David Korten: The Path to Real Prosperity

[marmar]

from YES! Magazine:




The Path to Real Prosperity
David Korten: A new jobs plan is thinking too small. What we need is a new economy.

by David Korten
posted Sep 07, 2011


Like most white middle class Americans of my generation, I grew up believing that our strong market economy and democratic political institutions make us the world's greatest and most prosperous nation. The America of my youth was the product of a strong social contract that said we are all in this together—at least the white folks—and we all do best when we all do well. That contract made America the envy of the world. With the civil rights movement, many of us hoped we could expand the contract to truly include everyone.

Then Wall Street got greedy, abandoned the contract, and created a winner-take-all economy controlled by an oligarchy dedicated to growing its personal financial assets. Contrary to what Wall Street propagandists would have us believe, Wall Street is a job killer, not a job creator. It prospers by depressing wages, eliminating and outsourcing American jobs, and extracting usurious interest rates from Americans forced to borrow to put food on the table or to maintain a middle class lifestyle. The result is an America in decline and out of work.

Wall Street flies the American flag when it is convenient. It relates to America, however, as an alien occupier, much like the British prior to the American Revolution. Tax breaks and deregulation for Wall Street will only strengthen the role of the occupier and destroy more jobs than they create. An effective jobs program will increase taxes on Wall Street corporations and billionaires and regulatory restraints on their destructive practices.

Main Street is the job creator. We rebuild America’s productive capacity through programs and institutions that support and invest in Main Street businesses, farms, and infrastructure owned by people who have a stake in being responsible citizens in their communities. These programs and institutions are properly funded, at least in part, by taxing the financial wealth expropriated by Wall Street corporations and billionaires through deception and unproductive financial manipulation. .......(more)

The complete piece is at: http://www.yesmagazine.org/blogs/david-korten/the-path-to-real-prosperity

[OneGrassRoot]

1. K&R, of course. :) n/t