On April 26, 2011, Democracy Matters hosted the last discussion panel of the spring semester in Romita Auditorium. The discussion concerned corruption and capital in American politics and focused on the economy. The panel consisted of Assistant Professor of Political Science Robert Lacey, Professor of Criminal Justice Joshua Klein, Professor of Philosophy Alexander Eodice, junior Emma Smith and Democracy Matters President-Elect Annmarie Stepancic.

“I think the discussion panel reaffirmed the need for action by college students. The debates concerning the debt ceiling and higher taxes are not going to go away any time soon,” Stepancic said.

“The economy is so bad that I saw the C.E.O of Walmart shopping at Walmart,” Klein jokingly said about whether the U.S. economy is in trouble.

The current drift of the economy evokes many opposing public sentiment, and inequity becomes one of the issues. “Our economy is unequal compared to other countries that have similar economies,” Eodice said.

Eodice explained that the U.S. economy is a function of capital and a fair distribution tolerates a significantly wide gap. “Public service unions are part of the issue. We need to tighten the belt on spending,” Eodice said.

The panel also talked about some data, such as in 2005 top 10 percent controlled 44 percent of income earned. In the post-WWII era, 1947-1973, the economy was roaring as the median family earnings doubled. The middle class is a post-WWII phenomenon. In 1973, income grew by 24 percent, but the majority of people who enjoyed this were the top of the income distribution. Some people reckon that the tax policy only favors the rich.

“If the debt ceiling isn’t raised, then social programs will be harmed. Deficit spending is the issue when we take in less than what we spend,” Lacey said.

Eodice expressed that people weren’t laid off – they were paid not to work.

Students and professors also discussed the problem of no one taking action and peoples’ voices not being heard.

“It was clear from the panel that political ideology is divisive as ever, but it’s refreshing to be able to debate and discuss issues with fellow students and faculty. The topic was relevant but complicated, as there are several causes of the economic recession, plenty of blame to go around and different ways to solve it,” Smith said.

“Unfortunately college students are going to feel the greatest impact whether it be through higher interest rates on loans, difficulty finding employment or lack of social programs. We need innovative ways of dealing with the economic problems our country is currently facing,” Stepancic said.

Students in attendance also enjoyed the panel and have their own thoughts.

“I thought the panel discussion was very thought provoking and provocative,” junior Chris Massaro said.  “All the panel members were very passionate and knowledgeable and cited pertinent facts about the state of the economy. With the economy still recovering from the recession, it was a very timely debate. More people should be aware of what happened and what can be done to improve it because whether people know it or not, it affects everyone.”