One reason I’ve been so disappointed with Obama is that he’s done very little to reduce the rate of rich getting richer, poor getting poorer. 😦
Economist:
AMERICA used to be the land of opportunity and optimism. Now opportunity is seen as the preserve of the elite: two-thirds of Americans believe the economy is rigged in favour of vested interests. …
A tenth of the economy is at the mercy of a handful of firms—from dog food and batteries to airlines, telecoms and credit cards. A $10 trillion wave of mergers since 2008 has raised levels of concentration further. …
Lobbying spending has risen by a third in the past decade, to $3 billion. …
And new regulations do not just fence big banks in: they keep rivals out. …
… the rate of small-company creation in America has been running at its lowest levels since the 1970s. …
Most of the remedies dangled by politicians to solve America’s economic woes would make things worse. …
Modernising the antitrust apparatus would help. …
The second step is to make life easier for startups and small firms. …
A blast of competition would mean more disruption for some: firms in the S&P 500 employ about one in ten Americans. But it would create new jobs, encourage more investment and help lower prices. Above all, it would bring about a fairer kind of capitalism. That would lift Americans’ spirits as well as their economy.
Rick McCharles 