The Occupy Wall Street Movement

Studying various aspects on business and financing activities in the Edwards School of Business, the Occupy Wall Street (OWS) movement was important to me as it related to business activities and ethics discussed in class. In September 2011 the Occupy Wall Street movement had begun its protests against social economic inequality. At first, it was hard to participate in the movement having been raised to believe that personal success is directly related to the amount of work, focus and dedication you put in. The OWS movement had no leader to express what the movement’s goals or demands were leaving the large rally’s and protests to be perceived as just venting or complaining of inequality. This was one of the main reasons I did not support
the movement at first because it seemed entirely bizarre and implausible to be ‘replacing the financial order’ (Macdonald, N, 2011) through thousands of people voicing their displeasure. However, the more I learn as I continue my studies in the business world it becomes more evident that numbers and policies can be manipulated to increase personal and corporate wealth. I feel that there are underlying issues that need to be addressed that are relevant to the Occupy Wall Street movement. By tackling these specific business legislation, rules and policies, such as improved tax systems and stricter corporate accounting methods the Occupy Wall Street movement would gain more credibility and believers, like myself.

As the Occupy Wall Street movement has evolved there has been more emphasis on the ‘flawed’ business systems that allow wealthy individuals and corporations to find loopholes to retain their wealth.
These issues came to the forefront, in this year’s US election when republican candidate Mitt Romney, was exposed for paying 14% tax. Lower than many middleclass families. It is these incredibly startling figures that call into question the integrity of the US tax system. A system which has been criticized by the one of the richest men in the world, Warren Buffet who has made no secret about “paying less tax than his secretary” (Macdonald, N, 2011). Compare these influential people of power to hard working people like my father and other Canadians who do very well financially, but pay a tax rate of over 40% of their income. One could argue that north of the border it is the wealthy minority who are being served an injustice. Given the circumstances in the US where the divide between the rich and poor continues to grow or as the OWS calls the 99% versus the 1% the movement may be more relevant. The US does not have the many social programs Canada has put in place and subsidized by our government and much higher personal tax rate. These tax dollars in Canada have circled back to many of the poor in the form of welfare, low income housing, and many programs to help people enter the work force if they so choose.’ Once one decides to begin working ‘Most Canadians start off with a
relatively low income because they are young, new to the workforce, and lack work and life experience. Once they acquire education and job-related skills, their income typically increases’ (Barr, 2012). Many of these people are under the impression that their income is unfair and will remain stagnate for the rest of their lives. This could not be further from the truth as a study has shown that the bottom 20% of income earners from 1990 to 2009 has risen from $6,000 to $44,100 a growth of 685% as compared to the top 20% of income earners which has grown at a rate of 23% from an average income of $77,200 in 1990 to $94,900 (Veldhuis, N & Lammam, C, Fraser Institute). Not only has this gap between the wealthy and poor shrunk, there will always for the most part be opportunity for advancement and financial growth for those who achieve the necessary work experience and skills and have the desire and work ethic for prominent positions. This study seems too prove much of the income inequality debate for the Occupy Wall Street movement is evaporating in Canada. This leaves much of the focus to Americans who have justifiable reason to seek government changes in tax loopholes for businesses and the wealthy to support more of society. It has been difficult for me to personally to support the Occupy Wall Street movement but it has raised awareness on key issues including proper financial reporting and business ethics that could change our society moving forward with fair and strict policies.

The first official Occupy Wall Street movement on September 17, 2011 in New York’s Zuccatti Park was the first protest in which many rallied under the ‘we are the 99%’ slogan in frustration over social and economic inequality.
The movement attacked large wealthy corporations and members of the financial control that profits generated by these corporations/individuals only benefitted a small minority. As the Occupy movement picked up steam and spread globally in large part due to social media, thanks to the hashtag #occupy, Facebook groups and through extensive news coverage, more than 80 countries were participating the Occupy Wall Street movement within the next month. As the movement grew stronger and larger, Government, authorities and the remaining ‘1%’ started to question the main objectives of the movement. The lack of organization, leadership and direction led to unclear demands and with rising violence and vandalism during protests, the movement began to lose credibility and dismantle with help from the authorities. The aftermath of such a sudden social movement has started to raise awareness into how easily wealthy corporations and individuals are getting off not contributing fairly to society. This issue has become a focal point as highlighted in the latest US election as opposing parties battled for more balanced changes to the tax system. This shows that the movement did in fact have some legitimate reason for the government to recognize these unfair conditions.
Although I honestly believe that many Occupy protesters first priority should be their own self-assessment, they have made strides in persuading major banks, politicians, individuals and corporations to be held accountable to better society as a whole.

Work Cited
Macdonald, Neil “Occupying Wall Street ain’t no Tea Party” CBC News World 17 October 2011 http://www.cbc.ca/news/world/story/2011/10/17/f-rfa-macdonald.html Barr, Andrew “Poor today, rich tomorrow: Canada has no permanent underclass, study reveals” The Financial Post 20 November 2012 http://opinion.financialpost.com/2012/11/20/poor-getting-richer/ Veldhuis, Niels and Lammam, Charles “’Poor’ Canadians experienced the largest income gains” Fraser Intstitute
www.fraserinstitute.org