Progressive Democrats hate corporations – until they don’t.
Investopedia defines a corporation as:
“…a legal entity that is separate and distinct from its owners.1 Under law, corporations possess many of the same rights and responsibilities as individuals. They can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.”
What if I told you there existed a huge organization, essentially a corporation, that:
- Including wholly owned subsidiaries, had a total of 23.7 million full-time and part-time employees, including:
- 4.0 million employees (8% part time) in the parent organization, and
- 5.5 million employees (29% part time) in their largest divisions, and
- 14.2 million employees in their subsidiaries (23% part time).
- Gave employees topflight benefits packages, including generous retirement programs.
- Had employees that are unionized and are virtually immune to being fired.
- Maintains and supports a huge pool of potential labor that it pays to not be productive.
- Is immune to inflation and cost increases and can raise prices at any time and for any reason without consequence.
- Produces costly and often unnecessary products and services.
- Has the ability to capture revenue from other organizations by forcing the other organizations to pay for the privilege of conducting transactions (and in some cases, just to exist) through fees and levies that must be included in the total cost of ownership of the other organizations’ products and services.
- Has the ability to partner with (or coerce) other organizations to do things for it that its own charter and bylaws won’t allow it to do.
- Not only allows theft of its own products and services, often encourages it.
- Routinely forces its customers and stakeholders to pay for products and services they neither want nor will ever use.
- Routinely forces its stakeholders to pay for products and services that the organization gives to people who aren’t stakeholders.
- Advertises services for which its customers pay, but the organization situationally declines to provide.
- Has near total legal immunity for any problems arising from its management, its products or its services.
- Is perpetually run at a huge annual loss.
- Has a balance sheet with unimaginable level of debt, and in an interesting twist, that debt is securitized by their customers and stakeholders, not the organization itself.
- Doesn’t even have to have the agreement of the customers and stakeholders to take on more debt in their name.
- Has a slate of weak and largely ineffective Directors on the Board, who routinely change, leading to management confusion and rapidly changing strategic plans and goals.
- Has an ever-fluid strata of top management, many who are not qualified for their jobs and do not exercise direct management over the organization’s employees.
Of course, if you haven’t figured out the identity of the “corporation” of which I speak, it is government. In this analogy, the federal government is the parent, the state governments are the divisions, and the local governments are the subsidiaries.
I thought of this when I saw Lieawtha Warren begin her defense of the Biden administration’s catastrophic mismanagement of the American economy by accusing corporations of raising prices just to inflate stock prices.
Lieawatha was joined by NBC’s Senior Business Correspondent, Stephanie Ruhle, whose thought process is essentially that everything is awesome, but when it isn’t, the consumer is to blame for being a consumer. A week or so ago, Steph shared her “dirty little secret” about the situation, revealing that “while nobody likes to pay more, we have the money to do so.” She also says businesses are raising prices because they can, not because their costs are going up.
Peppermint Patty, the spokestwit for the regime, said it would be “unfair and absurd” if corporations raised prices to cover costs imparted upon them by government policies.
AOC, perhaps the dumbest person to ever hold an econ degree, can’t figure out why inflation is raging while championing policies that create scarcity while flooding the economy with “free” money.
Progressives always choke off industry as they attempt to implement their Utopian income redistribution schemes, and in the process, raise the cost of doing business, burden businesses with regulations – and then complain about the industries raising prices.
Let the bitching and whining season begin.
I have always found it an interesting and simultaneously frustrating contradiction how progressives despise and distrust free market business corporations, and yet at the same time want everybody to love and trust the largest corporation in America – government.