How Legalized Bribery Works in America I 10 Economic Myths Debunked #4
Here’s a bare-faced lie. Corporate political donations are free speech. Rubbish. That's not free speech, that's bribery.
In 1971, Lewis Powell urged the leaders of American corporations to devote a portion of their profits to politics. Since then, America has witnessed the largest and most entrenched system of legalized bribery in its history.
Big corporations and the super wealthy have rigged the free market for their own benefit.
Throughout the 1980s, corporate PACs spending on congressional races increased nearly five fold. Labor union PAC spending rose only about half as fast.
By the 2016 campaign cycle, corporations and Wall Street contributed $34 for every $1 contributed by labor unions and all public interest organizations combined. In 1980, the richest 100th-of-1% of Americans provided 10% of all donations to federal elections. By 2012, they provided 40%. Both political parties have become giant fundraising machines fueled by money from the top.
What's the result of all this bribery?
Politicians use the money to get elected and reelected. And then, lawmakers do what corporations and wealthy individuals want! It's legalized bribery.