Deja vu all over again? Financial reform continues to be fought tooth and nail by financial industry lobbyists and their minions in Congress. If Republicans succeed in shuting down the government over the debt ceiling debate and the Affordable Care Act, it could happen again.
In the long history of evolution it has not been necessary for man to understand multi-loop nonlinear feedback systems until very recent historical times. Evolutionary processes have not given us the mental skill needed to properly interpret the dynamic behavior of the systems of which we have now become a part. J. W. Forrester, 1971
Showing posts with label reform. Show all posts
Showing posts with label reform. Show all posts
Wednesday, September 18, 2013
It could happen again
Deja vu all over again? Financial reform continues to be fought tooth and nail by financial industry lobbyists and their minions in Congress. If Republicans succeed in shuting down the government over the debt ceiling debate and the Affordable Care Act, it could happen again.
Friday, July 13, 2012
What is Fairness?
Conservatives take issue with liberals when we argue for fairness in American economic, political, and social life. “Life isn’t fair,” they argue, with more vehemence than I think warranted, but conservatives can get pretty worked up over anything that sounds like socialism, and to them, everything we liberals say sounds like socialism. I think we liberals are partly at fault for this knee-jerk reaction on the part of our conservative friends, because we use the term “fair” too broadly.
So what is fairness? The Federal Communications Commission (FCC) introduced a law in 1949 that required the holders of broadcast licenses to present both sides of controversial issues of public importance. News was to be presented in a manner that was, “honest, equitable and balanced.” The FCC doctrine is no longer with us (that should be obvious), but the words honest, equitable, and balanced constitute a good definition of “fair.” But when we liberals discuss fairness with our conservatives we sometimes misuse the term, or use it imprecisely.
Consider the Occupy Wall Street (OWS) movement, for example. One of their rallying cries is, “We are the 99%.” The slogan refers to the income disparity in America, which has grown significantly since the late 1970s to the point today where the top 1% control 40% of wealth in the U.S. When liberals, who are largely sympathetic to the OWS activists, argue that this isn’t “fair,” conservatives are apt to call us socialists, or worse, communists, who want the state to dole out equal shares to all.
We liberals give conservatives the opportunity to construct this straw man by not being precise in what we’re saying. What we mean is that policy distortions that lead to inequality, such as unregulated or under-regulated financial institutions, the near monopoly power of too-big-to-fail, and preferential tax treatment for special interests, are bad for America. They’ve allowed unethical and even criminal enterprise, decimated the middle class, led to shrinking opportunities to realize the “American Dream,” resulted in a deteriorating infrastructure, and decreased overall economic efficiency. Clearly, this is a nuanced treatment of “fairness,” and in today’s political climate, nuance is rare.
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| "Corporations are people too, my friend" |
We depend on our elected officials to represent the people, all the people. And yet the median net worth of our congressional “representatives” is almost nine times the typical American household. Fully 250 members of congress are millionaires, and 57 have a net worth that puts them comfortably in the 1%.
The founding fathers, well-read in history, and well-versed in the literature of the French enlightenment and the philosophy of Descartes, Voltaire, Bacon, Locke and Hobbes concluded that successful republics required an equitable distribution of wealth. They knew that where wealth concentrates, political power can never be democratically shared. They knew such a situation to be inherently unfair. And they knew what unfair meant.
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