US Senator Jeff Merkley announced that he intends to repeal the Monsanto Protection Act, an outrageous piece of legislation signed into law by Wall Street President Barack Obama. The act was secretly inserted into a bill and gives all kinds of legal protection to Monsanto. Click the link below for the full story. Now if only Wall Street Congressman John “Bug Killer” Boehner (pronounced Bone-ner) would actually have the guts to stand up against his corporate masters, the US would be such a better place to live.
Posts Tagged ‘John Boehner’
Posted in corruption, culture, Recessions, the Rigged Game, tagged Barack Obama, Jeff merkley, John Boehner, monsanto, Monsanto Protection Act, United States, United States federal government, United States Senate, Wall Street on Jam5000000amTue, 21 May 2013 06:16:45 +000013 10, 2010 | Leave a Comment »
If the real federal minimum wage had kept up with productivity growth since the late 1960s, it would be….
Posted in corruption, Economics, Economics, recession, income redistribution, Politics, wealth redistribution, tagged earl blumenauer, Economic Policy Institute, John Boehner, minimum wage, Minimum Wage Increase, Ron Wyden on Jam3000000amThu, 21 Mar 2013 11:28:41 +000013 10, 2010 | Leave a Comment »
Here’s something from the Economic Policy Institute:
“Last week, Sen. Tom Harkin (D-Iowa) and Rep. George Miller (D-CA) introduced the Fair Minimum Wage Act of 2013, which would raise the federal minimum wage in three incremental increases to $10.10 per hour by 2015 and then index it to inflation. This would bring the minimum wage, after adjusting for inflation, roughly back in line with its historical high value from the late 1960s.
Yet even after this increase, the minimum wage would still be lower than it could be given the economy’s growth over the past 45 years. Had the minimum wage increased at the same rate as the average American production worker’s wages, it would be about $10.50 today. If it had been raised at the growth rate of productivity—i.e., the economy’s overall capacity to generate income per hour worked—it would be nearly $19 per hour. See our full analysis of the impact of raising the minimum wage in Raising the federal minimum wage to $10.10 would give working families, and the overall economy, a much-needed boost.”
Senator Harkin’s idea about raising the minimum wage to $10.10 per hour from the $7.50 is kind of stupid when you think about it because it’s not very much, although about 25 percent of the people earning the current minimum wage are adults with children and they would benefit from the raise.
However, the redistribution of income from the 99 to the 1 percent over the last thirty-two years is what ails the economy. It’s why the economy doesn’t create jobs at the same rate as it used to, two or three decades ago.
Currently, 1 percent take home over 30 percent of the all the income created in the United States compared to 7-8 percent thirty-two years ago. The 1 percent don’t do anything to create jobs in the USA. As I’ve shown over and over again in my book and on this blog, for the most part, the rich destroy jobs, as do tax cuts for the rich. For proof, just look at current income and wealth distribution and then at how weak the economy is. You’ll discover a correlation there.
The 99 percent have experienced the inverse of that redistribution. We take home about 68 percent of the national income compared to 92-93 percent thirty-two years ago. That means we don’t have the ability to buy stuff like we did decades ago, and the result is a weak economy since the demand for goods and services is much lower per capita. Furthermore, the 1 percent are taking more and more of the total national income. By 2015, they’ll probably steal close to 40 percent of it all since they’re stolen 88 percent of all national income growth from 2009-2011. It was probably even more in 2012, or at least as bad. This trend is the thing that is rotting the economy, corrupting our government, destroying the future of the nation, and turning the USA into a banana republic. That’s what Democrats like Wall Street Senator Ron Wyden and Wall Street Congressmen John Boehner and Earl Blumenauer have done for America.
Federal legislation has been and is being used to redistribute the nation’s income, such as free trade treaties. So federal legislation can be used to put some of the money back in the pockets of the 99 percent. You can begin by raising the federal minimum wage to $10.10 an hour in increments like Senator Harkin desires, but instead of tying it to the growth of inflation, which is massively understated by the government for the purpose of redistributing income from the 99 to the 1 percent, it would be better to tie increases to productivity growth.(See Record Corporate Profits? How’d they Do That? The Inflation Income Redistribution Scam for how inflation is deliberately understated by the US government.)
If the Economic Policy Institute (EPI) is correct, the minimum wage should be over $18 an hour if it had been linked to productivity growth. It’s inflationary impacts would have been minimal since it would have been incrementally increased over 45 years, and since the government massively understates inflation any way, and especially since it would not have been more than productivity gains.
In today’s economy, increasing the minimum wage to $10.10 and then tying it to productivity growth would generate greater demand for goods and services. Some critics might argue that small businesses would suffer under such a policy, and that might be a reasonable point-of-view, but there’s a way around that.
