“Americans overall think redistributing wealth is a pretty good idea. According to a 2017 Reuters/Ipsos poll, over 75 percent of adults believe the rich should pay more in taxes. An Economist/YouGov poll taken the same year concluded Medicare for All, a cornerstone of the renewed socialist movement, is supported by 60 percent of Americans. Making college tuition free is supported by 63 percent of registered voters, according to a Morning Consult/Politico poll, while Civis Analytics found that 52 percent of respondents backed a federal jobs guarantee. Raising the minimum wage to $15 an hour? A Pew poll shows 52 percent are behind it. And when it comes to getting corporate money out of politics, an Ipsos poll finds 57 percent of Americans are on board.”
Election pearl-clutching is often related to fears that socialism endangers the wealth and power of America’s elites.
“Large companies dedicated 93% of their earnings to shareholders between 2007 and 2016 – a shift from the early 1980s, when they sent less than half their revenue to shareholders and spent the rest on employees and other priorities, Warren said.”
Accountable Capitalism Act would bring about ‘fundamental change’, redistribute wealth and give more power to workers
Interesting proposal, with zero added cost to the American taxpayer. Worth the read and consideration.
“Warren wants to create an Office of United States Corporations inside the Department of Commerce and require any corporation with revenue over $1 billion — only a few thousand companies, but a large share of overall employment and economic activity — to obtain a federal charter of corporate citizenship.
The charter tells company directors to consider the interests of all relevant stakeholders — shareholders, but also customers, employees, and the communities in which the company operates — when making decisions. That could concretely shift the outcome of some shareholder lawsuits but is aimed more broadly at shifting American business culture out of its current shareholders-first framework and back toward something more like the broad ethic of social responsibility that took hold during WWII and continued for several decades.”
She’s unveiling a bill to make corporate governance great again.