Saturday, September 5, 2015

Quote of the day: Robert Reich on the immoral compass of modern capitalism

Reich's blog post hits the high points we all know. Since 1970 so-called conservatives have made America a more business-friendly place. And in so doing, American business has lost its moral compass. To bring it back, we need to rid ourselves of the outlandish amounts of cash in elections and reverse the staggering wealth inequality.

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.

Reich concludes with my quote of the day.

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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