Power of Story Send a Tweet        
- Advertisement -

Share on Google Plus Share on Twitter Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (1 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   No comments
OpEdNews Op Eds

A Crisis of Public Morality, Not Private Morality

By       Message Robert B. Reich       (Page 1 of 2 pages)     Permalink

Related Topic(s): ; ; , Add Tags  Add to My Group(s)

Must Read 1   Valuable 1  
View Ratings | Rate It

opednews.com Headlined to H3 9/7/15

Author 47089
Become a Fan
  (122 fans)
- Advertisement -

Reprinted from Robert Reich Website

From en.wikipedia.org/wiki/Thomas_Nast: Wall Street greed
Copyrighted Image? DMCA

At a time many Republican presidential candidates and state legislators are furiously focusing on private morality -- what people do in their bedrooms, contraception, abortion, gay marriage -- America is experiencing a far more significant crisis in public morality.

- Advertisement -

CEOs of large corporations now earn 300 times the wages of average workers. Insider trading is endemic on Wall Street, where hedge-fund and private-equity moguls are taking home hundreds of millions.

A handful of extraordinarily wealthy people are investing unprecedented sums in the upcoming election, seeking to rig the economy for their benefit even more than it's already rigged.

Yet the wages of average working people continue to languish as jobs are off-shored or off-loaded onto "independent contractors."

- Advertisement -

All this is in sharp contrast to the first three decades after World War II.

Then, the typical CEO earned no more than 40 times what the typical worker earned, and Wall Street was boring.

Then, the wealthy didn't try to control elections.

And in that era, the wages of most Americans rose.

Profitable firms didn't lay off their workers. They didn't replace full-time employees with independent contractors, or bust unions. They gave their workers a significant share of the gains.

Consumers, workers, and the community were considered stakeholders of almost equal entitlement.

- Advertisement -

We invested in education and highways and social services. We financed all of this with our taxes.

The marginal income tax on the highest income earners never fell below 70 percent. Even the effective rate, after all deductions and tax credits, was still well above 50%.

We had a shared sense of public morality because we knew we were all in it together. We had been through a Great Depression and a terrible war, and we understood our interdependence.

But over time, we forgot.

Next Page  1  |  2


- Advertisement -

Must Read 1   Valuable 1  
View Ratings | Rate It


Robert Reich, former U.S. Secretary of Labor and Professor of Public Policy at the University of California at Berkeley, has a new film, "Inequality for All," to be released September 27. He blogs at www.robertreich.org.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Related Topic(s): ; ; , Add Tags
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Republican's Big Lies About Jobs (And Why Obama Must Repudiate Them)

Paul Ryan Still Doesn't Get It

What Mitt Romney Really Represents

What to Do About Disloyal Corporations

The Gas Wars

The Minimum Wage, Guns, Healthcare, and the Meaning of a Decent Society