Quantcast
Connect with us

This is the truth lurking behind the GOP’s frantic fear-mongering about socialism

Published

on

- Commentary
President Donald Trump. (AFP / Jim WATSON)

“We renew our resolve that America will never be a socialist country,” Donald Trump said recently.

Someone should alert him that America is now a hotbed of socialism. But it’s socialism for the rich. Everyone else is treated to harsh capitalism.

In the conservative mind, socialism means getting something for doing nothing. This pretty much describes General Motors’ receipt of $600 million in federal contracts, plus $500 million in tax breaks, since Trump took office.

ADVERTISEMENT

Some of this corporate welfare has gone into the pockets of GM executives. Chairman and CEO Mary Barra raked in almost $22 million in total compensation in 2017 alone.

But GM employees are subject to harsh capitalism. GM is planning to lay off more than 14,000 workers and close three assembly plants and two component factories in North America by the end of 2019.

The nation’s largest banks saved $21 billion last year thanks to Trump’s tax cuts, some of which went into massive bonuses for bank executives. On the other hand, thousands of lower-level bank employees got a big dose of harsh capitalism. They lost their jobs.

Banks that are too big to fail – courtesy of the 2008 bank bailout – enjoy a hidden subsidy of some $83 billion a year because they have the backing of the federal government. This hidden subsidy gives Wall Street, giant banks a huge advantage.

In 2017, Wall Street’s bonus pool was $31.4 billion. So, take away the hidden subsidy, and that bonus pool disappears, along with most profits. Trump and his appointees at the Federal Reserve are easing bank requirements put in place after the bailout. But they will make sure the biggest banks remain too big to fail.

ADVERTISEMENT

When he was in business, Trump perfected the art of using bankruptcy to shield himself from the consequences of bad decisions– socialism for the rich at its worst –while leaving employees twisting in the wind. Now, all over America, executives who run their companies into the ground are getting gold-plated exit packages while their workers get pink slips.

Under socialism for the rich, you can screw up big time and still reap big rewards. Equifax’s Richard Smith retired in 2017 with an $18 million pension in the wake of a security breach that exposed the personal information of 145 million customers to hackers.

Wells Fargo’s Carrie Tolstedt departed with a $125 million exit package after being in charge of the unit that opened more than 2 million unauthorized customer accounts.

ADVERTISEMENT

Whatever happened to the idea of a meritocracy  – an economic system that allows everyone to get ahead through hard work, and economic gains go only to those who deserve them?

Around 60 percent of America’s wealth is now inherited. Many of today’s super-rich have never done a day’s work in their lives. Trump’s response has been to expand this divide by cutting the estate tax to apply only to estates valued at over $22 million per coupleMitch McConnell is now proposing that the estate tax be repealed altogether.

ADVERTISEMENT

To the conservative mind, the specter of socialism conjures up a society in which no one is held accountable, and no one has to work for what they receive. Yet, that’s exactly the society Trump and the Republicans are promoting for the rich.

Meanwhile, most Americans are subject to an increasingly harsh and arbitrary capitalism.

They need stronger safety nets, and they deserve a bigger piece of the economic pie.

ADVERTISEMENT

If you want to call this socialism, fine. I call it fair.


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

Trump attacks 2 GOP governors on flight to Georgia rally: ‘Republicans will NEVER forget this’

Published

on

Republicans have been "working frantically behind the scenes" to keep President Donald Trump on message during his Saturday campaign rally in Georgia, but the efforts do not seem to be working.

GOP strategists hoped Trump would make the case for the two GOP senators in the January runoff elections that will decide control of the U.S. Senate, but Trump has continued to fixate on his delusions that he won the presidential election.

Aboard Air Force One on the flight to the rally, Trump attacked two GOP governors: Brian Kemp of Georgia and Doug Ducey of Arizona -- and seemed to threaten political retribution for the pair not going along with the president's debunked conspiracy theories about the election.

Continue Reading

Breaking Banner

Trump holds large rally in Georgia — one day after the Peach State set a new coronavirus record

Published

on

President Donald Trump departed the White House on Saturday for an evening campaign rally in Georgia -- despite the coronavirus pandemic.

Trump is ostensively making the trip to support Sen. David Perdue (R-GA) and interim Sen. Kelly Loeffler (R-GA) in the January runoff elections that will decide control of the U.S. Senate. However, Republicans fear Trump will use his speech to continue bashing GOP Gov. Brian Kemp.

Trump's visit also comes against the backdrop of the coronavirus pandemic.

Continue Reading
 

2020 Election

Panicked Republicans ‘working frantically behind the scenes’ — but Trump just keeps attacking GOP Gov Brian Kemp

Published

on

Republicans are worried that President Donald Trump will pour gasoline on the intraparty inferno burning in Georgia.

Trump is officially traveling to the Peach State for a rally in support of the two Republican senators in January runoff elections that will decide control of the U.S. Senate.

Republicans worry Trump will continue to attack Republican Gov. Brian Kemp as he has on Twitter.

https://twitter.com/realDonaldTrump/status/1335268230206722048

"Trump is to headline a campaign rally for Sens. David Perdue and Kelly Loeffler in the state Saturday night — his first major political event since before the Nov. 3 election. GOP officials are working frantically behind the scenes to try to keep the president on script at the rally, worried that he will use the forum to attack Kemp and other state GOP officials who have resisted his pressure, according to a person familiar with the discussions," The Washington Post reported Saturday.

Continue Reading