<
https://robertreich.substack.com/p/the-myth-of-meritocracy-why-is-american>
"Friends,
“We renew our resolve that America will never be a socialist country,” Donald
Trump has said.
Someone should alert him that America is already a hotbed of socialism. But
it’s socialism for the
rich. Everyone else is treated to harsh capitalism.
In the conservative mind, socialism means getting something for doing nothing.
This pretty much describes General Motors’ receipt of $600 million in federal
contracts, plus $500 million in tax breaks, after Trump took office in 2017.
Some of this corporate welfare has gone into the pockets of GM executives.
Since then, Chairman and CEO Mary Barra has raked in some $20 million
a year
in total compensation.
But GM employees are subject to harsh capitalism. (Hopefully, the recent
agreement between GM and the UAW will reduce this harshness somewhat.)
The nation’s largest banks have saved an estimated $21 billion a year since
Trump’s tax cuts went into effect in 2018, some of which went into massive
bonuses for bank executives.
On the other hand, thousands of lower-level bank employees got a big dose of
harsh capitalism. They lost their jobs."
Via Kevin O'Brien.
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
