Crony capitalism 'killing the middle class'

Monday, December 31, 2018
 | 
Chris Woodward (OneNewsNow.com)

Amazon logoAmazon's decision to add headquarters in Virginia and New York City is considered to be one of the top stories of the year. But not everyone likes the idea.

"The real story behind Amazon is crony capitalism," says Jameson Taylor, Ph.D. of the Mississippi Center for Public Policy. "We're seeing crony capitalism and government regulation are killing the middle class."

According to Taylor, government regulation is driving monopolization in the U.S. economy.

Representative-elect Alexandria Ocasio-Cortez (D-New York) said as much about crony capitalism when Amazon made its announcement in November. So did Nicole Gelinas of the Manhattan Institute.

"Well, it's always good that companies think that your city is a good place to find workers, a place where people want to live and visit and so forth, but the bad news is that the state and the city of New York are giving away far too much in tax breaks to this one company," Gelinas told OneNewsNow. "It's not going to be a fair playing field when Amazon is getting $2 billion or more of state and city tax breaks over the next decade, something that other companies don't get. It has an unfair advantage over other companies, [such as] small stores that are trying to compete with the company [and] other tech-startups. So it's really not right for the state and city government to pick this company as a winner and say that everybody else is going to be a loser."

Taylor

"We're seeing crony capitalism and government regulation are killing the middle class," Dr. Jameson Taylor continues. "Government regulation is driving monopolization in the U.S. economy. Government handouts to companies like Amazon and Walmart are giving them an unfair advantage, and so what we're seeing is small business creation at a very low point in American history."

Amazon, however, stands by its decision, saying it will be good for the company, newly hired employees, and the cities in question.

Nashville was also chosen for Amazon's Operations Center of Excellence.

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