What's this election about, and what's the connection between concentrated political power and economic power? READ THE COMMENTS

What's this election about, and what's the connection between concentrated political power and economic power?

Some brief history: The argument voiced in the late 19th century over alleged “freedom of contract” was that any deal between employees and workers was perfectly fine if both sides voluntarily agreed to it. So workers were worth no more than the wages they could command in the labor market. And it was fine if they toiled 12 hour days in sweatshops for lack of any better alternative; they had “voluntarily” agreed to those conditions. It was an era of great wealth for a few and squalor for many. And of corruption, as the lackeys of robber barons deposited sacks of cash on the desks of pliant legislators.

Eventually, after decades of labor strife and political tumult, the 20th century brought an understanding that capitalism requires minimum standards of decency and fairness—workplace safety, a minimum wage, maximum hours (and time-and-a-half for overtime) and a ban on child labor. We also learned that capitalism needs a fair balance of power between big corporations and workers -- which we achieved through antitrust laws that reduced the capacity of giant corporations to impose their will, and labor laws that allowed workers to organize and bargain collectively. By the 1950s, when 35 percent of private sector workers in the United States belonged to a union, they were able to negotiate higher wages and better working conditions than employers would otherwise have voluntarily provided. During the 30 years after the end of World War II, as the economy doubled in size, so did the wages of most Americans -- accompanied by improved hours and working conditions.

But America is now heading back to the 19th century. Corporations are shifting full-time work onto temps, freelancers and contract workers who fall outside the labor protections established decades ago. Meanwhile, the nation’s biggest corporations and Wall Street banks are larger and more potent than ever. And union membership has shrunk to fewer than 7 percent of private sector workers. So it's not surprising we're once again hearing that workers are worth no more than what they can get in the market. Although the economy has grown considerably since 2000, the wages of most Americans have stagnated or declined, and their benefits and working conditions have deteriorated.

(Con't)

Good info njrob,thanks for sharing it!
All upvoted!!

(pt.2)

This isn't because most Americans are worth less. In fact, worker productivity is higher than ever. It's because big corporations, Wall Street, and some enormously wealthy individuals have gained political power to organize the market in ways that have enhanced their wealth while leaving most Americans behind. That includes (1) trade agreements protecting the intellectual property of large corporations and Wall Street’s financial assets but not American jobs and wages; (2) bailouts of big Wall Street banks and their executives and shareholders when they cannot pay what they owe, but not of homeowners who cannot meet their mortgage payments; (3) bankruptcy protection for big corporations allowing them to shed labor contracts, but no bankruptcy protection for college graduates overburdened with student debts; (4) antitrust leniency towards a vast swathe of American industry—including Big Cable, Big Tech, Big Pharma, and Wall Street. But less tolerance towards labor unions—as workers trying to form unions are fired with impunity and more states adopt so-called “right-to-work” laws that undermine unions.

The only force that can reverse these trends is a people's movement to countervail the moneyed interests. To me, this is the moral core of the 2016 elections.

What do you think?

Most voters don't seem to take into account what policies are best for the majority, or they just get sucked into the propaganda train. Corruption is embedded in politics & economics but I like to think that even a slight but fundamental movement away from corporate domination could show dramatic benefits for everyone. Once the people see / feel the benefit, they can confidently recognize & vote away from the self serving politicians.

Civil (political) conversation....a rarity on here.

I also believe Obama being the lame duck he was, did the best he could to recover from a post Bush era. I believe the 2016 election is more important than most Americans realize, especially considering Trump embodies corporate America.

Trump and Sanders speak to working class people, as much as the right thinks Bernie speaks to lazy people that want everything for free and the left thinks Trump speaks to racist bigots.

At the core, they are speaking to working class people that have less and less every month in their pocket and work more and more for it.

Who is to blame for the working class situation is the differentiator of the groups. The right say it's all the lazy people on welfare. The left says it corporations and the 1%. The fact is the group of "have nots" is getting bigger and bigger and can outvote the "haves" if they band together. Keeping them (the working class have nots) at odds with each other seems to be the right's main priority. This will ensure a fairly consistent 50% republican/democrat voting scenario which keeps everything status quo. Just the way the HAVES like it. :)

'people on welfare' and the 'corporate 1%' are at opposite ends of the economic spectrum, but both relying on the working class to survive. Bernie seems to appeal to welfare & working class, whereas Trump is just a shrewd businessman that can benefit big business. He is aware he can get support from a particular brand of working class, but only because they are enamored with his wealth.

It's heady stuff.....looking for civil discourse....hey- it's worth a shot