Paul Buchheit | August 01 2016 | Common Dreams
Corporations are viewed as untouchable by big business media giants like the Wall Street Journal, which blurts out inanities like “Income inequality is simply not a significant problem.” and “Middle-class Americans have more buying power than ever before.”
In the real world, inequality is destroying the middle class. The following four issues, all part of the cancer of corporatocracy, have grown in intensity and destructiveness in just the last few years. They should be campaign issues, given more than just lip service from corporation-funded candidates like Hillary Clinton, and given more than just passing reference in the news reports of an unresponsive, irresponsible mainstream media.
1. Monopolies: Increasing Prices, Cutting Jobs
The Busch/Miller merger is the latest attack on competition, joining the recent surge toward oligopolies in the banking industry, pharmaceuticals and hospitals, wireless companies, and airlines. Contrary to any condescending claims that mergers contribute to price-lowering efficiencies, they have actually led to price increases in 75 percent of examined cases, according to a Northeastern University study. The resulting corporate profits are often used for investor-enriching stock buybacks.
And jobs are cut. When Merck took over Cubist Pharmaceuticals, the latter’s research and development staff was eliminated, ending their studies of other promising medicines.
2. Finance: Now Costing Us More Than the Military
A Roosevelt Institute study estimates that “the financial system will impose an excess cost of as much as $22.7 trillion between 1990 and 2023. That comes to about $660 billion per year, more than the discretionary military budget. That’s over $5,000 per U.S. household in excess financial costs.