"Crony capitalism" might seem like just another mudslinging weapon to use at the next campaign stop. Does it really mean anything? Does it affect anybody? Why should I care?
For starters, if you attended a college or university since 1992, or have kids who did, you're a participant. You didn't know it, but you "played." You just didn't get "paid." But others did.
It's hard to believe that something as corrupt as the OPT program could survive in the shadows since 1992. Never heard of it? Well, Optional Practical Training is a regulator-created law. Congressional lawmaking is for the "little people." Those in the know with fat checkbooks just get a bureaucrat to create their laws and hide them away.
Here's what makes OPT crony capitalism. Foreign university grads are eligible for three years of work permits in the U.S. Companies get tax breaks for hiring them; no need to interview American grads. Universities get fat foreign tuition payments. Lawmakers get bribes campaign contributions.
In 2016 the OPT program totaled 329,158 job seekers. When universities hire foreign grads, they get tax breaks, too. That lets them triple-dip: Foreign tuition money into their coffers, cheap labor and domestic tax breaks.
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American students get … debt, unemployment and lifetime depressed earnings. When your early job earnings are depressed, which is what this program is designed to do, your lifetime earnings are depressed.
Who cares, right? You're just an American. Shut up and pay! This country belongs to the world!
What America gets out of all this is a cultural cesspool of arrogant, overpaid, morally moronic college professors who can't be fired unless they're Christian or voted Republican. The rest of us get chronic hopelessness and depression.
Crony capitalism can't survive without politicians, however. When you look up what our fine, outstanding corporate citizens have contributed – and to which politicians the money has gone – you will understand how grateful these corporate titans have been for this wonderful tool to cut their taxes, hire cheap, overseas labor and depress home-grown, American-born graduates wages for their entire career.
I guess the student-loan-indebted children of this nation, many of whom live at home with their parents because of government-sponsored corporate and university tax breaks and hiring policies, should be grateful, eh? This way their would-have-been corporate bosses can have bigger houses, fancier cars and unimaginable fortunes stashed away. This is most fortunate, as it gives them time to advocate for higher taxes on the rest of us to help all the people they've walked over on their way to the top.
Pat yourself on the back, Mom, Dad, millennials. You bought it. You paid for it. You're still paying. You will pay – for the rest of your life. If you want to know who to thank for all this, read Neil Munro's excellent article.
Media wishing to interview Craige McMillan, please contact [email protected].
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