(An Opinion piece from WEALTH magazine)
We need to listen carefully to what this movement is saying. In many cases, the activists have heroically stood to decry injustices that affect most of us. Let’s take a closer look:
First, Occupy points out that some large corporations end up paying no taxes. All the loopholes and incentives make it possible, and that really is a travesty worth protesting. It’s not so much a problem with the corporations if they are avoiding these taxes legally. It is a government problem, and we all should be pushing for fair tax laws.
Second, the Occupy movement notes that some corporations are so focused on short-term financial performance that they ignore moves that, in the long term, benefit their customers, their stakeholders and the world at large.
Having said that, we must realize that corporations have no obligation beyond delivering their product or service and making money for their shareholders within the confines of the law. But it’s also true that consumers have no obligation to purchase those products and services if they have a problem with how the company operates.
So let’s join Occupy to decry the unfair, unjust and complicated laws that favor the super-wealthy and the corporations. Several wealthy people, including uber-investor Warren Buffett, have publicly asked for the same thing; they are willing to pay their fair share.
Then, beyond the laws, let each of us make a personal decision whether we reward companies with our business, depending on their ethics and on how well they are giving back to their world.
All reasonable people deplore violence, and for the most part Occupy has been a peaceful protest, part of the American way – a valid expression of the people’s First Amendment rights to peaceably assemble and express free speech.
It is wrong to divide Americans along lines of income or class. Some of the most generous and giving people are the wealthiest.
There is nothing wrong with fair capitalism either. In fact, it’s what made America the economic powerhouse it is today. Many businesses actually need fewer employees than they used to, while plenty of others are desperately searching to fill empty positions that require new skills to use the technology of our day. Rather than crying about companies that won’t hire, which is likely to be as productive as cursing the wind, why don’t we challenge government to find ways to make it possible for good, hard-working and smart people to afford the vocational training they need to get those new jobs?
A recent wealthmagazine.com poll found that out of 129 respondents, 40 percent agreed that the protesters are blaming others for their problems or seek a redistribution of wealth; 34 percent said the movement could have a positive impact if its energy were wisely channeled; 16 percent said that participants had little understanding of how market capitalism works; while 10 percent agreed with the statement “Critics of the activists are out-of-touch elitists who lack empathy for others.”
As a whole, the Occupy movement is saying something important. Whether you join the protests or not, at least seek to understand the messages coming forth. Then let’s roll up our sleeves, together, to press for solutions.
Tags: business taxes, capitalism, Occupy Wall Street, protest, shareholders