“The big government socialists who have taken control of the Democratic Party like to talk about ‘free’ programs,” Newt Gingrich exclaimed yesterday on Fox News, adding that “nothing is free because taxpayers have to pay for it”.
You are right about one thing, Newt. Taxpayers to do must pay. They had to pay to bail out the big banks during the financial crisis. They bailed out big companies during the pandemic. And they spend tens of billions every year subsidizing the oil and gas industry, Wall Street, and Big Pharma.
This is socialism, okay – for the country’s top business leaders and biggest investors. It is socialism for the powerful and privileged that continues to siphon off a large (and growing) portion of the nation’s economic gains while leaving most Americans with little.
Richest 1% of Americans Now Have Record a third of all stocks, and the richest 10 percent own almost 90 percent of all stocks. Never in the history of this country has corporate wealth been so concentrated.
Most of these wealth owners did not work for the earnings they accumulated. They racked it up as the stock market has risen nearly 40% since January 2020 – a period in which many other Americans have suffered job or salary losses, or debilitating illness or, in some case, death.
The billionaire class has never done so well by doing so little. According to the latest figures, America’s 745 billionaires (this is the latest figure) have become $ 2,100 billion more during the pandemic – their fortunes soared 70% (from just under $ 3 trillion at the start of the crisis to over $ 5,000 billion now). And that is due in large part to their wrenching stock stocks.
Newt, I understand why you are so eager to trick Americans into believing that they are going to be hurt by the measures proposed by the Democrats. You want to protect the current system of socialism for the rich and overwhelming capitalism for everyone else because it is so comfortable for you, your friends, and your former colleagues.
But I have news for you, Newt. Either way, the days of this system are drawing to a close.
As Harry Truman once said: âSocialism is a scary word that they have thrown around with every step people have made. Socialism is what they called public power, social security, deposit insurance, and independent trade union organizations. Socialism is their name for anything that helps everyone.