Free markets: overpriced

One of the most incredible things about public discourse in the U.S. is the persistence of so-called “free market ideology.” No matter how much damage the spread of this idea causes, we stick by it like faithful soldiers, and look for new areas to spread it to. This is an old point in some circles, but every time we have a big policy debate, as we are now over healthcare, this idea runs rampant. Democrats and Republicans trip over each other to defend it.

For the most part, the idea of “free markets” has lost its meaning. It has become, like so many things, a vague talking point with little substantive meaning and great visceral appeal to the average person. There are few code words that connote free market ideology but often serve to make it more palatable or understandable to the average person. These most common of these code words are choice and competition. Choice and competition are fine, and one cannot deny the positive power of markets, when they are regulated. But free markets are anything but free. The demand for free market ideology certainly matches the supply, but it is a defective product.

To some people, free market ideology is a religion that is almost as ridiculous as normal religion. The free market used to be largely confined to the market as typically understood – private enterprise. What bothers me is the general proliferation of free market ideology to all areas of our politics, culture, and discourse.

To what extent must sprawling free market ideology fuck everything up before we recognize it for the failure that it is?

Free market ideology has decayed our federal, state, and local tax systems, based on the idea of benefits that would “trickle down” from the wealthy to the average American. As a result, productivity and profits have soared, while real wages for virtually all people have been flat for 30 years. Concurrently, declining revenues erode public services, and our deficit and debt soar to unbelievable heights.

Deregulated free markets have failed to lower costs in the energy, pharmaceutical, and telecommunications industries.

We rely on the free market for our retirement security. Roughly half of all U.S. workers have or will have no retirement income beyond Social Security.

Free market principles have corrupted our political system almost beyond repair, as these principles are used to justify our campaign finance system and lobbying laws.

We have even allowed free market ideology to creep into public education, where charter schools, set up to provide choice and competition in low-performing school districts, have proved no more effective (and sometimes less effective) than regular public schools.

Based on free market promises of greater efficiency and lower costs, we have privatized our prisons and our military. There is absolutely no evidence of any positive benefits.

Under the banner of free markets, we have permitted the rapid destruction of our planet and its resources. As a result, we cannot drink our water, our food is tainted, our wildlife is dying, and our very existence as a species is threatened.

Market ideology hasn’t even worked in the fucking market. The deregulation and non-enforcement of financial markets, combined with human greed, has literally destroyed our economy.

And finally, of course, free market ideology has failed us in healthcare, where the private insurance market has achieved blockbuster profits by denying care and promoting waste. In return, Americans' health is among the worst in the developed world.

So, here we are. The ideology of “free markets” has destroyed our economy, our healthcare, our public services, and our political system. And we still love it. We are either supremely ignorant or depraved masochists.