To tackle extreme income and wealth inequality, we need to reign in the excess power of the dominant firms by transforming exclusionary markets into democratic ones where all actors, from African Americans to recent immigrants and the white middle class, wields effective power.
compensating for stabilizing mechanisms
To promote shared prosperity, we need to construct stabilizing mechanisms for the rest of us. Those with excessive prosperity now, born of stabilizing mechanisms, should in effect compensate the rest of us.
Through these compensating taxes, we can break down the impassable mountains of income and wealth within the regions where they have built up and ensure, in the decades to come as they economy doubles again, these mountains do not rise anew.
Once the middle-class drove out economy and politics. Today, the back of the income structure, those long held back from fully sharing in our economic prosperity, are poised to drive forward our economy and reinvigorate our political democracy.
Rules for a Connected Economy
Prosperous Industry and Region Wage Standards: ensure businesses across diverse regions and industries value their workers by paying a relatively decent wage;
Everyone to Middle-Class Tax Credit: ensure every worker regardless of their employer’s market power attains a decent standard of living;
Social Inheritance: ensure everyone, despite the limitations placed on their ancestors, begins their adult lives with an adequate foundation of assets;
Prosperity Shares: ensure everyone shares in the economic progress that no one of us adds more than a small piece to;
Public Benefit Work: establish a public corporation to ensure work not currently being performed adequately gets done right and everyone can find work;
Resetting Taxes: ensure extreme concentrations of income and wealth do not build up, and the back of the income structure can drive the economy forward.
Institutions for a Connected Economy
Prosperity Council: establish integrated state and regional councils, to guide and adjust the wage, income, asset and jobs policies.