Initiate a two-tiered federal minimum wage. Increase the minimum for everybody to $10.10 an hour by 2015. Tie increases in the minimum wage to the national growth of productivity for any business with jobs and assets outside the nation, such as money stowed away in the Caymen Islands to avoid paying US taxes, or for any publicly traded, limited liability corporations. Those are the companies that are making record profits, and so they can share a little more with their lower level employees here in the USA without any hardship. These companies might even think twice about moving more and more jobs overseas, although most of them have moved tons of them, and whatever jobs they can ship away, they’ve already done it. Some of them have even shifted production to European nations that have higher minimum wages than the USA anyway.
This would spur the demand for goods and services and to a little tiny degree, it would slow or even reverse US economic decline, by redistributing income from the 1 back to the 99 percent.
As for the second tier, let local businesses pay $10.10 an hour by 2015 and tie the growth of the minimum wage to the understated inflation rate. Recent studies show increases in the minimum wage on state levels have raised the demand for goods and services and created jobs in the process. This minimum wage might have some minor inflationary impact, but if it does, the government will understate it anyway.
If wage increases keep up with productivity growth, economic theory tells us that there should be no inflation. Any increase in the minimum wage tied to the understated inflation rate will almost assuredly be less than the growth in productivity, and therefore such a yearly rate increase can not be inflationary.
Think about what the US might be like nowadays if increases based on productivity growth had happened over the last forty-five years. This would have offset a little of the income redistribution that has taken place over the last thirty-two years, and which is destroying the US economy and the middle class. The demand for goods and services would have been greater than it is today, meaning the economy would be stronger. The rich would not be so rich. Instead of stealing 32 percent of the nation’s income, it would probably only be about 27-29 percent. So they would’ve had less money to purchase the political favors of politicians from both major parties.
Since our economy can afford to let a tiny percentage of parasitic rich people suck away 32 percent of the nation’s total income, essentially allowing a “kept unproductive, but parasitic welfare class” to get something for nothing, the economy should be able to divert a tiny bit of their ill gotten money toward a higher minimum wage tied to productivity gains. That’s what shared prosperity is all about. Isn’t that what an economy with a representative government is supposed to be for? To represent all the people and not just those who can most afford to purchase politicians like they would well trained sheep dogs, such as Wyden and Boehner?
Besides, if the economy can afford to let rich people steal hundreds of billions of dollars per year from the 99 percent via federal legislation, and can give them trillions of dollars a year whenever the market threatens to depress their earnings and the values of their assets, such as stocks and bonds (which means the 1 percent are shielded from market forces except when it is to their advantage), and since it is obvious that letting them steal so much money only weakens the economy, then lifting working people out of their poverty with an increase in the minimum wage tied to productivity gains can only strengthen the economy. It would also help to slow or maybe even reverse the slide of the United States to banana republic status, which it is hurtling toward in less than fifteen years.
In other words, it’s time to raise the minimum wage and tie a great deal of it to productivity gains. We can afford a two-tiered system. We cannot afford to let it not happen.
Posted in Economics, Economics, recession, free trade, income redistribution, Politics, the Rigged Game, Uncategorized, wealth redistribution, tagged Barack Obama, distribution, free trade treaties, Income, income redistribution, John Boehner, Paul Ryan, Ron Wyden, Trans-Pacific, useful idiot, wealth redistribution on Jpm1000000pmFri, 18 Jan 2013 13:38:48 +000013 10, 2010 | Leave a Comment »
Free trade is a failed economic policy. Just look at your nation. After thirty years of free trade policies, unemployment is high because tens of millions of jobs have been shipped overseas. The 1 percent have stolen an increasing share of the total national income via free trade treaties, up from 8 percent in 1980 to a little over 30 percent today. That means the 99 percent have less money to burn, ensuring that demand for goods and services is weak, and that fewer jobs are being created than thirty-two years ago, when the Gross Domestic Product and the national population were about 60 percent the size of today. Shared prosperity has not been accomplished because the free trade policy was an income redistribution scam that has been backed by useful idiots of the 1 percent, such as Wall Street Senator Ron Wyden.
Despite the overwhelming evidence to the contrary, Wyden wants us to believe that free trade has been good for the nation. No it hasn’t, but it has been good the 1 percent of the population that he represents.
The super rich are getting richer while the rest of us are being financially pushed down. Part of the problem is free trade. The super rich benefit the most from the biggest welfare program of them; free trade. Those treaties open up foreign nations for US corporations to ship jobs there, or to create them there, when otherwise they could not. The difference between the old, higher, US wages and the new, lower wages goes into the pockets of the super rich via higher corporate earnings, rising share prices and surging dividends.
Those treaties have allowed corporations to ship our tax base overseas, and redistributed those taxes into the pockets of the rich. That’s why our schools are jammed packed and in disrepair. That’s why our government services cost more, with fees to enter parks, rising car and title registration, etc….
