Ignore Sideshows: Rigged Economy the Biggest Issue

 

A "Must Read" true view of why we are in this terrible economic situation, and good measures needed to save not only us, but our democracy.  

3/19/25, 9:31 AM San Diego Union Tribune 

Ignore sideshows: Rigged economy the biggest issue 

BY JOSH D. SHAPIRO 

Americans are being played. The traditional left-right framework has become obsolete, not because ideological differences vanished, but because both parties now operate within an economic system rigged to protect capital over people. The true fracture splitting America is vertical: a battle between those hoarding power at the top and everyone else being pushed downward. If we fail to recognize this up-down reality — and act — the consequences will redefine American life for generations. 

For decades, politicians, media outlets and corporate interests have kept us locked in an ideological battle over social issues, identity politics and partisan tribalism. Meanwhile, the wealth gap has exploded, corporate monopolies have suffocated competition, and the working and middle classes have been systematically squeezed. This isn’t a Democratic or Republican problem, it is an American problem, and unless you are one of the 756 billionaires in America — you are losing. 

There is an ever-growing wealth gap between elected representatives and the constituents they serve — voting on policies that affect ordinary Americans while quietly enriching themselves through insider stock trades, corporate donations and lobbyist kickbacks. Lobbyists write our laws. Billionaires buy influence. Banks get bailed out while working families drown in medical debt, student loans and unaffordable housing. The biggest industries — Big Pharma, Big Tech and Wall Street — set policy, not our votes. 

The economic crisis is the real crisis. The wealthiest 1% of Americans now own more wealth than the bottom 90% combined. Corporate profits are at record highs, yet real wages have barely budged in decades. Health care costs bankrupt families, homeownership is increasingly out of reach for younger generations, and education — once a ticket to upward mobility — can now be a lifetime debt sentence. The American dream — once a promise of upward mobility — is now more attainable in Finland, Sweden, Norway and Denmark. 

And yet, the American public is distracted by an endless culture war, fueled by social media outrage and partisan propaganda. 

If we continue down this path, the future is grim. Corporate interests will further erode democracy, automation and outsourcing will continue to eliminate jobs, and the wealth gap will widen to feudal levels. Already, we are seeing signs of this: record homelessness, mass layoffs while CEOs rake in record bonuses, and politicians on both sides of the aisle refusing to enact real economic reform. At some point, Americans will have to ask themselves: Are we going to keep falling for the same distractions, or will we finally unite and demand an economic system that works for the many, not just the privileged few? 

Escaping this trap requires radical reorientation: 

Restore antitrust enforcement to dismantle corporate giants in tech, pharma and agriculture. If Standard Oil was too powerful a century ago, today’s giants — Google, Amazon and Pfizer — dwarf it in influence. 

End Citizens United and eliminate super PACs, which allow billionaires and special interests to pump unlimited, undisclosed money into elections 

Enact a 2% annual tax on fortunes over $50 million, which could raise $3 trillion over 10 years for infrastructure, health care and education. 

Mandate employee ownership stakes in large firms to align profits with wages. 

Guarantee basic economic security; universal health care, affordable housing and child care should be national priorities, not luxuries reserved for the elite. A $10 trillion decade-long investment in renewables, grid upgrades and transit could create 15 million jobs while averting climate collapse 

History shows that when the people rise, the system bends. The clock is ticking, and the elites are betting that we’ll stay distracted and divided. 

Shapiro, Ph.D., is an economic sociologist focusing on the future of work and social and economic mobility at UC San Diego. He lives in San Diego.