ABSTRACT
The maldistribution of wealth and the regressive decision-making power vested in the hands of wealth has plagued political economies throughout history. That includes the American political economy, even when directed by liberals. Official American statistics systematically understate the scope of unemployment. Less than 1 percent of American manufacturers control 90 percent of all industrial net profits. It is those oligopolistic firms that bestride the American economy like giants crushing the family-owned firms and Mom and Pop stores beneath their feet. The problem with “supply-side” economics runs even deeper in an economy dominated by a small number of mammoth corporations. To make matters worse, the supply-siders mixed their economics with religion. Supply-side economics by any name is a crass declaration of class war. Professional economists like to say they are neither moral or immoral in making their diagnoses and prescriptions. Professional economists say they merely describe and demonstrate the effects of various causes, given the assumptions of free market doctrine.
