There is a new Progressives report out that details how “to dismantle, reverse and fix how the laws and policies governing the American economy are rigged to benefit the wealthiest individuals and largest corporations.” The poster boys should be the Koch Bros. A conclusion is “The American economy no longer works for most Americans…” then it tells what is causing this followed by policy changes to fix the problem. You can read the full report here. The study refutes those who say “government has shackled the free enterprise system and hobbled business” and that the “risk takers and job creators deserve the wealth.” Their findings are based on the fact that the 1 percent are just getting wealthier while workers’ wages remain stagnant. The 37 ways are all spelled out in the article which you should read but here are some highlights:
- End “too big to fail” by imposing additional capital surcharges on systemically risky financial institutions and breaking up firms that cannot produce credible living wills.
- Restructure CEO pay by closing the performance-pay tax loophole and increasing transparency on the size of compensation packages relative to performance and median worker pay and on the dilution as a result of grants of stock options.
- Provide health care cost controls by allowing government bargaining.
- Raise taxes on capital gains and dividends.
- Reform monetary policy to give higher priority to full employment.
- Raise the nationwide minimum wage and increase the salary threshold for overtime pay.
- Reform immigration law to provide a pathway to citizenship for undocumented workers.
- Invest in young children through child benefits, early education, and universal pre-K.