It just came out and it's author Hedrick Smith has been giving talks and book signings. He was on 'THINK' today. A program I listened to on 'NPR' via our Dallas radio station KERA
If I understand right according to Hedrick Smith the average American factory workers income rose with productivity from the mind 1940’s until the mid 1970’s.
In 1964 Barry Goldwater lost a bid to become president but helped spawned the right wing ultra conservative wing of the Republican party that has become the no compromise, even if it damages the credit of the entire United States government, Tea Party.
Just for an example of how Goldwater worked he got a law passed (so I have been told) that no one could build a house above what already existed on Camelback mountain. Camelback mountain is in Phoenix Arizona and the law was not to protect the mountain as you and most people might think. His house was the highest at that time and that meant no one could build above him.
On to the time line Hedrick Smith puts out in his book.
Corporate attorney Lewis Powell sparks a political rebellion with his call to arms for Corporate America. Circulated by the U.S. Chamber of Commerce, Powell’s memo warns that anti-business attitudes and government regulation are threatening to “fatally weaken or destroy” the American free enterprise system. Powell declares that business must arm itself politically, battle organized labor and consumer activists, and mount a long-term campaign to change the balance of power and policy trends in Washington.The were very successful as we can feel now.
1977–78—In the pivotal 95th Congress under President Jimmy Carter and the Democrats, business shows its new political muscle. Its lobbyists block organized labor’s legislation and Ralph Nader’s push for a consumer protection agency. They win deregulation of airlines, railroads, and trucking. They get Congress to reject Carter’s plan to close tax loopholes for the rich and, instead, they push to cut the corporate tax rate and the capital gains tax on investment income from 49 percent to 28 percent.According to the book a few years later President Reagan pushed through tax cuts that heavily favored the wealthy changing their taxes from 70% to 28% and he made it possible to sell the exotic loans that caused much of the housing boom and bust.
We all know just how powerful this corporate money can be for example if a congress person does not want to do what the corporations want massive amounts of money will flow to a rivals bid to unseat that congress person. Meaning many or most of the congress people face fantastic pressure to do the bidding of the powerful corporate interests.
Smith offers insight and solutions and I think this may be one of those must read for anyone trying to understand what is happening now and trying to see a better way out than Rmoney’s follow the yellow brick road and ignore what you think you see behind the curtain.