Pulitzer Prize winning journalist Hedrick Smith, author of the new book Who Stole the American Dream, joined Hardball Friday to explain the hidden causes of inequality in the U.S. economy. The public, Smith said, has been led to believe that the middle class squeeze in this country has been caused by globalization, technology and market forces.
Not so, argues Smith, who points to a political/corporate power shift in the late 1970′s as the culprit of the widening wealth gap.
” There was a political rebellion. [The corporate interests] absolutely stuffed labor, they stuffed the consumer movement, they got deregulation, they got tax cuts, they got all kinds of things so the power shift tilted the policy towards business, towards the wealthy,” Smith told Chris Matthews.