FacebookTwitterGoogle+RedditEmail

Time for a Maximum Income Law

by Philip Farruggio

OK, here’s the deal: economic theory need not be formulated and postulated by some MBA, or some “pencil cruncher”. In David Kennedy’s fantastic look back at the Great Depression, Freedom From Fear: the American People in Depression and War, he states the bold innovative theories that FDR and his advisors submitted. FDR felt that this country had enough production: what we as a nation lacked was consumption. If the American public had enough money to consume properly, business would have the necessary demand to produce more, and so on and so on. Simply put, what was needed was a fairer redistribution of money that would “lift” America up economically. Makes sense, no?

It doesn’t take a rocket scientist to realize the more that money is equally spread out, the more consumption we will have. the more savings we will have, and so on and so on. Being essentially a simple man, allow an analogy. Company A has 1000 employees. Let’s say the CEO earns his or her $10 million a year (not uncommon in these times, as the top 10 U.S. CEO’s average well over $100 million each a year). The top management tier just below earn their few million a year each. Suppose we took the FDR scenario to heart and “redistributed” some of those top heavy incomes a bit. Suppose we had the CEO cut his or her package from $10 million to $5 million, and the tier below follow suit as well. Let’s say we put about 10 million big ones into the pot, to now be spread out amongst the 1000 employees, in equal shares. We divide that 10 million smackeroos by the 1000 and we get $10,000 a year more per employee. Now, I don’t know about you, but $10,000 extra a year could buy lots and lots of appliances, clothing, cars, vacations, home improvements, even the down payment for a new house. Think of all the jobs that would be created by this added consumption. Think of all the money banks and mutual funds and money funds would receive. Think of how many families would advance from renting to now owning that home sweet home.

The irony is that no one in the mainstream media will even attempt to address such a simple and workable economic ideal. They say it’s not the American Way. Well tell me, what is the “American Way”? What, for that matter is the “Christian Way”? I recall gospels telling about the man from Nazareth taking a few fish and loaves and creating enough for all. No, methinks that our current Darwinian system has not and will not work for the millions who are one or two paychecks from the street. It’s time to “talk turkey” and institute a national maximum income as a model for the world to follow.

Philip Farruggio, son of a longshoreman, is “Blue Collar Brooklyn” born, raised and educated (Brooklyn College, Class of ’74). A former progressive talk show host, Philip runs a mfg. rep. business and writes for many publications. He lives in Port Orange, FL. You can contact him at: brooklynphilly@aol.com.

 

Philip Farruggio, son of a longshoreman, is “Blue Collar Brooklyn” born, raised and educated (Brooklyn College, Class of ’74). A former progressive talk show host, Philip runs a mfg. rep. business and writes for many publications. He lives in Port Orange, FL. You can contact Mr. Farruggio at e-mail: brooklynphilly@aol.com.

February 11, 2016
Bruce Lesnick
Flint: A Tale of Two Cities
Ajamu Baraka
Beyonce and the Politics of Cultural Dominance
Shamus Cooke
Can the Establishment Fix Its Bernie Sanders Problem?
John Hazard
The Pope in Mexico: More Harm Than Good?
Joyce Nelson
Trudeau & the Saudi Arms Deal
Zarefah Baroud
The Ever-Dangerous Mantra “Drill, Baby Drill”
Anthony DiMaggio
Illinois’ Manufactured Budget Crisis
Colin Todhunter
Indian Food and Agriculture Under Attack
Binoy Kampmark
Warring Against Sanders: Totalitarian Thinking, Feminism and the Clintons
Robert Koehler
Presidential Politics and the American Soul
Thomas Knapp
Election 2016: The Banality of Evil on Steroids
Cesar Chelala
In Microcephaly in Children Caused by the Zika Virus or by Pesticides?
February 10, 2016
Eoin Higgins
Clinton and the Democratic Establishment: the Ties That Bind
Fred Nagel
The Role of Legitimacy in Social Change
Jeffrey St. Clair
Why Bernie Still Won’t Win
Mike Whitney
Putin’s Aleppo Gamble Pays Off
Chris Martenson
The Return of Crisis: Everywhere Banks are in Deep Trouble
Ramzy Baroud
Next Onslaught in Gaza: Why the Status Quo Is a Precursor for War
Sheldon Richman
End, Don’t Extend, Draft Registration
Benjamin Willis
Obama in Havana
Jack Smith
Obama Intensifies Wars and Threats of War
Rob Hager
How Hillary Clinton Co-opted the Term “Progressive”
Mark Boothroyd
Syria: Peace Talks Collapse, Aleppo Encircled, Disaster Looms
Lawrence Ware
If You Hate Cam Newton, It’s Probably Because He’s Black
Jesse Jackson
Starving Government Creates Disasters Like Flint
Bill Laurance
A Last Chance for the World’s Forests?
Gary Corseri
ABC’s of the US Empire
Frances Madeson
The Pain of the Earth: an Interview With Duane “Chili” Yazzie
Binoy Kampmark
The New Hampshire Distortion: The Primaries Begin
Andrew Raposa
Portugal: Europe’s Weak Link?
Wahid Azal
Dugin’s Occult Fascism and the Hijacking of Left Anti-Imperialism and Muslim Anti-Salafism
February 09, 2016
Andrew Levine
Hillary Says the Darndest Things
Paul Street
Kill King Capital
Ben Burgis
Lesser Evil Voting and Hillary Clinton’s War on the Poor
Paul Craig Roberts
Are the Payroll Jobs Reports Merely Propaganda Statements?
Fran Quigley
How Corporations Killed Medicine
Ted Rall
How Bernie Can Pay for His Agenda: Slash the Military
Neve Gordon
Israeli Labor Party Adopts the Apartheid Mantra
Kristin Kolb
The “Great” Bear Rainforest Agreement? A Love Affair, Deferred
Joseph Natoli
Politics and Techno-Consciousness
Hrishikesh Joshi
Selective Attention to Diversity: the Case of Cruz and Rubio
Stavros Mavroudeas
Why Syriza is Sinking in Greece
David Macaray
Attention Peyton Manning: Leave Football and Concentrate on Pizza
Arvin Paranjpe
Opening Your Heart
Kathleen Wallace
Boys, Hell, and the Politics of Vagina Voting
FacebookTwitterGoogle+RedditEmail