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.

More articles by:
Weekend Edition
May 27, 2016
Friday - Sunday
John Pilger
Silencing America as It Prepares for War
Rob Urie
By the Numbers: Hillary Clinton and Donald Trump are Fringe Candidates
Andrew Levine
Hillary’s Gun Gambit
Paul Street
Feel the Hate
Daniel Raventós - Julie Wark
Basic Income Gathers Steam Across Europe
Gunnar Westberg
Close Calls: We Were Much Closer to Nuclear Annihilation Than We Ever Knew
Jeffrey St. Clair
Hand Jobs: Heidegger, Hitler and Trump
S. Brian Willson
Remembering All the Deaths From All of Our Wars
Dave Lindorff
With Clinton’s Nixonian Email Scandal Deepening, Sanders Must Demand Answers
Pete Dolack
Millions for the Boss, Cuts for You!
Peter Lee
To Hell and Back: Hiroshima and Nagasaki
Karl Grossman
Long Island as a Nuclear Park
Binoy Kampmark
Sweden’s Assange Problem: The District Court Ruling
Robert Fisk
Why the US Dropped Its Demand That Assad Must Go
Martha Rosenberg – Ronnie Cummins
Bayer and Monsanto: a Marriage Made in Hell
Brian Cloughley
Pivoting to War
Stavros Mavroudeas
Blatant Hypocrisy: the Latest Late-Night Bailout of Greece
Arun Gupta
A War of All Against All
Dan Kovalik
NPR, Yemen & the Downplaying of U.S. War Crimes
Randy Blazak
Thugs, Bullies, and Donald J. Trump: The Perils of Wounded Masculinity
Murray Dobbin
Are We Witnessing the Beginning of the End of Globalization?
Daniel Falcone
Urban Injustice: How Ghettos Happen, an Interview with David Hilfiker
Gloria Jimenez
In Honduras, USAID Was in Bed with Berta Cáceres’ Accused Killers
Kent Paterson
The Old Braceros Fight On
Lawrence Reichard
The Seemingly Endless Indignities of Air Travel: Report from the Losing Side of Class Warfare
Peter Berllios
Bernie and Utopia
Stan Cox – Paul Cox
Indonesia’s Unnatural Mud Disaster Turns Ten
Linda Pentz Gunter
Obama in Hiroshima: Time to Say “Sorry” and “Ban the Bomb”
George Souvlis
How the West Came to Rule: an Interview with Alexander Anievas
Julian Vigo
The Government and Your i-Phone: the Latest Threat to Privacy
Stratos Ramoglou
Why the Greek Economic Crisis Won’t be Ending Anytime Soon
David Price
The 2016 Tour of California: Notes on a Big Pharma Bike Race
Dmitry Mickiewicz
Barbarous Deforestation in Western Ukraine
Rev. William Alberts
The United Methodist Church Up to Its Old Trick: Kicking the Can of Real Inclusion Down the Road
Patrick Bond
Imperialism’s Junior Partners
Mark Hand
The Trouble with Fracking Fiction
Priti Gulati Cox
Broken Green: Two Years of Modi
Marc Levy
Sitrep: Hometown Unwelcomes Vietnam Vets
Lorenzo Raymond
Why Nonviolent Civil Resistance Doesn’t Work (Unless You Have Lots of Bombs)
Ed Kemmick
New Book Full of Amazing Montana Women
Michael Dickinson
Bye Bye Legal High in Backwards Britain
Missy Comley Beattie
Wanted: Daddy or Mommy in Chief
Ed Meek
The Republic of Fear
Charles R. Larson
Russian Women, Then and Now
David Yearsley
Elgar’s Hegemony: the Pomp of Empire
FacebookTwitterGoogle+RedditEmail