Under the Radar
Does Business Have a Social Responsibility?
Can we save capitalism by saving the 85%?
“Corporate America is waking up to the realization that income inequality, taken to its logical extreme, spells the death of capitalism,” writes Dan Tierney in the Chicago Tribune.
Tierney, head of the Chicago-based venture capital firm Wicklow (and a Countable investor), notes that many businesses “deserve credit for advancing a long overdue conversation about corporate social responsibility and income inequality.”
But, he says, with 15% of Americans owning 85% of the financial assets, charity and taxes aren’t enough.
“We will not reduce inequality just by redistributing wealth on the back end. We also must create more opportunity on the front end.”
Read his suggestions for "Smart Capitalism," then tell your reps:
Does business have a social responsibility?
'Zombie Programs'
On the eve of Halloween, lawmakers held a hearing to discuss the problem of “zombie programs," one of the 971 programs with lapsed authorizations that lawmakers funded to the tune of $307 billion in FY2019 (roughly 25% of federal discretionary spending that year).
Wednesday’s hearing before the Senate Subcommittee on Federal Spending Oversight ― titled “Rise of the Zombies: The Unauthorized and Unaccountable Government You Pay For” ― sought to discuss the scope of the problem and potential solutions. It was chaired by Sens. Rand Paul (R-KY) and Maggie Hassan (D-NH), who noted some of the significant and ridiculous zombie programs in their opening statements.
Paul observed that the Inter-American Foundation, created in the 1960s and last authorized three decades ago, spent tax dollars on a clown college in Argentina and welfare in Brazil. He contrasted that with Federal Elections Commission, which was last reauthorized in the 1980s before the advent of the Internet or electronic voting machines. Hassan noted that programs to combat violence against women and to provide health services to veterans are among the ranks of zombie programs with lapsed authorizations.
Should Congress wind down or reauthorize “zombie” programs?
Banning Pregnancy Discrimination
On October 31, 1978, President Jimmy Carter signed the Pregnancy Discrimination Act into law to extend civil rights protections from sex discrimination to pregnant women in the workforce.
The bill added pregnancy, childbirth, and related medical conditions to the sex discrimination prohibition within the Civil Rights Act of 1964 in employment and in fringe benefit plans. It required that where benefit costs were equally divided between employers and employees additional costs imposed by this legislation be shared in the same way.
It exempted employers from paying for health insurance benefits related to abortions, except where the life of the mother would be endangered by carrying the fetus to term or where medical complications have arisen from an abortion.
How do you feel about the Pregnancy Discrimination Act on its anniversary?
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