“Trickled On” Economics

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Published on Sunday, February 26, 2012 by Common Dreams

“Trickled On” Economics

by Doug Harvey One thing about an election year, particularly this one, is that it reveals the fallacy that humanity has somehow emerged from “mere animal conditions.”  We may have comfortable homes, climate-control, exo-skeletons (known as automobiles) to allow us to move about rapidly and move objects many times our own weight, etc.  But beavers, ants, and foxes have these things.  One thing that humans have the capacity for, if they strive to use it, is being able to see life from another’s viewpoint – we have the capacity for compassion.  If anything would allow us to rise from a “mere animal condition,” it is this compassion.  But under the capitalist model, currently the dominant paradigm in the world, the priority is put on expropriating land and labor in order for a small group to accumulate wealth they did not produce.  In our deluded national narrative, these people are said to be “job creators.”  In fact, their access to wealth and power has allowed them to create a sort of neo-feudal system that can be aptly called, “Trickled-On Economics.”
In this dominant paradigm headed by Big Capital, compassion is highly discouraged.  There is a tendency among the politicians, managers, and overseers of capitalist institutions to live like there is no tomorrow and pretend like there was no yesterday.  After all, the working class – those who actually produce wealth – can be depended upon for a source of insurance in the event the gaming schemes of Big Capital fail.  This attitude of borrow now (“leverage” if you are rich), worry later, unlike the wealth itself, has trickled down, or should I say “trickled on” the general public.
The so-called “debt crisis” currently providing rationale for cutting social programs was created by capitalists manipulating the housing and financial markets for short-term profit, a scheme that crashed the global economy.  While they were doing that, working class people struggled with a steady decline in income resulting from off-shoring American manufacturing, union sell-outs, and outright union-busting.  To make up for this decline, they were handed credit cards, deregulated during the Reagan years, and usurious lending became the order of the day.  In addition, instead of providing education for its citizens as some social welfare states of western and northern Europe have done, the student loan industry was created, with student loan giant Sallie Mae becoming a for-profit corporation by 1995.  As if this was not enough (it never is), for-profit health care, starring Big Pharma, has become ensconced in Congress, K-Street, and Wall Street.  Also, moving in from the desert is a dust devil known as the for-profit prison system.  Examples of profiteering from others’ misfortune, or indeed manufacturing misfortune for profit, (note: I do not even broach the war profiteering game in this essay), has no limit in the capitalist paradigm.

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