When we talk about fixing income inequality in this country, we typically focus in on taxing the rich to redistribute wealth down to the working poor. But, we often forget about all the income that's constantly being redistributed up to those at the top.
In a recent article over at Alternet, former Labor Secretary Robert Reich explained how huge corporate cartels jack up their prices, and funnel our money straight to the ruling elite.
All over our country, massive corporations buy up or buy off their competition, and then use their might to convince us that higher prices and lower benefits are simply the way things are meant to be.
For example, as Mr. Reich explained, we pay more for prescription drugs than the citizens of any developed nation. That's because drug companies have the legal right to pay off generic drug makers to ensure that we can't get our hands on cheaper, unbranded medications even after their patents expire.
And, the pharmaceutical companies aren't alone.
Internet service in the United States costs three-and-a-half times more than faster service in France, but most Americans have only one or two choices for their internet providers. The same goes for our banks, our food producers, and our health insurance companies.
These corporate monstrosities bribe our lawmakers to look the other way when it comes to anti-trust violations, and they spend a fortune on campaigns to convince us that larger companies mean more efficiency and better service. But, all they really care about is increasing profits so that CEOs and shareholders can pocket a larger and larger share of our cash.
The level of inequality in our nation hasn't been seen since before the industrial revolution, and these industries are the very reason why that divide is continues increasing.
Yes, we absolutely must increase taxes on the rich and make them pay their fair share. But, our work to end inequality doesn't end there.
Let's break up the banks and the telecoms and every industry that works to benefit the rich at the expense of the poor
-Thom
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