Posts Tagged ‘1 percent’
Posted in corruption, income redistribution, the Rigged Game, tagged 1 percent, dollars, income redistirbution, Ronald Reagan, scam, student loans, trillion on Jam3000000amMon, 11 Mar 2013 10:42:35 +000013 10, 2010 | Leave a Comment »
The average college student who graduated in 2011 had $26,600 in student loans, according to a new report, which estimates two-thirds of 2012′s college graduates had student loan debt.
The average debt is the largest since the Institute for College Access and Success began compiling the figures in 2005, and it comes amid soaring college costs, record loan defaults, and a persistently difficult job market for college graduates.
While unemployment among college graduates is only slightly higher than the overall rate, the study found a stunning 37.8 percent of recent graduates are working in jobs that do not require a college degree. The study said that means wages are depressed, making the situation for graduates even more difficult.
“Recent college graduates have entered an enormously difficult job market, which poses particular challenges for those who need to begin paying back student loans,” the study said.
There are several things the study did not say. For example, student loans have been pushed on students by Wall Street, which influenced congress and President Ronald Reagan to cut federal grants so that students would need to borrow more and more money in order to obtain an education. Investment firms take the loans, slice and dice them, and use the payments to back bonds, which they sell to rich investors. That means the payments made by students go directly into the pockets of the 1 percent because the government under Reagan decided this was a good income redistribution scam. These same rich investors receive all sorts of government welfare, and they’re shipping jobs overseas and destroying the US tax base in the process.
In other words, student loans are a carefully orchestrated scam by the 1 percent to redistribute income from the 99 percent to the 1 percent.That’s why student loan debt exceeds over a trillion dollars and is greater than all US credit card debt, which, coincidentally, is another income redistribution scam perpetrated by the 1 percent.
Posted in Economics, recession, income redistribution, the Rigged Game, tagged 1 percent, 2013, Barack Obama, Bill Clinton, earl blumenauer, Economic Policy Institute, income redistribution, Nafta, Trans-Pacific Partnership on Jpm1000000pmWed, 23 Jan 2013 14:07:47 +000013 10, 2010 | Leave a Comment »
The graph below shows how income distribution has changed quite a bit since 1979. Notice that the most massive income redistribution from the 99 to the 1 percent occurred after President Bill “Wall Street” Clinton signed NAFTA into law. Clinton wasn’t dumb. He knew the treaty was an income redistribution scam.
Right now negotiators from 11 nations, along with 600 corporate lobbyists, are negotiating the Trans Pacific Partnership in secrecy. This is the largest free trade pact of all time. The implications are massive; the utter destruction of the American middle class, since the 1 percent will have more power via the treaty to suck the middle class dryer. That is Obama’s agenda. But we’re really talking about the top 0.1 percent, the high millionaires and the billionaires that have destroyed democracy in the United States and replaced it with a plutocracy.
Think about this. After Obama signs the still being negotiated Trans Pacific Partnership into law, the line in the graph that shows how much of the national income the 1 percent receive will shoot up way higher, while the 90 percent go down, down, down. And the 91-99 percent will follow. It’s beginning to look like banana republic time for the US middle class. It doesn’t need to be that way. Fight back. Labor unions are. Don’t let corporate drones like Wall Street Congressman Earl Blumenauer vote for the treaty.
By the way, some ridiculous discussion over the last year or so is that the growth of income inequality in favor of “the 1 percent had been reversed in the recent downturn and, therefore, policymakers need not focus on the overall increase in income inequality since the late 1970s.” A new report from the Economic Policy Institute (EPI) shows that income of the top 1 percent have rebounded strongly since 2010. However, I show in The Rigged Game that this argument is stupid because it has never been the case. It’s true that the wealth of the 1 percent declines during recessions, and with it the income that derives from those assets, but the decline reflects temporary dips in the values of corporate stocks and bonds and other assets due to recessions. These dips are always temporary, if they occur. By the way, income is money coming in, wealth are assets such as stocks, bonds, gold, house, cars, etc…..
Regardless, below are some of EPI’s findings for the current downturn.
1. Those at the top are seeing their wages rebound quite strongly in the recovery. Following a 15.6 percent decline from 2007 to 2009, real annual wages of the top 1.0 percent of earners grew 8.2 percent from 2009 to 2011.
