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Editor's Note: Tom Steyer is the founder of NextGen America and Need to Impeach and is a candidate for the Democratic nomination in the 2020 presidential campaign. The opinions expressed here are those of the author.
(CNN) - A few weeks ago, I spent an afternoon in Reno, Nevada, marching with members of United Automotive Workers, UAW for its acronym in English, in front of a General Motors establishment. While GM pocketed strong profits, at the time of that visit, many workers had not seen a fair wage increase in more than a decade.
When corporations write the rules, you can bet that executives will receive bonuses, shareholders will receive dividends and workers will be scammed. According to the Economic Policy Institute, the salary ratio between the executive director and the regular worker has gone from 20 to 1 in 1965, to 278 to 1 in 2018.
The hostile corporate advance of our government has been driven by four decades of destructive Republican policies and the inability of Democrats to correct these policies when they were in power. It is an insult to the dignity of working people and has led to historical levels of wage inequality in our country.
The whole system is economically and morally retrograde.
I am progressive and capitalist, but it is clear that unbridled capitalism has failed. We got into this mess thanks to Republicans and special interests that protect and promote the interests of corporations and wealthy people at the expense of the American people. According to the Institute of Tax and Economic Policy, half of the benefits of Trump's tax cut will go to the wealthiest 5% of Americans next year.
I run for president to stop and reverse that trend. In order for Democrats to win in 2020 and govern effectively, we must present a solid plan for the growth of the economy that is more equitable, and does not sacrifice the innovation that drives our competitive strength.
I want to be clear: a socialist system or the nationalization of certain sectors is not the solution. Instead, I believe in an economic agenda of "people above profits." This is how it would work.
We must break the corporate domain over our government
Currently, industrial polluters continue to poison our air and water, and large banks continue to risk the retirement security of the elderly, prioritizing profits, above the good interest of the people.
The time has come for the American people to write the rules so that we can reverse the historical levels of inequality in our country and comply with progressive policies that foster an economy that works for everyone.
This implies renewing negotiations between companies and organized labor, increasing the minimum wage to US $ 15 per hour and expanding the tax credit to labor income, which increases the salary of Americans living up to date with their salary and It helps support their families.
I believe in defending and promoting organized work, the first and last line of defense against corporate dominance. Unions protect workers from exploitation, defend the right to have a decent pay and hold corporations accountable so that the treatment of their workers is more fair.
A healthy democracy implies a government that works for the people, and not just for politicians. And strong unions involve corporations that work for workers, and not just for executive directors.
We have to invest in our people
We have to work harder and better to reorganize the essential economic incentives that protect our middle class and promote strong and sustainable economic growth.
That is one of the reasons I have been asking for a wealth tax: a 1% annual estate tax for 0.1% of the wealthiest Americans. If you have more than US $ 32 million, you will pay a penny for every dollar you have above that level. No deductions, no exemptions, no tax loopholes. During the next decade, according to the Institute of Taxation and Economic Policy, this tax would generate more than US $ 1 billion, which we could then invest in turn in the American people.
Eliminating gaps in opportunities, guaranteeing economic mobility and strengthening future growth, requires long-term investments in education, health, immigration, infrastructure, science and research.
These priorities have been destroyed for almost 40 years in favor of a corporate donation and drip philosophy that has never worked.
The US economy depends on the private sector and we can mobilize the private sector in the right direction by putting the American people in charge of how corporations conduct their business. When people run the economy, we can unleash the innovative potential that has helped us lead in the world.
Take Los Angeles in the sixties as an example, where schools regularly closed "tuxedo days." Southern California was known as the pollution capital of the world.
But at that time, the American people made the auto sector responsible for their pollution. At that time, although lobbyists in the sector tried to block the action, Congress responded to the millions of Americans asking for a change, and passed the Clean Air Act. The resulting regulations helped stimulate a targeted innovation, which led to the invention of chimney catalysts and scrubbers, change in global industries and improved countless lives.
My campaign for the presidency is different because I know what it takes to invest and build prosperity in today's economy. Unlike Donald Trump, I did not inherit hundreds of millions of dollars from my parents. I started my investment company on my own in a windowless room and expanded it into an international multi-million dollar company.
I can challenge Donald Trump in the economy and expose him for what he is: a fraud and a failure.
We all know that the 2020 elections will be reduced to the economy, particularly as Trump's economic plans collapse. It is critical that Democrats implement a plan for the economy that is strong and fair, a plan that can withstand Trump's onslaught. I think I'm the best positioned democrat to do it.
For me, putting people before profits is more than just words. In the last 10 years, I have organized millions and I have faced large oil, tobacco and pharmaceutical companies, and I have won them all.
When the economy empowers all Americans, we can reverse decades of republican ideology that has always favored corporations over people.
What is at stake could not be more important in this election. A president without law tests our constitutional norms every day and has placed us directly on the road to an impending recession.
The Democratic Party is at a crossroads. If you elect me president, I promise to offer a new way forward, a path that not only corrects our moral mistakes, but fundamentally reforms our economy, with incentives that always put the American people first.
Translation of William Montes
Democrats