How the corporate takeover of American politics

Lobbying has become a $3.7 billion dollar industry.

Corporations regularly outspend labor unions and public interest groups during election years. And too many politicians in Washington represent the interests of corporations — not their constituents. As a result, corporate taxes have been cut, loopholes widened, and regulations gutted.

Corporate consolidation has also given companies unprecedented market power, allowing them to raise prices on everything from baby formula to gasoline. Their profits have jumped into the stratosphere — the highest in 70 years.

But despite the success of the Powell Memo, Big Business has not yet won. The people are beginning to fight back.

First, antitrust is making a comeback. Both at the Federal Trade Commission and the Justice Department we’re seeing a new willingness to take on corporate power.

Second, working people are standing up. Across the country workers are unionizing at a faster rate than we’ve seen in decades — including at some of the biggest corporations in the world — and they’re winning.

Third, campaign finance reform is within reach. Millions of Americans are intent on limiting corporate money in politics – and politicians are starting to listen.

All of these tell me that now is our best opportunity in decades to take on corporate power — at the ballot box, in the workplace, and in Washington.