Daily Take: James Madison Warned us the Morbidly Rich Are the Greatest Threat to our Republic
The Hartmann Report
Thom Hartmann
4.5 • 1.3K Ratings
🗓️ 2 February 2024
⏱️ 10 minutes
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Summary
Madison wasn’t talking about an abstraction or some highfalutin concept. He was talking about how some rich people will inevitably try to seize political power to screw everybody else.
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Transcript
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| 0:00.0 | James Madison warned us the morbidly rich are the greatest threat to our republic. |
| 0:06.0 | Republicans don't even try to hide it anymore. |
| 0:09.0 | Amazingly the House managed to pass a piece of legislation Wednesday that both helps hungry kids and gives |
| 0:14.4 | a boost to businesses that want to invest in future products. |
| 0:18.0 | It was a compromise and neither side is ecstatic, but both Democrats and Republicans got something |
| 0:22.3 | for their constituents. |
| 0:24.0 | Democrats got to lift 400,000 people and their families out of poverty. |
| 0:30.0 | And the legislation will immediately carry an additional 3 million kids from deep poverty to mere poverty with an expanded child tax credit. |
| 0:39.0 | Over the next year reports the Center on Budget and policy priorities. The legislation will help |
| 0:43.6 | over 16 million children growing up in low-income households. That means those |
| 0:48.1 | kids are more likely to grow up as healthy, well-adjusted, and productive members of |
| 0:51.8 | society. |
| 0:53.0 | Science tells us that reducing child poverty this way means there will be less child abuse, |
| 0:57.0 | fewer divorces in a healthier economy. |
| 0:59.0 | It could, in fact, save America as much as a trillion dollars a year around 5.4% of GDP, which a |
| 1:06.7 | groundbreaking 2018 study found was the cost to America of Childhood Poverty. |
| 1:13.0 | Researchers at Washington University in St. Louis |
| 1:15.2 | found that adults who experienced poverty during their childhood |
| 1:18.1 | earned a total of $294 billion less in 2015 |
| 1:22.1 | than their otherwise identical peers who did not experience poverty as kids. |
| 1:27.8 | Add that to the poverty related costs associated with crime, child maltreatment, and homelessness. |
| 1:32.8 | And the researchers concluded that child poverty is |
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