Ep. 008: Hedrick Smith talks grassroots democratic reform & reclaiming the American Dream - burst 02
Edrich. How did we get here? Well you know I have to tell him like eleven following American Politics American economics for about five decades and I really watched both the political system and the economic system victory over that time in economics, the things really began to change in the eighties early eighties. From World War Two until the end of the seventies. When the economy grew the middle class standard of living rose with it. You can see him almost move in tandem all levels of society moved up together but then we started to get what they call shareholder capitalism maximum return to shareholders. Wages tended to get frozen. They got stagnant. The middle class of living deteriorated wealth got concentrated. The top one percents the top point went percents top point zero, zero, one percent, and then you had a bunch that happened in the economy partly because of shareholder capitalism, we can talk about that. But also because of the way the tax system was changed huge tax cuts. Under Ronald Reagan under George Bush on Donald Trump for the wealthy added about five trillion dollars five trillion dollars to the wealth of the people at the top end added to the insecurity of the middle class people not knowing whether or not. They could afford their retirement, send their kids to college of for their homes, make it from month to month, and at the same time that was happening a lot of that money was spilling into the political system. So you had the increase. Influence of mega donors, corporate money, and billionaire money particularly since the Citizens United Decision in January twenty ten by the Supreme Court which has given just a free pass to unlimited amounts of money and you've seen the amount of money skyrocket wing go into that. and. That's really affected the political system and the other thing is the party differences have hardened.