Judy Nagel: Getting Big Money Out of Politics Will Speed Economic Recovery After the Pandemic
Recently, Judy Nagel wrote an op-ed in the Wisconsin State Journal discussing how ending pay-to-play politics can help reestablish competition and innovation in our economy, a desperately needed shift as we emerge from the coronavirus pandemic.
Nagel is a former Vice President-Investment Officer of Wells Fargo Advisors. She is one of more than 125 business leaders who have signed the Business for American Promise Statement of Principle, committing to advance nonpartisan reforms, including a constitutional amendment to end pay-to-play politics.
In the midst of the coronavirus pandemic, we have seen dramatic economic shifts, including massive unemployment and plummeting stock prices. The economic damage will no doubt extend well beyond existing stay-at-home orders and precautionary measures, affecting our economy and our workforce for years to come. As we emerge from the pandemic, revitalizing our economy will be crucial.
“Pay-to-play politics harms economic growth and innovation, as well as global competitiveness,” Nagel writes. “It creates a top-heavy economy that does not address the financial concerns of the middle class — economic growth is driven by the purchasing power of the middle class.”
The solution: a constitutional amendment that enables Congress and the states to set limits on political spending. The amendment would help reestablish a competitive marketplace that empowers everyday Americans, not just ultra-wealthy political donors and a handful of corporations.