From the sublime to the ridiculous of the American Dream/ Capitalism.
Warren Buffett
Recently on the cover of Time mag, Buffett has long been a reassurance for me that there can be people at the top of the economic pile, who nevertheless possess good hearts as well as sharp minds. The third wealthiest person in the world, Buffett is giving away 99% of his fortune to charity, most of it to the Bill & Melinda Gates Foundation. He advocates higher taxes for the mega-rich, pointing out he pays a lower rate of tax than his staff. In 2010, he paid 11% tax on his $62 million (after deductions) while his office staff on average paid tax in the 30% range. Rana Foroohar of Time summarized his views:

• Don’t lower corporate taxes. “The idea that American business is at a big disadvantage against the rest of the world because of high corporate taxes is baloney…The argument that we need to lower taxes to create more jobs is mystifying, because we’ve had the lowest taxes in this decade and about the worst job creation ever”.
• Higher taxes on the Rich. Those who make their money from investing should pay a higher rate of tax than those who earn through their labour.
• Foreign-profit repatriation should not be tax free.
• Curb speculative gains. “The market system rewards me outlandishly for what I do, but that doesn’t mean I’m more deserving of a good life than a teacher or a doctor or someone who fights in Afghanistan”.
• Get tough on directors. They should forfeit 5 years’ pay if their firms have to be bailed out. CEOs and spouses should be personally liable for their actions.
• Get rid of private schools
• Reform health care. He thinks the present system cuts corporate competitiveness.
“We can rise to any challenge but not if people feel we’re in a plutocracy…We have to get serious about shared sacrifice”.

Paula Deen
This ample-sized TV cooking star, famous for promoting Southern comfort food, with mega amounts of oil, butter, salt and sugar, continued to promote her “brand” for three years after being diagnosed with Type 2 diabetes without telling anyone! She (and her two, similarly-stricken chef sons) are now making extra money by endorsing a diabetes medication. Plans are in the works to feature Southern comfort food without quite so much sugar, salt and fat! This reminds me somewhat of the wreck of the Exxon Valdez. The unprecedented devastation of the environment generated so much clean-up work, it actually boosted the economy. This is crazy and the reason is something I have mentioned many times before – we do not presently measure non-financial costs. It’s not impossible, but at the moment there is no collective will so to do…even as we pay the costs with our quality of life, while the corporate world pocket the $ profits. These costs are real, as Buffett himself has implied in his comments above…although he frames it in his own way.
Another aspect to the Paula Deen story is how much responsibility does the TV and media food industry have when considering what types of foods and cooking to promote? We now know that obesity is a major, major health threat and such a diet contributes directly to obesity and a host of other related disorders. Another example of a non-financial cost (in this case, the result of irresponsible or reckless marketing) that is borne by individuals and society generally, while corporations and businesses pocket the short term financial profit.