http://www.huffingtonpost.com/thomas-ferguson/posted-prices-and-the-cap_b_1015669.html
At first glance, I was immediately intrigued to read this article due to the economic recession America is going through. Everyone has faced some sort of financial handicap in recent years and with all the budget cuts, job layoffs, and national income becoming stagnate, I am curious to see what our government is doing to solve the problem. Along with the title and purpose of this post, I wanted to revisit America’s financial situation that many have been distracted from by the upcoming election. Now, after reading Ferguson’s post, I find it to be extremely important that others receive this message due to the severity of the public’s current situation.
Income distribution is a topic that all American’s can relate to which was an idea that Ferguson clearly understood. Because the post was almost completely informational, Ferguson is able to get his point across all levels of political ideology. But before addressing Ferguson’s message, here is some background information. Thomas Ferguson is Professor of Political Science at the University of Massachusetts, Boston and a Senior Fellow of the Roosevelt Institute. He received his Ph.D. from Princeton University and taught formerly at MIT and the University of Texas, Austin. He is the author or coauthor of several books, including Golden Rule (University of Chicago Press, 1995) and Right Turn (Hill & Wang, 1986). Most of his research focuses on how economics and politics affect institutions and vice versa. His articles have appeared in many scholarly journals, including the Quarterly Journal of Economics, International Organization, International Studies Quarterly, and the Journal of Economic History. He is a long time Contributing Editor to The Nation and a member of the editorial boards of the Journal of the Historical Society and the International Journal of Political Economy.
Ferguson opens with a brief historical tie to politics today. According to Ferguson, political corruption began in 1909 with J.P. Morgan and the “Millionaire’s club.” The interest of making a profit from politics was a common idea that is now practiced today, but now in more extreme manners. Now, living under government in 2011, over half of the members of congress are millionaires who have put themselves entirely before the people they serve. Politics in America have become more of a money making strategy that involve “stealing from the people” to ensure financial satisfaction. The whole adds up to something far more sinister than the parts. Big interest groups can control the membership of the committees that write the legislation that regulates them. Outside investors and interest groups also become decisive in resolving leadership struggles within the parties in Congress. But the real rub is the way the system centralizes power in the hands of top Congressional leaders. “In the new pay-to-play system, individual representatives dole out contributions to their colleagues to gain support for their individual bids for key positions within each chamber.” But the system also requires them to make large contributions to the House and Senate national campaign committees.
Remember that saying that “money can’t buy happiness”, well it has reversed to where money is now the commanding authority of our nation. “In 2009, when the Democrats controlled the House, their leadership slotted many junior representatives on the Financial Services Committee so they could haul in cash with both hands to enhance their prospects for reelection.” Because this issue is so evident, I completely agree with Ferguson. The corruption our political system has faced really could “throw world financial markets into turmoil or force draconian” because the future interest of America has been lost. Our political leaders have ultimately converted from living, for the people, by the people, of the people, to for themselves, by themselves, of themselves.
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