Greenwald: Covid and crony capitalism are going hand in glove. Low paid workers suffer the most from it.
Mr. Greenwald has been warning the world about this for years. So have we.
(From Substack)
Employees are now almost completely at the mercy of a handful of corporate giants which are thriving, far more trans-national than with any allegiance to the U.S. A Brookings Institution study this week — entitled “Amazon and Walmart have raked in billions in additional profits during the pandemic, and shared almost none of it with their workers” — found that “the COVID-19 pandemic has generated record profits for America’s biggest companies, as well as immense wealth for their founders and largest shareholders—but next to nothing for workers.”
These COVID “winners” are not the Randian victors in free market capitalism. Quite the contrary, they are the recipients of enormous amounts of largesse from the U.S. Government, which they control through armies of lobbyists and donations and which therefore constantly intervenes in the market for their benefit. This is not free market capitalism rewarding innovative titans, but rather crony capitalism that is abusing the power of the state to crush small competitors, lavish corporate giants with ever more wealth and power, and turn millions of Americans into vassals whose best case scenario is working multiple jobs at low hourly wages with no benefits, few rights, and even fewer options.
This article was originally posted here: https://www.ac2news.com/2020/12/greenwald-covid-and-crony-capitalism-are-going-hand-in-glove-low-paid-workers-suffer-the-most-from-it/.
