Osher 2021 Session Three: Economic Inequality: Collins/Reich cheat-sheet

Prescriptive Ideas to Reduce Inequality

Chuck Collins, “Reversing Inequality: Unleashing the Transformative Potentials of an Equitable Economy,” The Next System Project, 2017

1. Rule Changes that lift the floor

• minimum wage set at living wage level

• universal health care

• robust labor standards and protections

• free access to universal education, lifelong learning, job retraining

• job guarantee

• adequate and compassionate welfare support

2. Rule changes that level the playing field

• investments in education

• reductions of money in politics

• revision of free trade policies

3.Rule changes that deconcentrate wealth = tax the top

• restore progressive taxation

• eliminate tax preference for income from wealth (capital gains)

• higher inheritance taxes

• eliminate caps on social security taxes

• break-up mega banks with expansion of community and public banking

• end policies that make banks “too big to fail”

 Revamp CEO pay and corporate incentive systems

• eliminate taxpayer subsidies for excessive executive pay

• penalize companies for excessive CEO/worker pay gaps

4. Rule changes that rewire the system

• broader ownership and worker ownership of enterprises

• policies and institutional that better balance corporate and public interest

• transparent financial system

• creation of network of state and local level public banks

• creation of national infrastructure and reconstruction bank

• taxation on financial speculation

• federalizing the corporate charter

• banning corporate influence in our democracy

• establishing accountability to a wider set of stakeholders

• expanding the benefit corporation sector

Robert Reich, “How to Shrink Inequality,” The Nation, May 2014

Ten Ideas to Reduce Inequality

• make work pay = minimum wage

• unionize low paying wages

• invest in education

• invest in infrastructure

• higher taxes on wealthy

• make payroll taxes move progressive

• raise the estate tax

• constrain wall street, bring back Glass-Steagle, cap bank size

• give Americans a share in economic gains = public share of stocks given at birth

• get money out of politics