I’m reading an article about Progressive Capitalism on marketwatch.com. It is a well written article by Joseph E. Stiglitz about neoliberalism’s long term effects and how progressive capitalism could end the decline we’ve been suffering for the last 40 years.
Neoliberalism is the idea that deregulation and trickle down economics will sustain the whole economy and bring prosperity to everyone. It was put forth by Ronald Reagan and Margaret Thatcher in the 80s and it is the driving force behind the economic decline of the US as well as the UK (and Europe in general). It is obvious that trickle down economics does not work and allowing the private sector to self regulate is folly.
The rise of megacorporations and oligopolies that control pricing and have zero competition has brought us high priced and low quality cell services and broadband. It has also brought us outrageously overpriced healthcare that is not sustainable by any stretch – and people are dying because of it.
The U.S., after all, stands alone among developed countries in not recognizing health care as a basic human right. Ironically, while the U.S. spends more on health care — both per capita and as a share of gross domestic product — than any other developed country, its predominantly private system delivers worse outcomes. U.S. life expectancy is barely higher than that of Costa Rica, a middle-income country with one-fifth the per capita GDP of America.
I agree with this statement 100%. It is crystal clear that the private corporation driven healthcare system we have does not work. Yet, it is all we will get as long as insurance corporations and big pharma control the government with lobbying dollars.
The Trump presidency has reminded us that such checks are indispensable for the proper functioning of democracy. But it has also exposed the limits of existing institutions (such as the Electoral College, through which the president is chosen, and the Senate, where a small state like Wyoming, with fewer than 600,000 people, has the same vote as California, with nearly 40 million), underscoring the need for structural political reform.
I’ve said for years that the dismantling of the checks and balances of our government will end in chaos. It’s happening. I’ve also said that the Electoral College should be eliminated completely. It is unnecessary and it is an anachronism. We have the technology to count the votes, so let’s count them. I, for one, am sick to death of having the POTUS installed despite NOT winning the popular vote. This is a huge red flag! Yet, this is what we get as long as fascists are in charge. Fascists love this system because it works for them.
At stake in both America and Europe is our shared prosperity and the future of representative democracy. The explosion of public discontent across the West in recent years reflects a growing sense of economic and in political powerlessness on the part of citizens, who are seeing their chances of having a middle-class life evaporate before their eyes.
Yes, indeed, we’ve watched our chance at a middle class life evaporate. We are currently living at poverty levels. If it weren’t for the credit card debt we’ve run up (about $50k), we’d be homeless right now. We are middle aged people who get jobs making $17/hr. This is seriously fucked up. I see jobs for $12/hr with requirements for a college degree all day long on the job sites. This is how far the economy has fallen. You’re expected to pay hundreds of thousands of dollars for a college degree, then you’re looking at a $12/hr job. How is this even reasonable?? It is NOT. But the whacked out economy with corporations running amok is how we got here. It is the race to the bottom and it is not coming, it is happening. Right before our eyes. We know, we’re living it. We will never retire. There’ll be no Social Security and we have no retirement savings, thanks to using it to start a business, which is the only way we’ll make enough money to pay our debts and keep a roof over our heads. Even with BOTH of us working full time at $17/hr, we’ll barely keep our heads above water. At least with our own company we can make enough to stay afloat and maybe, if we’re REALLY LUCKY, manage to save a little for retirement when we’re too broken to work any more. The Boomers never had to face these sorts of decisions. They got their fat stacks and they tell us to fuck off.
We have conducted a 40-year experiment with neoliberalism. The evidence is in, and by any measure, it has failed. And by the most important measure — the well being of ordinary citizens — it has failed miserably.
Yes, yes it has failed miserably. We are middle aged and broke. We have $50k of CC debt at 25% interest. We have shitty job opportunities. Hell, I can’t even FIND a job. At least Nick found something, but I’m here to tell you that we CANNOT live on $34k before taxes.
We are pretty much forced to pursue this pub concept. It is literally the only way we’ll be able to avoid bankruptcy. [We did not continue with the pub and we did bankrupt out of the debt in 2020. We are now doing very well with our investments, despite Covid-19. -A 2/21/21]
So, I say bring on the progressive capitalism. We need to do something before we are all living in the streets while the top .01% eat cake. And let’s kick out the fascists while we’re at it.