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3/3/16

US Presidential Elections: Bernie Sanders: Tackling America’s Biggest "Rackets" - by Richard Phillips

Merriam-Webster defines a racket as “a usually illegitimate enterprise made workable by bribery or intimidation.” Certainly, enough rackets operate in the United States, but three stand head and shoulders above the rest.

Health care, education and finance are the three rackets that have particularly significant effects in distorting the U.S. economy.

It is not by coincidence that these three industries are also the targets that Presidential candidate Bernie Sanders is attacking head-on in his Presidential bid.

Important i8n Sanders’ racket-busting agenda is finance. There is little disagreement that the U.S. financial sector has been egregious in its stewardship of America’s finances.

The market capitalization of America’s banks accounts for 113% of its GDP, which is more than in any other developed country.

England and Switzerland, both of which serve as international financial centers, have ratios of 90% and 65% respectively. Germany and France, which are more domestically oriented, have ratios of 31% and 46%.

Clearly, these and other statistics underscore the overemphasis on finance in the U.S. economy. This is partly due to finance wages, which are typically well above national norms.

Read more: Bernie Sanders: Tackling America’s Biggest "Rackets" - The Globalist

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