Corporate greed led to corporate socialism, while minimum wages remained poverty-low. Public backlash led to the rise of Bernie Sanders, which corporate America warned his politics might destroy our country. As a result, we witnessed fascism grow. One might say that indirectly Corporate America boosted national fascism by spreading fearmongering tactics among the least educated in this country.
When Bernie Sanders touted Medicare for All, corporate America called him a dangerous socialist*. When Sanders touted free higher education, they called him a communist. All the while the same corporations were raiding the coffers of the U.S. Government using their purses to pass tax breaks and promote their own socialist agenda. Many paid no taxes after earning tens of billions in income.
In 2018, CNBC wrote:
These corporate socialist tactics cost the U.S. taxpayers $74 billion in 2018 that they had to pay on behalf of tax-avoiding corporations manipulating Congress and the Trump Administration. That’s corporate greed driving a corporate socialist agenda.
INCOME INEQUALITY IS FUELING DISCONTENT
In his book Evil Geniuses, Kurt Andersen writes:
One such example of how corporate America writes its own tax-free ticket is Andersen’s take on the Trump Administration as facilitators for big business. He writes:
Not only corporate America destroyed the middle class, but they also were behind demonizing any policy to favor the middle class as socialism and communism. a call for action to fascism. Of course, the likes of FOX and other right-wing media outlets converged to echo the same accusations.
… companies must look for their stakeholders, and not just their shareholders. Do you think this call would happen if the tremors to blow up capitalism are not deafening?
SOUNDING THE ALARM
Income inequality is fueling discontent in America, and yet corporate America remains steadfast in destroying the middle class. More Americans dropping below the poverty line is the result of their seasonal trillion-dollar greed trips raiding the U.S. Treasury. Indirectly corporate America boosted national fascism, and is creating a national malaise that will eventually boil over. This will not end well for our nation.
Corporate socialism and greed is not a purely American story. The same phenomenon is spreading globally. So much so that the World Economic Forum in Davos, which has its finger on the pulse, has issued the Davos Manifesto in which it calls for a new form of capitalism.
In other words, companies must look for their stakeholders, and not just their shareholders. Do you think this call would happen if the global tremors to blow up capitalism are not deafening?
Corporate America shares the blame for sowing the seeds of hate by decimating the middle class, and by depriving taxpayers the luxury of upward economic mobility.
*Hoover Institution is funded by wealthy foundations like The Walton Foundation (Walmart).