Mitt Romney with his wife Ann Romney (AP)

We need a Corporate Pledge of Allegiance

If Romney and the GOP are going to insist corporations are people, companies should start proving their patriotism


Robert Reich
November 8, 2011 11:13PM (UTC)
This originally appeared on Robert Reich's blog.

Despite what the Supreme Court and Mitt Romney say, corporations aren’t people. (I’ll believe they are when Georgia and Texas start executing them.)

The Court thinks corporations have First Amendment rights to spend as much as they want on politics, and Romney (and most of his fellow Regressives) think they need lower taxes and fewer regulations in order to be competitive.

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These positions are absurd on their face. By flooding our democracy with their shareholders’ money, big corporations are violating their shareholders’ First Amendment rights because shareholders aren’t consulted. They’re simultaneously suppressing the First Amendment rights of the rest of us because, given how much money they’re throwing around, we don’t have enough money to be heard.

And they’re indirectly giving non-Americans (that is, all their foreign owners, investors and executives) a say in how Americans are governed. Pardon me for being old-fashioned but I didn’t think foreign money was supposed to be funneled into American elections.

Romney’s belief big corporations need more money and lower costs in order to create jobs is equally baffling. Big corporations are now sitting on $2 trillion of cash and enjoying near-record profits. The ratio of profits to wages is higher than it’s been since before the Great Depression. And a larger and larger portion of those profits are going to top executives. (CEO pay was 40 times the typical worker in the 1980s; it’s now upwards of 300 times.)

But, hey, if the Supreme Court and regressive Republicans insist big corporations are people and want to treat them as American citizens, then why not demand big corporations take a pledge of allegiance to the United States?

And if they don’t take the pledge, we should boycott them. (Occupiers — are you listening?)

Here’s what a Corporate Pledge of Allegiance might look like:

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The Corporate Pledge of Allegiance to the United States

The [fill in blank] company pledges allegiance to the United States of America. To that end:

We pledge to create more jobs in the United States than we create outside the United States, either directly or in our foreign subsidiaries and subcontractors.

If we have to lay off American workers, we will give them severance payments equal to their weekly wage times the number of weeks they’ve work for us.

We further pledge that no more than 20 percent of our total labor costs will be outsourced abroad.

We pledge to keep a lid on executive pay so no executive is paid more than 50 times the median pay of American workers. We define “pay” to include salary, bonuses, health benefits, pension benefits, deferred salary, stock options, and every other form of compensation.

We pledge to pay at least 30 percent of money earned in the United States in taxes to the United States. We won’t shift our money to offshore tax havens and won’t use accounting gimmicks to fake how much we earn.

We pledge not to use our money to influence elections.

Companies that make the pledge are free to use it in their ads over the Christmas shopping season.


Robert Reich

Robert B. Reich is Chancellor's Professor of Public Policy at the University of California at Berkeley and Senior Fellow at the Blum Center for Developing Economies. He served as Secretary of Labor in the Clinton administration, for which Time Magazine named him one of the ten most effective cabinet secretaries of the twentieth century. He has written 15 books, including the best sellers "Aftershock", "The Work of Nations," and"Beyond Outrage," and, his most recent, "The Common Good." He is also a founding editor of the American Prospect magazine, chairman of Common Cause, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentary, "Inequality For All." He's also co-creator of the Netflix original documentary "Saving Capitalism."

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