Punditry StaffEver since the Ronald Reagan years, the American capitalist system, which made America so strong economically, has entered a stage of extreme capitalism where many large companies began experimenting with new ways to illegally charge consumers exorbitant amounts of money for goods and services that otherwise were either priced reasonably, or did not exist, prior to the Reagan years. Before the presidency of Joe Biden, Presidents in general all failed to discuss the clear signs of lawless capitalism consumers were beginning to experience.
The U.S. government, in short, left consumers to fend for themselves mercilessly with no pathway but to pay for all the junk fees and the cunning ways companies created to overcharge the public.
As an example, paying to transport your luggage on an airline was always free. Until American Airlines started the whole enchilada in 2008.
Today, every company, from a long list of industries, is overcharging consumers by adding “junk fees” to their final bills. From banks overcharging for overdraft fees to service fees companies like Uber Eats adds to your final bill, to student loan service company Navient breaking every law on the book, it has become the golden standard of lawless capitalism left unsupervised and unregulated by the U.S. government.
Its impact on consumers is the further erosion of our trust in our own government; in addition to the largest everyday shifting of consumer hard-earned money to the rich whose equities in the companies benefit them directly.
There is still much to do to shift the economic power away from greedy corporations unburdened by any laws or regulations.
CONSUMER AND VOTER ANGER
Today, Americans are angry. The signs are in the mass killings, the insurrection of 1/6, and the deep distrust of our own government standing at 20% and declining. Gone are the days when the middle class could rely on steady rising incomes and economic parity. We have become a country of billionaires who are stealing our democracy and dictating the course of the US policies and politics.
We vote but we really do not control the economy with our vote. That, since Ronald Reagan, has been the job of corporate America, which has entered this stage of lawless capitalism while ignoring all the signs of discontent bubbling beneath the surface.
President Biden knows this because he has access to information that we collectively do not have access to, which demonstrate amply our anger. This is why he tried to spread the wealth and nip poverty using the pandemic as an excuse. Something that President Obama failed to do in 2008 after the economic collapse of big banks.
Of late, President has announced a new campaign during the State of the Union address to do away with “junk fees” that add to the dissemination of the middle class. Surely, this is not enough. But for Biden to recognize the problem is a big step towards balancing our act in support of the middle class.
There is still much to do to shift the economic power away from greedy corporations unburdened by any laws or regulations.
Clear Signs of Lawless Capitalism
Punditry Staff
