Investigative journalist and author
(born December 24, 1948) is an American investigative journalist and author specializing in economics and tax issues. He won the 2001 , and from 2009 to 2016 he was a Distinguished Visiting Lecturer at Syracuse University, Martin J. Whitman School of Management and College of Law, teaching tax, property, and regulatory law of the ancient world. From 2011 to 2012 he was a columnist for , writing, and producing video commentaries on worldwide issues of tax, accounting, economics, public finance and business. In recent years he has also written for and , and is the board president of , Inc. (IRE).
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Birth Name:
David Cay Boyle Johnston
Alternative Names:
DC Report
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This practice of borrowing is a practice that in the long run will make us less wealthy. The practice of spending money we don't have inherently, in the long run, has to make you less wealthy, unless you're spending it for things that add value to your society. So if you're borrowing to build... the Erie Canal, the Interstate Highway system, to educate young people so that their productive minds will make more value in the future, you're making an investment in the future. That's not what we're doing with our borrowing. We're... simply spending money we don't have today... transferring enormous amounts of money to big corporations and wealthy individuals.
The number one driver of this is campaign finance. The reality is, if you or I got elected to Congress, we would have to spend our time dealing with wealthy people who want favors from the government. There are over 100,000 people in America who's job is to mine the public treasury, or the rules, for their benefit. ...So we've got to change campaign finance... in a way that this Supreme Court, with the radicals on it, can't knock down.
There is a movement to repeal the Fourteenth Amendment. When the US Supreme Court clerk, who was the former president of a railroad, announced that the corporations are people for purposes of defending their property... That makes sense, because a corporation is property. But Chief Justice Rehnquist, in a dissent in a case called Bellotti vs. ...Bank of Boston, was clearly opposed to the idea of giving political rights to corporations. We are now on the verge, in the Hobby Lobby case, of giving religious rights to corporations. Who's a corporation prey to, Mammon? So we've very much veered off from what was intended.
Trying to get people to understand, as I'm going to try and do in my next book, that we can have a wholly different tax system that will actually make us wealthier... 'The Prosperity Tax'... It's going to be a tough sell because so many people have been brainwashed on this. ...Trying to tell them that we created this country so that we could tax ourselves.
Workers may toil their entire lives, communities may tax themselves to create infrastructure a corporation needs, and vendors may invest their entire fortune to supply the corporation—but none of these parties, Friedman said, has significant legal rights or moral claims. [T]he idea... was not supported by the development of the law, the regulation of business and the advancement of civilization over thousands of years. But... Friedman's ahistorical thinking has come to dominate...
The most widely read literature in Western Civilization is Jane Austen and her stories are about these young women... They're looking at these young men... "Oh, Mr. Darcey has 10,000... Mr. So & so has 5,000," and what they're talking about is... the British finance system in the 1700s and 1800s where wealthy people loaned... large amounts to the crown and were paid interest. ...All the crown had to do then was raise enough taxes from the poor and the middle class, to the extent there was one, to pay the interest. ...[W]hat have we been doing since 1980. Ronald Reagan came in saying he wanted a balanced budget. We last had a balanced budget under Richard Nixon. We have seen budget deficits grow enormously over the years to the point where the federal debt, not adjusted to inflation, was just under $1 trillion when Ronald Reagan came into office, and by the time George Bush leaves, it will be $10 trillion. ...Over $400 billion a year is just going to pay interest on the national debt. That means it's money we don't have for higher education, for infrastructure improvements so we don't have have bridges collapse and kill people in Minnesota when they're commuting home from work. So we don't have pinch points that are costing us billions and billions of dollars because we can't efficiently move goods around the country. We don't have it for all sorts of things that would grease the wheels of commerce and make us wealthier.
People have to get registered to vote. People have to be driven to the polls on election day... Go to a district where there might be change. Arrange in advance... Don't call people and ask them to go. Go get them! Take them to the polls. That's the only thing that matters at the end of the day, our votes.
At the same time that the rules have been rewritten to favor the already rich, new rules have been written that ensure harsh treatment for the poor... Coping with the foul effects of poverty costs us trillions of dollars a year... Poverty wastes minds and spirits, robbing all of us of opportunity. ...It makes us less trusting, less willing to see ourselves as one people...