In the days following Labor Day, a time to celebrate all that American workers have done for the prosperity of our nation, the undue power that the rich hold over our country has become all the more glaring. The ultra-rich would have you believe otherwise, but it’s important to remember that our nation is great because of the contributions of everyday, hardworking Americans – not wealthy investors sitting behind their computers all day watching the stock market fluctuate. For this reason, we ought to bring our country closer to one that benefits its workers, not one that rewards the rich just for being rich.
This week, we’ll take a look at some of the areas in which our country is failing its citizens and how it can better serve everyone, not just wealthy people like us.
Private equity and hedge fund industries pour nearly $347.7 million into 2022 midterms by Taylor Giorno and Srijita Datta
Recent reports show that just under $350 million has already been spent by private equity and hedge fund managers in the 2022 midterm elections. Unsurprisingly, Arizona Senator Kyrsten Sinema, a known sellout to private equity, received a large portion of these donations. As a result, she was able to keep the carried interest loophole – a tax loophole that benefits the richest of the rich – in place during the Inflation Reduction Act negotiations. But Sinema is far from the only elected official receiving big bucks from the industry, and the IRA is sadly not the first place we’ve seen them pay to protect their precious tax loopholes. Between lobbying efforts and campaign donations, the industry and the rich people who make it up have used their wealth and power to push policy in their preferred direction.
The US has a ruling class – and Americans must stand up to it by Bernie Sanders
Over the last half-century, our nation has undergone a massive shift in how wealth is distributed among our citizens. Currently, the three wealthiest Americans have accumulated more wealth than the entire bottom half of our country combined, and our country is worse off for it. From childhood poverty to lack of healthcare to wage insecurity, Americans are struggling now more than ever while wealth, power, and influence continue to consolidate at the top. We agree with Sen. Sanders: the American people need to take a stand and call on their elected officials to push back against the rich’s massive impact on our nation’s policies. Our country needs to work for all Americans, not just those at the top.
Republicans stoke fears of auditor ‘army’ after Democrats boost IRS funding to crack down on tax-dodging by Orion Donovan-Smith
The Inflation Reduction Act, a landmark climate, tax, and healthcare package passed last month, included $80 billion in new funding to the IRS. This funding has been earmarked primarily for hiring new staff (to make up for the thousands laid off from massive Republican budget cuts that have taken place over the last decade) and to give resources to audit teams to go after rich tax cheats, both of which are positive developments. Now, however, Republican politicians and pundits have taken to the airwaves to spread disinformation about the IRS funding, telling the public that the money will be spent on harassing law-abiding, middle-class citizens. This is so absurdly far from the truth. The fact of the matter is that the IRS is in a poor state, and this long-overdue funding will only serve to help ordinary Americans and hold wealthy tax cheats accountable.
‘Tired of trickle-down economics’: Biden calls for expansion of unions in Labor Day speech by Nina Lakhani
In his Labor Day address, President Biden came out strongly in favor of the modern union movement, urging workers across the country to join efforts to achieve better pay and working conditions. Biden also criticized the trickle-down economic theory that has brutalized the average American over the last few decades. Both Biden and Vice President Harris reiterated their administration’s dedication to supporting workers in their push to organize, voicing their pride in being a pro-union administration. Now, it’s our responsibility to hold them to their word and ensure that they do all they can to protect and strengthen unions.