Home > Uncategorized > Nieman Reports | Defying Gravity

Nieman Reports | Defying Gravity

December 18, 2012 Leave a comment Go to comments

He dates it back to a private memo—in effect, a political call to arms—issued to the nation’s business leaders in 1971 by Lewis F. Powell, Jr., a corporate attorney soon to become a Supreme Court justice. From that point forward, Smith writes, corporate America threw off any sense of restraint or social obligation and instead unstintingly leveraged its money and political power to pursue its own interests.

The result was nothing less than a shift in gravity. Starting in the early 1970s, every major economic trend—increased productivity, globalization, tax law overhauls, and the phasing out of pensions in favor of 401(k)s—produced the same result: The benefits fell upward.

Smith, a 1970 Nieman Fellow, is at his very best as he examines, one by one, the key economic shifts of the last 40 years and shows that in each case the money flowed to the very richest Americans, particularly those on Wall Street, while impoverishing the middle class.

via Nieman Reports | Defying Gravity.

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