US senator Bernie Sanders is known for his uncompromising view of the effects of ‘unfettered capitalism’, and his latest book reveals alarming statistics about the deepening social inequality in the wealthiest country in the world.
Consider this: as much as 90% of America’s wealth is owned by one-tenth of 1% of the population. The wealth of 725 US billionaires increased by 70% during the pandemic, surpassing $5 trillion. Additionally, 500,000 Americans are homeless, and 18 million spend half of their earnings on housing. Notably, BlackRock, Vanguard and State Street now control assets worth $20 trillion and hold significant shares in 96% of S&P 500 companies.
The two-time presidential candidate also discusses various political issues, ranging from unprecedented wealth disparity to the influence of private wealth on democracy, and the unchecked power of corporations contributing to the climate crisis. Sanders refers to this as ‘uber capitalism’, a form of the political system that has spiralled out of control, necessitating a political revolution.
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In It’s OK to be Angry about Capitalism, Sanders recounts Mark Zuckerberg admitting that “at some level no one deserves to have that much money”. However, what struck the author the most was that people believed he was joking. Sanders asserts, “The existence of a rapidly expanding billionaire class in the US is a manifestation of an unjust system that promotes massive income and wealth inequality.”
His opinions cannot be dismissed, considering his long and distinguished public life and his role in shepherding the $1.9-trillion American Rescue Plan Act, which is one of the most consequential pieces of legislation benefiting working families in the US.
While It’s OK to be Angry about Capitalism primarily focuses on the American context, its underlying themes of economic inequality, corporate influence and social justice will resonate with readers in India too. India has also been grappling with a K-shaped economic recovery, which has garnered significant attention. Sanders advocates for policies such as universal healthcare, affordable education and higher minimum wages —all of which are pertinent issues in India as well.
Sanders condemns the ‘oligarchs’ who tilt the balance of democracy in their favour through campaign contributions and media ownership. He also accuses the Democratic establishment of being beholden to Hollywood celebrities and Wall Street financiers. Sanders writes, “In the twenty-first century, we can put an end to the cutthroat economy where the vast majority struggle to survive while a handful of billionaires have more wealth than they could spend in a thousand lifetimes.”
The author squarely scrutinises Jeff Bezos, whose company “paid nothing in federal income taxes in 2017 and 2018”. Indeed, according to Sanders, “Bezos embodies the extreme corporate greed that characterizes our times”.
Sanders’ perspective may resonate with individuals who feel marginalised or left behind by the current economic system, as he advocates for policies that prioritise the well-being of ordinary citizens. Throughout the book, he also poses a series of legitimate questions: How can we accept an economic order that allows three billionaires to control more wealth than the bottom half of our society? How can we accept a political system that enables the super-rich to buy elections and politicians? How can we accept an energy system that rewards fossil fuel corporations, thus exacerbating the climate crisis? How can we allow this to persist any longer?
The myth of the amazing United States of America is laid bare, revealing a somewhat dystopian landscape. In that sense, the book is an important read as it reflects the reality faced by the super-rich.
However, a problem arises with the author’s radical views. It becomes rather annoying when an author assumes that “billionaires should not be allowed to exist”. Moreover, much of the content in the book is a repetition of Sanders’ familiar political campaigns over the years, making it a challenging read that occasionally seems idealistic.
Sanders labels his agenda as ‘democratic socialism’. However, it can be summarised as providing “free stuff for everyone”, more eloquently described by Prime Minister Narendra Modi as revdi. Sanders’ key proposal is medicare-for-all, which involves abolishing private health insurance and providing a federal plan that covers almost everything without any premiums or deductibles. Additionally, he promises free public college tuition, cancellation of student debt and medical debt, universal high-speed Internet access, construction of 10 million affordable housing units, expansion of social security, free high-quality child care and prekindergarten for all families, federally funded family and medical leave, national infrastructure rebuilding, and the provision of a federal job for anyone who desires one.
In many ways, It’s OK to be Angry about Capitalism attempts to depict a warm and fuzzy social democracy where market economics are closely regulated, the wealthy are heavily taxed, and the social safety net is generous. However, the bitter irony is that while eradicating the existing student loans of current college graduates, Sanders would likely burden them, and everyone else, with insurmountable levels of future debt. While being a socialist has its merits, Sanders gives the impression of deliberately naivety in his pursuit of becoming a Santa-style socialist who offers goodies to everyone. Such generosity exists only in the realm of fantasy. The book fails to convince readers of how this would work in the real world.
Sanders sees glimmers of hope, such as grassroots organisations that are making waves and new blood stirring up the political landscape. These developments, he says, show the potential to upend the system and work towards change that benefits the people rather than working against them.
There is no doubt that Sanders has tried hard to present a vision of what would be possible if a political revolution took place. Somewhere in the book, he says, this isn’t some utopian fantasy. Not many of his readers would agree with him on that.
It’s Ok To Be Angry About Capitalism
Bernie Sanders
Penguin Random House
Pp 293, Rs 1,250