Ever since Trump’s election, he has
presided over a dedicated assault against the working class.
Despite his populist rhetoric, it was not
surprising that a billionaire capitalist would side with the interests of
business owners while eroding the ability of labor to interfere with their ability
to amass profits. The surprising thing has been how much these efforts have
flown under-the-radar. While the $1.5 trillion tax cut is correctly seen as a
handout to the rich, there has also been a constant stream of other actions aimed
at enriching the wealthy at the populations expense.
Focus, however, has been diverted to irrelevancies
like scandals and Trump’s most recent exploit. So, I decided to give a brief
rundown of the administrations recent efforts, sticking to just the past week.
While the tax cut was packaged as a way to inject
a windfall of private investment into the economy, and thereby create jobs and
increase wages, it became apparent that this was just a narrative used to
justify a massive government welfare payment to the wealthy.
In a CNN
report this week, “Tax cut sparks record-setting $178 billion buyback boom,”
the journalists describe how “corporate America is throwing a record-setting
party for shareholders” by “showering Wall Street with at least $178 billion of
stock buybacks during the first three months of 2018.” In the past 12 months,
this has resulted in payouts to shareholders that “could top $1 trillion for
the first time ever.”
For context, around 84% of
all stocks are owned by the top 10%, while the richest 1% own
nearly 40%. A party indeed for the sectors of already exorbitant wealth and
privilege, who are now “raking in monster profits”, in addition to the profits
that were already accelerating before the tax cut. And, according
to CNN, “they can thank President Trump for their success.”
In contrast, the promised job-creating investment has
yet to
materialize, which is not surprising, since there has never been any data
to suggest that it would.
After giving a windfall of taxpayer funds away to
investors, Trump moved to further disenfranchise the black working class—already
the demographic most disenfranchised and harmed by our economic system—by
making it harder
for government agencies to enforce fair housing policies, which are aimed at
addressing discriminatory housing practices.
The barely-disguised racism underlying this move was
evident in the argument that was used to justify it: the Wall Street Journal reports that “Critics of the Obama
administration’s housing policies said the tool was intended to force communities
to integrate against their will and was cumbersome.”
One of the major facets of the Trump presidency
has been to further blur the already blurry line between corporate representatives
and government officials. For example, Trump’s Environmental Protection Agency
chief, Scott Pruitt, is a climate
denier with intimate
relations with corporations that profit from burning fossil fuels. He is
also the man appointed to the task of protecting our environment. It is not
hard to see how this will turn out, especially within a system where business
interests already
determine policy.
This week, Pruitt headed off a public
relations stunt meant to provide damage control to a
story exposed by Politico. Documents proved that the EPA was blocking the
publication of a federal study which revealed a nation-wide water-contamination
crisis. Certain chemicals, found in products like Teflon and foam, have been
seeping into the water supply and endangering civilians.
The deputy assistant administrator for the EPA’s
Office of Chemical Safety and Pollution Prevention, the body that is supposed
to protect us from harmful chemicals, went from working at the EPA under Obama
to working at the American Chemistry Council, a trade association for US
chemical companies, before then coming back to the EPA; government and private
office are a revolving door.
It is therefore not surprising that
representatives of the chemical industry would try to hide information showing that its chemicals are poisoning Americans.
On a similar note, it is widely expected that
Trump will sign a “right
to try” bill next week, which recently cleared Congress. It allows
terminally ill patients to access experimental drugs not yet approved by the
FDA. However, nearly all of the patients who ask to try experimental medication
get approval to do so already. The bill is simply a way for Big Pharma to
bypass FDA regulations and push unsafe and unproven medications onto patients;
giving people on the cusp of death false hopes of remedy, while increasing bottom lines.
Trump also just
signed a bill to deregulate the financial industry and roll back measures
aimed at preventing another financial crisis. The Obama-era Dodd Frank
regulations were exceptionally weak and did not adequately protect the economy.
Yet the financial class refuses to even entertain minor curbs to their ability
to accumulate wealth, no matter how harmful it is to the world.
The bill exempts a majority of
financial firms from stronger regulatory oversight, and will be followed up
by further measures to erase what little protections still exist.
It is important to understand that in the period
after the New Deal when there were strict regulations there were no major
financial crisis. Ever since the deregulation drive of the ’70s took off we
have experienced intermittent and expanding crisis’, the last of which nearly
brought down the global economy, and from which we have yet to recover.
Those who will eventually pay the costs of these
measures, as happened after the last crash, will be working class, the poor,
and the disenfranchised. The banks, on the other hand, don’t have to worry
because they have a “Too Big to Fail” public insurance plan, paid by you, the
taxpayer.
In closing, this
headline from the Wall Street Journal
says all that is needed to be said: “Trump Issues Orders Making It Easier to
Fire Federal Workers.”
The executive orders further diminish the already
marginal and decreasing leverage of workers over their employers. While making
it easier to fire workers considered “poor performers”, the White House says it
could save taxpayers more than $100 million a year. Of course, it is fine to
charge the taxpayer $1.5 trillion over 10 years to pay for record corporate
profits, but when it comes to public sectors jobs, that’s where we have to
tighten the belt. It is unlikely this will be mentioned the next time Trump
promises to “bring back our jobs.”
The orders also limit the power of public-sector
unions, the last holdout of worker representation after years of assaults have
reduced union participation to a shadow of its former self. It limits the
amount of time employees can spend on union activities, while cutting union
funding and also charging unions for rent space in federal buildings. The order
will
also “halt payments to unions specifically related to their time lobbying
Congress,” the intent to decrease the influence of workers being readily
apparent.
Given the anti-labor corporate agenda briefly
outlined in the preceding examples, it is obvious that this move is just
another example of the Trump agenda of further increasing the totalitarian
nature of capitalism. Whereby owners and managers own the profits and exercise tyrannical
control over decision making, while the workforce is subordinated to
wage-slavery and order-taking from the masters, without there being even a
pretense of a social contract or respect for worker rights.