August 21, 2022
Robert Reich is a master at marshaling statistics that demonstrate that we are living in a plutocracy, a system under which the rules are tilted in favor of the rich and powerful. For example, he reports that “the stock portfolios of the top 1% are now worth $23 trillion.” That figure, enormous as it is, doesn’t reflect other assets, such as vast amounts of real estate, held by the top 1%. Imagine what America would look like if our tax structure were such that half of that $23 trillion had been allocated for constructive purposes for the common good. The top 1% would still be extremely rich, but our country would be much the better for it.