The Obama administration quickly allied itself with Wall Street after the 2008 election and ignored advice for larger stimulas from economists such as Paul Krugman and George Stiglitz, both economic noble prize winners. Obama decided to rescue Wall Street rather than main street, he decided to favor the 1 over the 99 percent. Now he may be paying the price, which will benefit Mtt Romney and the one percent over the 99 percent. In which case I can’t figure out who to vote for. Wall Street Obama or Wall Street Mitt? That’s a tough choice.
The US added only 69,000 jobs in May, a pathetic showing for now, but regardless of who wins in November, those 69,000 jobs are going to look great, although historically puny, a couple of years from now.
21,000 Wealthy People Paid no Income Taxes for 2011
The US Unemployment Rate Rises in May, 2012
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Posted in Uncategorized, tagged 2011, affluent, bandits, deregulation, Free trade, jobs, privatization, Rich, Taxes, treaties on Jam6000000amFri, 01 Jun 2012 08:58:21 +000012 10, 2010 |
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The rich are making off like bandits because they are. The affluent have purchased enough legislation to ensure a constant redistribution of income from the 99 percent to themselves, they’ve bought tax breaks from legislators, free trade income redistribution treaties, income redistribution privatized government services, income redistribution deregulation, and you get the picture.
But here’s the more important thing. There’s not a schred of evidence that a single job has been created because of tax breaks for the rich. All the evidence points the other way; tax breaks for the rich destroys jobs. Think about thirty years of tax breaks for the affluent, and how many private sector jobs have been created because of them? Especially during the last twelve years? Try zero.
When the rich get tax breaks, that allows them to purchase the favors of legislators, which means income redistribution. The 99 percent has less and less money to buy stuff, which means layoffs, not job creation. The affluent have stolen 93 percent of total income growth in the USA for the last two years. That means the economy can’t grow jobs at any historically serious level because the 99 percent can’t buy goods and services since they’re only getting a teeny tiny slice of the income growth pie.
See related story
Big Paychecks and teeny tiny tax burdens
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