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Posts Tagged ‘corporate personhood’

“If poor people knew how rich rich people are, there would be riots in the streets”, entertainer and comedian Chris Rock told New York Magazine writer Frank Rich.

The wealthiest 20 individuals in the United States — a group small enough to fly together on a Gulfstream jet — have as much wealth as the 152 million people who comprise the bottom half of the U.S. population, The Institute for Policy Studies reports in “Billionaire Bonanza: The Forbes 400 and the Rest of Us“.

But what’s really driving the widening gulf between the haves and the have nots in America?

Among the more widely appreciated reasons for declining economic growth is the advance of automation. But other factors have begun to collide with technology to launch what may be a Perfect Storm: reshaping the economy to a “new normal” marked by economic uncertainty.

Another culprit is the rise of lopsided trade deals in the 1980s and ’90s, which have provided greater incentive to offshore jobs. The late billionaire and financier Sir James Goldsmith in his book “The Trap” predicted that poorly crafted free trade deals would produce a “net job loss”. In the early 1990s, Goldsmith testified before Congress advising against entry into another globalization deal known as GATT. Goldsmith also called out the Clinton administration on the Charlie Rose show in opposition to NAFTA, again predicting an outflow of jobs and capital.

If the wage stagnation of the late 1970s had not persisted to the present — some four decades! — the average American would earn $92,000 per year, reports Forbes in “Average America vs the One Percent“. In today’s dollars, those who identify as middle class are less secure than families that relied upon on a single breadwinner in the 1960s and earlier. We have gone from a society that can pay its bills and raise a family on a single income — and often a blue-collar income at that — to one in which the norm is for two able-bodied adults to work full time to support a family. (And because this is the new normal, illness and divorce are now the leading causes of child poverty and personal bankruptcy, according to the book “The Two-Income Trap“.) During this same period household debts have grown and savings diminished.

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New Year’s Day 2015 marked the 20th anniversary of NAFTA’s implementation. The North American Free Trade Agreement became infamous when independent presidential candidate Ross Perot remarked in 1992 that the passage of NAFTA would create a “giant sucking sound” of American jobs lost to Canada and Mexico. NAFTA, however, is hardly in history’s rear-view mirror. It has been augmented all these years by more of the same, and now the Obama administration is about to enact the biggest so-called free trade agreement yet. The Trans-Pacific Trade Partnership represents the most far-reaching agreement in a generation, yet has only recently begun to garner widespread attention.

In spite of over a decade’s worth of negotiations mainstream media has left the Trans-Pacific Trade Agreement largely untouched — in part because negotiations have not been open to the public. Few of our elected representatives have been clued in either, however. Why? Because the TPP flies in the face of the very self-determinating principles this country was founded upon. It takes the economic aspects of governance of the people, by the people and for the people and hands it over to international authorities on all manner of issue pertinent to our health, welfare and safety — from finance to food. Because the trade agreement has spawned opposition from all sides of the political spectrum, the TPP has been negotiated behind closed doors. Only in these latter stages are the provisions supposed to undergo open debate. The problem? President Obama wants to “fast track” the TPP so that little congressional debate is possible.

Media Matters has this to say:

Congress Is Currently Debating A Bill That Would Grant The President Expedited Trade Promotion Authority (TPA).

According to a January 30 Reuters article, President Obama is at odds with Democratic and Republican lawmakers in both houses of Congress concerning reauthorizing a procedure called the “trade promotion authority” (TPA). The TPA is a formal legal authority granted to the president by Congress, which allows the White House to fast-track international treaty negotiations with foreign partners, bypassing most congressional review: A bill before the House and Senate would grant the White House power to submit free trade deals to Congress for an up-or-down vote without amendments, something that would give trading partners peace of mind but that raises hackles among some lawmakers.

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