As someone who lived in Atlanta, GA, from 1985 to 2000, I’ve listened to Newt Gingrich way more than I ever wanted. In fact, I led four demonstrations against him in 1995 when he assumed the Speaker’s chair and tried to enact his Contract on America. He even threatened Rico action against me for advocating nonviolent protest against him, and I got a set of my own intelligence officers. I tell the whole story in my new book, Playing Bigger Than You Are: A Life in Organizing.
I have never agreed with Newt on anything– till this week. In a TV interview on his campaign bus he said that just because something is legal, it’s not necessarily the right thing to do.
Of course, Newt was talking about Mitt Romney’s time at the private equity firm Bain Capital.
I never expected to hear Newt say anything I agreed with; I also never expected to watch such a raging debate about capitalism at the very highest levels of the Republican Party.
The debate is not about capitalism vs socialism, or social democracy or capitalism vs communism, as John McCain said. It’s about whether our society and our economy and each one of us can expect capitalism to work for the vast majority of us, the 99 percent, or only for the 1 percent.
From 1932 till 1980, part of the economic consensus in America was that to work best for our economy and our people, capitalism had to be tempered and regulated. There had to be counterweights to capitalism’s destructive power: unions for workers, government oversight, and financial regulations.
The breaking of that consensus and the social compact, which helped create it, has had a disastrous effect on our economy and the American people. We’ve had 30 years of wage stagnation and decline; a healthcare and insurance system that allows people to die unless we are willing to give it ever increasing amounts of our productive capacity; a 30 year housing crisis, especially for veterans; and now the impoverishment of almost 50 percent of Americans.
The deregulation of Wall St. and our largest banks and subsequent drunken financial gambling led directly to their destruction of five trillion dollars of America’s wealth. Meanwhile, GOP state legislators and governors like Scott Walker and John Kasich and Mitch Daniels want cops, firefighters, teachers, and other public employees to take wage and benefit cuts.
Unfettered capitalism is always ultimately destructive.
The American people and, indeed, all people deserve economic systems that serve all of us, not just the obscenely wealthy at the top who use their wealth to create the power to make more and more of us poor, sick, homeless, and hopeless.
Please check out my new book Playing Bigger Than You Are: A Life in Organizing at LevinsPublishing.com.