— by Kenneth R. Myers, Esq.
For the last 70 years our economy has grown almost steadily. Until 1970, this increase in productivity was shared between growth in wages for labor and profit growth for business. Since then, virtually all the growth in productivity has gone to increase corporate profits, while wages have not even fully kept pace with inflation.
Beginning with the film “Inequality for All” starring Professor Robert Reich, and continuing with a panel discussion a week later, JSPAN has initiated its year of focus on the problems of economic inequality. The programs, held on March 9 and 16 (after a one-week snow delay), drew substantial audiences at the host site, Germantown Jewish Centre.
More after the jump.
Inequality for All is Prof. Reich’s grand statement on film of the sources, attributes and problems of economic inequality in our society. With pictures and charts, and in his own personal electric presentation, he documents an immense change in American society, particularly since 1970.
The issue, according to Reich, is not just the discouragement of workers or the toll on people and families of declining expectations and a static or sliding quality of life. The sustainability of democracy, here and in other countries, depends heavily on the existence and growth of a middle-class.
Economic inequality in this nation, while accumulating immense wealth in the hands of a few, has expanded poverty and shrunk the middle class. The expectation that life will be better in each generation has been reversed.
The second program was a panel discussion featuring Rabbi Mordechai Liebling and Benjamin Peck. Liebling heads the Social Justice Organizing program of instruction for rabbis at the Reconstructionist Rabbinical College in Wyncote. Peck is the Federal Affairs Manager for Demos, lobbying for progressive policies in Washington DC. Ilene Wasserman, Board member of JSPAN, moderated the discussion.
The program began with Torah study of selected texts, directed by Rabbi Liebling. He urged that we must recognize that all wealth comes from the Lord.
Biblical justice for the Jewish community included Shmita, the forgiveness of debt every seven years, as well as the limit of seven years on slavery, and the restoration of land ownership every fifty years (“the Jubilee”). These institutions tended to level wealth within the community and to prevent the accumulation of immense wealth in a few people.
Drawing on statistics compiled by the Economic Policy Institute, Mr. Peck documented the extent to which wealth has become concentrated in a few hands in America.
With the accumulation of this great wealth has come political influence and control of the political system. The government has favored wealthy corporations and individuals by such steps as the bailouts in the 2008 crisis, the provision that Medicare cannot negotiate with pharmaceutical companies for lower prices, tax policies, and other examples.
Peck urges the wisdom of Warren Buffett, that his income tax rate should not be lower than that of his secretary.