A Video for Sunday: Socialism/Occupy Wall Street Edition

 

Picture from Crain's New York Business

This week, I am providing a double dose of videos.

I recently had the immense pleasure of listening to Upton Sinclair's The Jungle on audio book.  It's a novel about a Lithuanian family that moves to Chicago trying to find the American dream at the beginning of the 20th century.  What they actually find is personal and economic hardships not to be wished upon anyone.  Numerous events of a devastating nature crush the family into the lowest depths of despondency and poverty.  By the end of the novel, the main character, Jurgis Rudkus, realizes that evils of American capitalism and finds grace in supporting the socialist movement.  The novel was Sinclair's attempt for the American people to look at the evils of American economic system, and realize that socialism is the direction the country needed to head in.  Here is a video, originally posted on TeacherTube, that talks about the book a little more in depth, and what the real legacy of the book actually came to be after it was published. 



This book, as well as the the ever-growing Occupy Wall Street protests, provides a good opportunity to re-look at socialism.  For the longest time, the word "socialism" has had a dirty connotation to it in the United States, and even more so from the American right ever since Obama took office.  When people hear the term, they equate it with communism.  Images of the Soviet Union, Maoist China, and Che Guevera come to many American's minds.  But the reality is that most developed countries around the world, including the United States, have socialism in their economic system to a certain point.  Except unlike other countries in the world, socialism is generally not the evil, dirty word that it is in the United States.  And truth be told, many of us who do call ourselves socialists wouldn't advocate government takeover of all industries and private property (like some claim).  Most socialists (including myself) would probably prefer a type of mixed economic system: a capitalist/socialist hybrid where great emphasis is placed on economic equality, worker's right, and protections in case something bad happens to one of it's citizens (e.g. health care, unemployment benefits, etc.)  Here is a clip from a while ago by MSNBC's Lawrence O'Donnell on the the use of the word "socialist" to describe himself.



It should be noted that not all those who support the Occupy Wall Street movement are socialists.  What those of us who do support these demonstrations agree upon is that damage that the banks and corporations have done to our economy, and that something needs to be done about the way they do business.  It is a grave injustice that in this economy, corporations are receiving record profits, CEOs and other corporate executives are receiving bonuses, and more corporate cash than ever is being filtered into our political system (among so many other things).  All the while, no new jobs are being added to our economy, and millions of American's are suffering economic hardship, and are worried that they will never be financially secure again.  I won't say we have it as rough as Jurgis and his family did in the early 20th Century, but it is still quite bad, and we deserve better.

Photo from rrstar.com

There are those (myself included) who support the movement, but have expressed criticism to protesters on a couple of different points.  First, the protest needs to broaden it's marchers so that it will be more than just "hippie-types".  While it is perhaps unfair to classify all of those involved with such a stereotype (and we should be grateful to those "hippie-types" for getting the protest off the ground), this is a movement that has grown into something big.  If we really are the "99ers", and we really want to make a significant change in our system, our movement must go mainstream, and try to bring in more than those from the activist left.  We need to bring in average citizens who may normally not be involved with political issues  These can be liberals, socialists, fed up capitalists, moderates, maybe even some conservatives.  We need to grow and unify.

A second criticism is that, while those who are protesting are clearly angry at the actions of Wall Street, they must also be able to come up with some specific, concrete ideas for policy change.  Hopefully, this movement is young, and when it comes to the potential to create change, the sky is the limit.  However, Eric Stetson at Daily Kos has some good ideas for short term changes:

1. A bailout for homeowners who are facing foreclosure and unemployed people with student loan debt -- of equal or greater value as the bank bailouts. Give these people a fresh start by forgiving their debts and keeping them in their homes, and thus improving the economy for all.
2. The "Buffett Tax" (i.e. taxing capital gains at the same rate as income earned from a job, so that working people won't pay higher taxes than the idle rich). It's only fair! And this will help to fund #1.
3. A short-term trading transaction tax for people and financial institutions who use Wall Street as a casino. Such a tax could raise huge amounts of money to fund #1, and would likely reduce the volatility in the markets by making computerized "high frequency auto-trading" by large investment companies less profitable. Such a tax would also make it harder for already-wealthy institutions to "vacuum up" more and more money from the productive sectors of the economy into the black hole of their own coffers.