How our Capitalistic Society Became a Plutocracy

Op-ed by TheWiseOldFart

Let me take you back to how America’s economy functioned in the 20th century. When I was a young man in the late 1950’s and 1960’s I learned about capitalism and how our country flourished throughout the early 20th century.

If a corporation declared a profit of 30 percent or more, it was considered to be one of the top corporations in America. These profits were shared with their employees, and reinvested into their companies to ensure continued growth. Of course some of the profits were awarded to a successful management team in the form of shares in the corporation or bonuses.

PROFITS ARE NOW OFF THE CHARTS, AND EMPLOYEES NO LONGER SHARE IN THEIR SUCCESS

Today’s large corporations declare profits of 300, 400, 500 percent or more. We have no way of knowing the real number thanks to the tax code. The tax code contains 6,871 pages. Most of those pages are what we call “loopholes,” ways for the super-rich to avoid paying their fair share of taxes.

They no longer use their profits to grow their companies. They raise prices for consumers, and put the rest in offshore accounts. We, the people, pay for the increase in the personal wealth of the executives.

Most importantly, they ignore the people in their employ. Seldom do the men and women who actually work in these business benefit from their hard work.

LOBBIES ARE UNCONSTITUTIONAL

All of our largest corporations employ lobbies to ensure that our legislative and judicial branches vote according to their wishes. There are few lobbies serving the working class. This is a clear example that lobbies violate the 14th Amendment, which guarantees equal protection under the law.

Final thoughts. Our second President, John Adams, was right when he said that “Democracies always fail.” America remains an experiment.

This is also true about Plutocracies. Rule by the wealthy cannot last for long without the protection of a fascist regime in control of the government.

Op-ed by James Turnage

Please tell everyone to follow my blog: “TheWiseOldFart,” because the truth lives here


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