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New York Times: April 7, 2020

Markets, Money & Corporations:

Are Creations of the State

Politically Constructed

“The distribution of income is not determined by an invisible hand’s objective appraisal of each worker and investors marginal utility, but by the ‘politically constructed’ laws and institutions that structure economic activity in a given society.”

Oppose the Progress

“These are facts, but they are inconvenient ones for a party that exists to oppose the progress of RI division of economic power in that highest but unequal Society. If republicans are to concede that there is nothing natural, or inherently just about the market distribution of income, then they would have to alternatively defend deliberately increasing the super-rich’s share of GDP growth at a time when the top 1% of households own as much wealth as the common 90% combined.

Market’s Distribution of Income is Inherently Just

That’s what the GOP maintains, so committed are they to the notion that the market’s distribution of income is inherently just. It initially proposed giving less cash relief to Americans too poor to pay federal taxes, thean to those who earn $75,000 a year. Ostensibly because federal aid to the latter could be rationalized as a tax cut.

Financing US Corporations

“And yet even as some Congressional Republicans fail to uphold the fiction of an apolitical marketplace, the Trump administration’s bale of policies have torn it to shreds. With treasury secretary Mnuchin’s approval, the Federal Reserve has said out loud about directly financing US corporations for the first time in its history. Which is to say: a government institution is deciding which firms to keep alive with cheap credit and which to Let Die.

Essential Workers Least Well-Paid

Meanwhile, the federal government is however haphazardly attempting to compensate firms and workers for their losses as it demonstrates its capacity to prioritize human welfare or economic growth. And, as already suggested, the fact that many of our economies most essential workers also happened to be among its least well-paid has led to some trauma. I’m pissed to admit that the market is up or adjudicator of Labor value.

Country Club Republicanism

“As the New York Times reports: “The era of limited government Country Club republicanism is over.” Said Stephen K. Bannon, and architect of Mr. Trump’s 2016 victory. Mr. Bannon, who left the Trump Administration in 2017 saw evidence of a national ‘coming together’ for measures like a $15 federal minimum wage to help the heroes of this catastrophe whom he identified as “truck drivers, the kids at the Amazon plants, police, doctors and nurses.