By now, everybody with the exception of dumb downed Fox News Viewers knows the truth of the headline of this story. But there is something that is probably less well known. Here it is; all of the corporate news media do the same thing, only the difference between them and Fox News is a matter of degree and not of kind. That’s why we need to go to the Internet, to truthout.org, to the Guardian of England, to Al Jezeera, to the BBC, to find the real news.
In 1904, the brilliant economist Thorstein Veblen wrote in Theory of Business Enterprise, “The first duty of an editor is to edit and omit all news stories with a view to what the news ought to be.” The corporate news media, including the New York Times, continues to follow this rule. Veblen also wrote, The second duty of an editor is to not offend advertisers.
Wall Street, Goldman Sachs, Nike, Microsoft, Apple and hundreds of other corporations rely heavily on redistributing income from the 99 percent to the one percent via free trade treaties. The difference between the old wages here and the new lesser wages over there are redistributed to the one percent via higher corporate profits, rising dividends and increased share prices. The losers of those jobs may get unemployment insurance if they are lucky.
So don’t expect any stories from any corporate media outlets about how free trade treaties have redistributed income, and wiped out much of the tax base that supports our schools and local government services. The same is true of deregulation and other methods of redistributing income and wealth from the 99 to the one percent. And you certainly won’t find any stories about how thirty plus years of tax cuts for the one percent have brought about all of the above, but also corrupted our government and courts, especially the corrupt corporate wing of the US supreme court.