Archive for August 17th, 2012
Posted in corruption, Economics, income redistribution, Market manipulation, Mitt Romney, Recessions, the Rigged Game, tagged economic, Hedge Funds, income redistribution, Oregonian newspaper, recovery, Ron Wyden, Ronald Reagan, Wall Street, Wall Street Journal on Jam8000000amFri, 17 Aug 2012 10:05:17 +000012 10, 2010 | Leave a Comment »
The Wall Street Journal continued its role of propaganda machine for the 1 percent by issuing a story about how our current economic recovery is the weakest since the Great Depression.
The Journal picked up the story from the Associated Press, another piece of the propaganda machine of the 1 percent. Other parts of the machine picked up the story, including the Oregonian newspaper, one of the most viciously anti-middle class mouthpieces of the 1 percent.
The purpose of these corporate propaganda machines is to keep any discussion having to do with income redistribution from the 99 percent to the 1 percent under raps. And so, the story of our economic recovery went like this:
“Economic growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower.
More than in any other post-World War II recovery, people who have jobs are hurting: Their paychecks have fallen behind inflation.
Many economists say the agonizing recovery from the Great Recession, which began in December 2007 and ended in June 2009, is the predictable consequence of a housing bust and a grave financial crisis.
Credit, the fuel that powers economies, evaporated after Lehman Brothers collapsed in September 2008. And a 30 percent drop in housing prices erased trillions in home equity and brought construction to a near-standstill.”
Note that the authors blame the “housing crisis and a grave financial crisis” for our lame economy. There is no mention of the redistribution of income that began during the reign of the “Great Liar,” President Ronald Reagan.
For example, politicians of both political parties know that free trade treaties are vehicles for redistributing income and wealth from the 99 to the 1 percent. These treaties make it easy for US corporations to ship, or create, jobs overseas. The difference between the old, higher wages in the US and the new, lower wages overseas are directed into the bulging wallets of the super rich via higher corporate profits, rising dividends and soaring share prices.
That’s precisely why the 1 percent have been able to rob the 99 percent of much of their income, curtailing the demand for goods and services, making the current recovery the weakest on record.
The 1 percent received about 7 percent of the total income produced in the US thirty-two years ago, but now their ability to purchase legislation (free income redistribution trade treaties, for example) from their plutocrats in public office, such as Wall Street Senator Ron “Hedge Fund Lover” Wyden, have allowed the 1 percent to steal between 27 and 30 percent of the total national income.
Nowadays, the 99 percent receive between 70 and 73 percent of the total national income compared to about 93 percent 32 years ago. By any statistical measurement, the economy was much stronger way back then and the most significant difference between then and now is that a ton of income has been legislatively redistributed from the 99 to the 1 percent. Demand for goods and services is weak now compared to then. It’s obvious. That’s how we have such a weak economy.
And that’s why consumer spending is so weak. That’s also why there was a housing bubble, and that’s why there was a “financial crisis.” In other words, the propaganda machine is working overtime to distance their readers and listeners from the reality of income redistribution to pure bull shit. We’re frogs in the water that is slowly heating up, but now the water is near to boiling. Wake up!
One behalf of the 1 percent, the corporate propaganda organs, such as the Wall Street Journal and the Oregonian newspaper, lied to us about Trickle Down Economics, deregulation, free trade and numerous other income redistribution scams. They’re still up to it. Don’t let them lie to you any more.