980s, all of this changed dramatically. The change began on Wall Street. Wall Street convinced the Reagan administration, and subsequent administrations and congresses, to repeal regulations that were put in place after the crash of 1929 – particularly during the Roosevelt administration – to prevent a repeat of the excesses of the 1920s.

As a result of that move towards deregulation, we saw a steady decline in standards – a race to the bottom – on Wall Street and then in executive suites. In the 1980s we had junk bond scandals combined with insider trading. In the 1990s we had the beginnings of a speculative binge culminating in the dotcom bubble. Sad to say, under the Clinton administration the Glass-Steagall Act – that had been part of the banking act of 1933, separating investment banking from commercial banking – was repealed.

In 2001 and 2002 we had Enron and the corporate looting scandals. Not only did this reveal the dark side of executive behaviour among some of the most admired companies in America – Enron had been listed among the nation’s most respected companies before that time – but also the complicity of Wall Street. Wall Street traders were actively involved in the Enron travesty. And then, of course, we had all of the excesses leading up to the crash of 2008.

Where has the moral center of American capitalism disappeared? Wall Street is back to its same old tricks. Greg Smith, a vice-president of Goldman Sachs, has accused the firm of putting profits before clients. Almost every other Wall Street firm is doing precisely the same thing and they’ve been doing it for years.

The Dodd-Frank bill was an attempt to rein in Wall Street, but Wall Street lobbyists have almost eviscerated that act and have been mercilessly attacking the regulations issued. Republicans have not even appropriated sufficient money to enforce the shards of the act that remain.

The Glass-Steagall Act must be resurrected. There has to be a limit on the size of big banks. The current big banks have to be broken up using anti-trust laws, as we broke up the oil cartels in the early years of the 20th century.

We’ve got to put limits on executive pay and have a much more progressive income tax so that people who are earning tens if not hundreds of millions of dollars a year are paying at a rate that they paid before 1981, which is at least 70% at the highest marginal level.

We also need to get big money out of politics.

These changes can’t come about unless we have campaign finance reform that provides public financing in general elections and a constitutional amendment that reverses the grotesque decision of the Supreme Court at the start of 2010, in a case called “Citizens United versus the Federal Election Commission.”

None of this is possible without an upsurge in the public at large – a movement that rescues our democracy and takes back our economy. One can’t be done without the other. Our economy and democracy are intertwined. Much the same challenge exists in Europe and Japan and elsewhere around the world, where systems profess to combine capitalism and democracy.

Massive inequality is incompatible with robust democracy. Today, in the United States, the top 1% is taking home more than 20% of total income and owns at least 38% of total wealth. The richest 400 people in America have more wealth than the bottom 150 million Americans put together.

As we’ve already seen in this Republican primary election, a handful of extraordinarily wealthy people can virtually control the election result – not entirely, but have a huge impact. That’s not a democracy. As the great American jurist and Supreme Court associate justice Louis Brandeis once said: “We can have huge wealth in the hands of a relatively few people or we can have a democracy. But we can’t have both.”

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