In the UK, some folks have figured out the free trade scam. One can only assume that Wyden has been paid by Wall Street to lie to us. According to the UK, “…staring dumbfounded at the lessons unlearned in Britain, Europe and the US, it strikes me that the entire structure of neoliberal (free trade) thought is a fraud. The demands of the ultra-rich have been dressed up as sophisticated economic theory and applied regardless of the outcome. The complete failure of this world-scale experiment is no impediment to its repetition. This has nothing to do with economics. It has everything to do with power. Parenthesis are mine, and I bold the letters.
Wall Street has the power, via their ownership of politicians such as Wyden, John Boehner, Paul Ryan and Barack Obama. The president’s people are negotiating the Trans Pacific Partnership, the biggest free trade income redistribution scam of all time. Don’t let him destroy the middle class. Stop the madness of this failed economic policy.
Click the link below for the full story from the Guardian of the UK.
Posted in Economics, Economics, recession, income redistribution, the Rigged Game, Uncategorized, tagged Barack Obama, Fiscal cliff, fixes, John Boehner, rigged game, Ron Wyden, tax on Jpm12000000pmMon, 31 Dec 2012 14:08:41 +000012 10, 2010 | Leave a Comment »
The following things can go along way toward mending the economy and fixing the budget deficit, but it won’t happen because the 99 percent of Republicans, 80 percent of Washington Democrats and our corporate president are all on the Wall Street payroll, as well as the payroll of other members of the 1 percent. That’s why it’s a rigged game.
Posted in corruption, Economics, Recessions, the Rigged Game, Uncategorized, tagged Bill Clinton, deregulation, Free trade, George W Bush, income redistribution, John Boehner, privatization, Reaganomics, Ron Wyden, Ronald Reagan, tax breaks for the rich, trickle down economics on Jam12000000amFri, 28 Dec 2012 08:41:07 +000012 10, 2010 | 2 Comments »
The graph below shows us the results of Reaganomics, deregulation, privatization, trickle down economics, tax breaks for the rich, as well as free trade treaties. All of the above were and are nothing more than income redistribution scams created and negotiated by the rich and rubber stamped by their congress and president.
What did the rich do with their tax cuts? They bought politicians such as Ronald Reagan, Bill Clinton, George W. Bush, Ron Wyden, John Boehner and so many others.
Posted in auto bailout, corruption, Economics, Economics, recession, George W. Bush, income redistribution, Politics, Recessions, the Rigged Game, Uncategorized, tagged Barack Obama, Bill Clinton, George H.W. Bush, George W Bush, income redistribution, John Boehner, No Child Left Behind, Ron Wyden, Ronald Reagan on Jpm12000000pmWed, 26 Dec 2012 12:31:35 +000012 10, 2010 | 1 Comment »
Was it tax cuts for the rich that caused the federal deficit? Was it Trickle down economics? Were free trade agreements the cause? Privatization schemes? Deregulation? No Child Left Behind? Okay, here’s the answer.
The deficits were caused by all of the above. They have redistributed income from the 99 to the 1 percent, destroyed the middle class, wiped out the economy, and began the process of turning the United States into the biggest banana republic of all time. Thank you Ronald Reagan, Barack Obama, George W. Bush, Bill Clinton, John Boehner, Ron Wyden and so many more.
All of these Wall Street drones and more continue to espouse policies that continue the process of denuding the American 99 percent of income and wealth by redistribution these things to their masters of the 1 percent.
Posted in Economics, Recessions, the Rigged Game, Uncategorized, tagged Barack Obama, entitlements, Fiscal cliff, John Boehner on Jam12000000amTue, 25 Dec 2012 10:46:17 +000012 10, 2010 | Leave a Comment »
As President Barack Obama negotiates with Republicans in Congress over federal entitlement spending, a new national survey by the Pew Research Center finds that a majority of Americans (55%) have received government benefits from at least one of the six best-known federal entitlement programs.
Click Below for the Complete Story.
Posted in corruption, Economics, Recessions, the Rigged Game, Uncategorized, tagged Barack Obama, Fiscal cliff, John Boehner on Jam12000000amMon, 24 Dec 2012 11:29:16 +000012 10, 2010 | Leave a Comment »
Most people don’t know that going over the fiscal cliff will be better medicine than either fiscal plan, whether of President Obama and Speaker John Boehner.
“The truth is that both the president and House Republicans have agreed to shrink a critical part of the government to its smallest in at least half a century. This is regardless of which trillion-dollar proposal gains the upper hand.”
Click the link below for the complete story.
Say Goodbye to the Government, Under Either Fiscal Plan
What do you really know about the so-called fiscal cliff? You may know that it’s an artificial creation of the political stupidity of President Obama and Congressman John Boehner (Pronounced Boner). But what else do you know about it? Cliff the link below to take the fiscal cliff quiz.