Ross: American capitalism vs the rising US Donocracy
When billionaire Robert F. Smith announced he would pay off the college loans of the graduating class at Morehouse College Sunday, it was just the latest example of the many wonderful things billionaires have been doing lately.
There’s a word for this concept: Donocracy. It’s a social system where the safety net is there to catch you, provided that you catch the attention of a rich donor.
We love it because it feels so good, and because the government’s not involved. But you also have to ask: Why do we have so many young people stuck with so much debt in the first place?
This is one of the reasons capitalism is under attack right now. And it’s under attack not just by the usual suspects like Bernie Sanders, but also by Conservative Republican Senator Marco Rubio.
He issued a report actually scolding corporations for sending their corporate tax cut windfall to shareholders, instead of investing in their employees.
It’s a system that’s great at creating billionaires, but he says it’s killing innovation, and leaving middle class workers marooned in underpaid, insecure jobs.
“But Dave,” you say, “The billionaires are giving back! They’re paying off student loans!”
And yes, it’s true. A billionaire can perform miracles — if we can touch the hem of his business-casual dress jeans. Otherwise, in a Donocracy, you have to set up a Go Fund Me page, just like everybody else.