“Rejection of the Neoliberal Framework”: Biden Proposes Trillions in New...

How America's Elite Lost Their Grip

Time Magazine- Opinion.  How America's Elite  Lost Their Grip

https://time.com/5735384/capitalism-reckoning-elitism-in-america-2019/

Neo Liberalism - Defined

Definition.  Neoliberalism.

In addition to an economic policy, neoliberalism is also a political project.

 Important components of neo liberalism are the consideration of the market as a pre eminent process of decision making. Markets are privileged and regulations or rules on trade and commerce are opposed.  Advocates of neoliberalism promote cutting public expenditures such as schooling and health care and social services. The promote deregulation of markets such as eliminating the Glass Steagal’s limits on banking and deregulation of any practice that produces profits for some.

In many places they promote privatization of state owned enterprises through private investment, including energy companies, utilities, and similar companies. 

1.    The Rule of the Market which liberates “free” enterprise from any bonds (regulations) imposed by the government no matter how much social damage this causes.

2.    Cutting Public Expenditures for social services such as education and health care.

3.    Deregulation of any policies, practices or laws that could diminish profits, including environmental protection and worker safety.

4.    Privatization of state owned enterprises, goods, and services through sales to private investors

5.    Eliminating the Concept of “The Public Good” or “Community” and replacing it with “individual responsibility.” (Martinez & Garcia, 2000)

6.    Assaults on labor unions.

*The adoption of neo liberal policies by main stream Democrats helps to explain the anger of a portion of the White working class and their abandonment of the Democratic Party.

Moneyed Class Finds New Way to Steal Pension Money from Workers

The excellent blog Capital & Main has an important piece up about the proposal to create a new retirement system in the state for workers who do not have a pension system.

 http://capitalandmain.com/latest-news/issues/labor-and-economy/retirement-board-facing-critical-pension-decision-0325/

As the writer Judith Lewis Mernit well describes, California ( and the nation)

is facing a growing retirement crisis and more and more jobs no longer have pensions.  This is an emerging crisis.

For comparison, here is the Sacramento Bee version of the same story. http://www.sacbee.com/news/politics-government/article68342897.html

The Capital and Main piece is a good piece on important issues. But, do we really only want to consider the neoliberal finance approach?  For example, the proposal calls for employers to insist on participation, but apparently does not require employers to contribute- as does social security.

Then, the advocates claim it is progressive because of the pooled IRA project.  But, IRA's are still invested in the markets. This is like the Peterson Institute arguing for the privatization of social security.