2. The real annual wages of the bottom 90 percent have continued to decline in the recovery, eroding by 1.2 percent between 2009 and 2011.
3. Wage inequality grew substantially over 1979–2007, lessened in the 2007–2009 downturn, and began expanding again in the 2009–2011 recovery. Trends over the next few years will determine whether wage inequality returns to or exceeds the heights reached in 2007 or 2000—or simply remains far higher than at any time in the 1980s and 1990s.
4. Given the strong stock market recovery and wage growth at the top, the top 1.0 percent’s overall incomes (which include wages, capital gains, and other returns on financial assets) probably grew strongly in 2011, thereby increasing income inequality.
In other words, Obama’s policies have not reversed the redistribution of income from the 99 to the 1 percent. In fact, Obama’s policies continue to accelerate the redistribution process. That’s why the 90 percent have seen wages drop 1.2 percent from 2009-2011. That money has been redistributed to the 1 percent, more or less, by such simple methods as shifting more jobs overseas, reducing employee compensation, and privatizing more government jobs. The difference between the old wages and the new, lower, wages is redistributed to the 1 percent via higher corporate earnings, dividends and share prices.
Click the link below for the complete study.
Posted in corruption, Economics, recession, income redistribution, Politics, the Rigged Game, Uncategorized, tagged 1 percent, billionaires, corruption, government, welfare on Jpm1000000pmTue, 22 Jan 2013 14:03:00 +000013 10, 2010 | Leave a Comment »
Posted in Economics, the Rigged Game, Uncategorized, tagged 1 percent, 99 percent, Big Oil, corruption, government, subsidies on Jam12000000amSun, 16 Dec 2012 09:23:44 +000012 10, 2010 | Leave a Comment »
US government subsidies to Big Oil serve to increase profits, dividends and share prices. That means those subsidies go either directly or indirectly into the pockets of the 1 percent. Those subsidies are welfare for the rich, of the rich and by the rich. They ought to be the first thing cut in the fiscal cliff negotiations, rather than say, Medicaid payments. But Big Government is a rigged game in favor of the 1 percent sucking the 99 percent financially dry.
Posted in Economics, income redistribution, the Rigged Game, Uncategorized, tagged 1 percent, Congressional Budget Office, income redistribution, jobs, Ron Wyden, Tax cuts, Wall Street on Jam11000000amSat, 03 Nov 2012 10:15:28 +000012 10, 2010 | Leave a Comment »
As I pointed out in The Rigged Game: Corporate America and a People Betrayed, there is not one speck of evidence that tax cuts for the rich have ever created one net job. I pointed out that Republican economic policies don’t work at doing anything, except to make the rich wealthier at the expense of the rest of us. Those tax cuts are used to redistribute income from the 99 to the 1 percent by buying politicians like Wall Street Senator Ron Wyden. Studies are showing all of this to be true. The Republicans don’t want you to know that the center of their economic policies (tax cuts for the 1 percent) is a fairy tale. Last September, Republicans went so far as to place pressure on the nonpartisan Congressional Budget Office to not release a study showing exactly that.
One other thing needs to be stated. As I pointed out in The Rigged Game, those tax cuts not only do not create jobs, they simply destroy jobs. That’s obvious and we really don’t need studies beyond The Rigged Game to show us that, but more studies will likely appear in the next few years, and they will demonstrate precisely this.
Click the links below for more on the story.
Related stories below
Posted in corruption, Economics, income redistribution, Politics, the Rigged Game, tagged 1 percent, 99 percent, Barack Obama, Bernie Sanders, corporate raider, government, mitt romney, plutocracy, Wall Street on Jpm10000000pmMon, 22 Oct 2012 15:46:44 +000012 10, 2010 | Leave a Comment »
Posted in corruption, Economics, income redistribution, the Rigged Game, tagged 1 percent, 99 percent, earl blumenauer, income redistribution, Ron Wyden, the Rigged Game on Jam10000000amMon, 08 Oct 2012 09:33:00 +000012 10, 2010 | Leave a Comment »
As I pointed out in The Rigged Game, the massive redistribution of income and wealth from the 99 to the 1 percent was not an accident. It was planned by our ruling elite and brought to fruition by their corrupt drones in political office, such as Wall Street Senator Ron Wyden and Wall Street Congressman Earl Blumenauer.
Click the link below for more on the story.