The Fable of Growth

[Articles and opinion pieces published in this blog do not necessarily reflect the policies and opinions of the organizers of the International Conference on Degrowth in the Americas. They are posted here to stimulate discussion and debate on issues relevant to degrowth.]

May 25, 2012, The Other News, Robert B. Reich

Imagine a country in which the very richest people get all the economic gains. They eventually accumulate so much of the nation’s total income and wealth that the middle class no longer has the purchasing power to keep the economy going full speed. Most of the middle class’s wages keep falling and their major asset – their home – keeps shrinking in value. Imagine that the richest people in this country use some of their vast wealth to routinely bribe politicians…

Imagine there is a presidential election. One party, called the Republican Party, nominates as its candidate a private-equity manager who has raked in more than $20 million a year and paid only 13.9 percent in taxes – a lower tax rate than many in the middle class.

There are two endings to this fable. You have to decide which it’s to be.

There’s another ending. In this one, the candidacy of the private equity manager (and all the money he and his friends use to try to sell their lies) has the opposite effect. It awakens the citizens of the country to what is happening to their economy and their democracy. It ignites a movement among the citizens to take it all back.

Read the entire article

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