By Dave Kingsley
General Theme of Tallgrass Economics Finance and Politics
This blog is about a much overdo change from the dominant economic and political paradigm in the United States to a new view of how economies best serve the needs of “the people,” rather the needs of a tiny, wealthy minority. The old but still current neoliberalism that has dominated for the the past half century has proven to be destructive. Its claims of free market wonders have in practice been tilted toward the powerful and the wealthy. It has been an utter failure and damaging to U.S. society.
Readers will note that the name “Tallgrass Economics Finance and Politics” suggests that finance – an overlooked dimension of economics – has evolved into a dominant industry rather than an ancillary corporate service. The nexus between macroeconomics, finance, and politics has resulted in a far different economy than the media, mainstream economists, and politicians fully understand and appreciate. Excessive liquidity due to massive pools of capital in pension, sovereign wealth, endowment and other funds plus concentration of wealth in the richest Americans has fueled a financialized dimension previously unknown in U.S. capitalism.
The Past Half Century of Radical Libertarian, Anti-Government, Neo-liberal Political & Economic Philosophy
Fiscal and monetary policy set in motion during the Reagan Administration has been devastating for middle and low income classes in the United States. Wages have been stagnant while the cost of medical care, education, housing, state and local taxes, child care, and public transportation have skyrocketed. Conversely, an artificial low inflation rate and ever decreasing corporate and upper income tax rates have benefited Wall Street and a plutocratic minority.
With the popularity of radical libertarianism and anti government philosophies of Friedrich Hayek, Milton Friedman, and Ayn Rand, a Social Darwinist individualism became a widely accepted zeitgeist. Consequently, the tradition of equality and opportunity generated by the New Deal, Fair Deal, and Great Society have been debased along with derogation of civil rights progress. As the demographic known as “people of color” has increased, white elites have consolidated their hold over the levers of power and disproportionate control of wealth and a corrupt political system.
It is Time For A New View Of Economics
It is time to frame issues and create narratives that promote a valid and humane economic system. The United States government is sovereign in its own currency and can create needed money to pay for infrastructure, guarantee good paying jobs, provide for medical care, education, housing, and child care – among other things. A hypocritical narrative regarding fiscal spending and debt/deficits has been a barrier to the federal government’s responsibility to “promote the general welfare.”
Neither the deficits or the debt of the U.S. government is a threat to the U.S. economy. A considerable amount of misinformation claiming Social Security and Medicare are major causes of deficits is disseminated by Wall Street backed lobbying groups inside the Washington, D.C. beltway. Both political parties have been supportive of these deficit hawks while both parties have passed legislation increasing tax advantages for the wealthy, decreasing safety net programs, and outsourcing government services to private industry. Indeed, legislative and executive actions throughout the past 40 years have disadvantaged the working classes, but have enriched wealthy elites.
Nursing Homes, Medical Care, Social Security, & Other Economics, Politics, & Finance Of An Aging Population
The rapidly expanding 65+ population will be a major concern and focus of this blog. The old neoliberal, hyper-capitalistic, antigovernment belief system is still in vogue and allowing for exploitation and extraction of hard earned assets of retirees. For example, Medicare is increasingly privatized and allowing for excessive medical charges; the nursing home industry is extracting resources from families that could and should be passed to heirs while providing low standards of care; and, housing is not adequate for independent living because home and community based services are not available.
Much of the posts on this blog will pertain to financialization of the U.S. economy and the extraction of middle class wealth through financial engineering. The nursing home industry will be exposed as one of the most financialized and exploitative industries funded with federal dollars.
Here is what will be found in posts appearing on Tallgrass Economics & Politics:
- Discussion of macroeconomic, fiscal, and monetary policies that impact the lives of American people.
- Exposure of financial machinations that fleece hardworking peoples’ hard earned assets.
- Analyses and updates on legislation and government activities.
- Information in the form briefs regarding relevant research, books, videos, URLs, and scholarly articles.
- Tracking and discussing the voting behavior of legislators
- Reframing of the discussion from language, symbols, and metaphors that advantages the opponents of health care to a narrative that works to the advantage of the proponents.
- Lobbying for and tracking pro-people legislation such as tax reform, consumer protection, financial regulation, and health care reform, all of which is inter-related.
I’m new to the blog. I will comment more after reading.
Your comments and ideas are welcome!
you are the first blogger who i have read who has recognized the extent to which the tax code has contributed to the wealth gap.
i have long said that capitalists will make whatever profit they can regardless of the rate of tax paid and will always try to get around it.when the rate was 90%,the gimmic was to turn ordinary income into capital gains.the biggest myth is that capitlist need incentives to become capitalists.
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