The disconnect between the people and the business community community has reached huge proportions in the US. Corporations are enjoying record profits but investing very little in the economy. Only one third of Americans believe large corporations are having a positive effect on the country and only 2 in 10 people surveyed say they have confidence in big business. The latter are in denial, thinking that if they explain their needs better people will come round. These needs include expanding international trade, immigration reform, reducing deficits, relaxing regulation, cutting corporate taxes and social programs like Social Security and Medicare.
(Interjection: What they think the whole point of life is is a mystery. Just making profits and allowing the bosses to run away with huge incomes?).
Meanwhile, the number of companies listed on the stock market has dropped by half from 1997 and 2012, and start-ups have not created nearly enough jobs to offset the losses caused from globalization. The troubles of business are magnified by social media,in terms both of outright criticism and also by plain lies and untruths that gain traction. There are no truth filters. Never before has business had such an image problem.
Much of the corporate agenda is stalled in Washington (except tax reduction). TTIP and TTP are both dead. Immigration reform looks a non-starter and much needed infrastructure repairs and improvements (which are plainly necessary) won’t get done because the Republicans will authorize no spending. Regulations are indeed being scrapped for the sake of business, although this may come back to bite them as safety standards drop. The stock market is doing well in the expectation of lower taxes and more profits.
(Interjection: regulations were there to protect the health, safety and welfare of the citizen. When the citizen finds he or she has no protection and is forbidden to sue corporations, the backlash will surely come, big time)
And now the Republicans are proposing to lower corporation tax substantially, on the bogus “principle” that it will act as a spur to commercial and industrial activity, and that the reduction in tax income will be more than paid for by the expected productivity and investment. The Republicans just tried that in Kansas, and as a result Kansas is bust. The idea has never worked and never will, if only because the business owners capture any benefits, if there are any.
Meanwhile, “top” businessmen are smarting at the comments of Trump and Sanders. Do we feel sorry for them? This is the beginning of the end for American business domination, excepting, perhaps, hi-tech – if China doesn’t out-perform it.