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An Example Of Right Wing Economics

Discussion in 'Business & Economics' started by Old_Trapper70, Aug 6, 2017.

  1. Old_Trapper70

    Old_Trapper70 Well-Known Member

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    Most economists understand that an unregulated "free market" leads to a lack of stability, corporate control, income inequality, and eventually the enslavement of the people. Yet this is exactly what the right wing proposes each time they have the authority to make changes. And this is what invariably happens everytime:

    http://www.newyorker.com/magazine/2017/08/07/bad-ratings

    "Internet service was deregulated during the George W. Bush Administration, with the theory that fewer rules would foster greater competition. For a time, as A.T. & T. and Verizon started building fibre-optic networks to compete with cable Internet, there seemed to be truth to the idea. Over the past few years, however, the companies have largely abandoned those projects; according to Crawford, the capital investments required were too high. President Trump’s newly appointed F.C.C. chairman, a former Verizon lawyer named Ajit Pai, has done little to suggest that the agency will improve the situation—in fact, he has introduced a plan allowing companies to raise rates even further, and abandoned a program that would bring competition into the market for cable set-top boxes.

    Rather than fuel vigorous competition and lower prices, the rise of these giant companies has meant that Americans are paying inflated costs for poor service. In Lexington, a university city with a burgeoning technology industry, the mayor’s office started getting calls from constituents shocked by their bills almost as soon as the Charter-Time Warner merger was complete; one city employee now devotes much of his time to fielding the complaints, which are entered in a huge spreadsheet. (“Man with a severe mental disability was sold a Spectrum package,” one reads. “His sister wants to know how he was signed up for service since he doesn’t know his Social Security number or birth date.”) Spectrum said that the price changes simply reflect the fact that Time Warner’s promotional deals have expired.

    Last week, Democratic leaders issued a new agenda that singled out the cable industry as an example of bad antitrust law. “We are going to fight to allow regulators to break up big companies if they’re hurting consumers,” Chuck Schumer, the Senate Minority Leader, promised. Such pledges won’t do much to help Lexington. The city scheduled a town-hall meeting later this month to air grievances against Spectrum, and eight hundred people are expected to attend (along with at least one brave representative from the company), but there’s little the town can do. As a letter from Lexington’s chief administrative officer to the cable companies last month read, “The city is left wondering what abuse will be heaped upon it next.”
     
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