Feeds:
Posts
Comments

Posts Tagged ‘99 percent’

new_world

The US middle class has been shrinking for decades, but never as rapidly as under the Obama administration. 95 percent of all income growth since 2009 has gone to the super affluent. This means the uber wealthy now steal 37 percent of all income produced in the United States every year, compared to 21 percent in 2009, and 8 percent in 1980. And they’re stealing it from the middle and lower classes. They’re sucking the middle class dry because these rich folks have all the gold, which follows the golden rule. He who has the gold makes the rules. Check out the link below from the Pew Charitable Trust to see how much your senators and congressional representatives have robbed from the middle class and given to the rich. That’s what the rich pay them to do.

The Shrinking Middle Class Mapped State-by-State–Pew Charitable Trust

Take the case of Wall Street Senator Ron Wyden. He is supposed to represent the people of Oregon, rather than the robber barons of Wall Street, but Wyden has led the fight to ship and create jobs overseas, as well as privatization scams. Wall Street Ronnie is no dumb dumb. He knows these things redistribute income from the 99 to the 1 percent. That shows whose side he is on in the war against the middle class. The senator has a 100 percent voting record for shipping and creating jobs overseas. He calls his efforts free trade treaties, but in reality, these deals are designed and negotiated by multi-national corporations to redistribute income, wealth and political power from the 99 to the 1 percent. The senator has also proposed measures to redistribute Medicare benefits from the 99 to the 1 percent via a privatization scams. He claims he is bipartisan, but he has never led a Republican to successfully support legislation that reverses his shameful income redistribution policies.

Wyden voted for NAFTA and every income redistribution treaty since. He’s the Democratic senator who led the fight in favor of the Trans Pacific Partnership (TPP), the largest income and political power redistribution treaty ever. The result of the senator’s work in the halls of congress are evident:

In Oregon,

  • 47.7 percent of all people live in middle class households as of 2013, compared to 51.4 percent in 2010. Rest assured, when the numbers are compiled for 2014 and 2015, the number of people living in middle class households will be less than in 2013.
  • medium income has declined from $50,251 per household per year in 2013, compared to an inflation adjusted $56,382 in 2000. Worse yet, the medium family income has declined. The senator has voted to redistribute that $6,000 a year to the 1 percent year after year.
  • Poverty is up.
  • The 1 percent now steal 37 percent of all income made in the USA, compared to 10 percent when Wyden entered congress over twenty disastrous years ago.

Luckily, people are organizing in Oregon because they’re fed up with the disastrous policies of one of Wall Street’s favorite employees, that’s Wyden.

Wyden is in a dominant position inasmuch as he and the local corporate propaganda machine hide his economic legislative record by extolling the virtues of his social issues. However, Kevin Stine, a Medford city council member is running in the primary against Wyden. Wyden’s disastrous economic policies, bad for Oregonians and good for Wall Street, have begun to come out and his position is not so secure anymore.

Read Full Post »

The corporate propaganda machine, commonly known as the corporate media, always seeks to advance the cause of the 0.01 percent in redistributing income from the 99 percent to themselves. One of the ways to do this is to distract the mass of people from the real issues.

So when President Obama said that increasing income inequality was a threat to the American dream, and “the defining challenge of our time,” the president was right on, since the 1 percent now steal 37 percent of all US income, compared to 8 percent in 1980. This has been brought about due to federal legislation, such as tax cuts for the rich, privatization scams, the use of corporate mercenary soldiers to hide US military causalities abroad, and free trade agreements.

This is nothing short of political corruption to the max by the one percent.

The result of this inequality is the weakest economic growth and weakest job growth of all US economic expansions. It’s also responsible for declining real income for the 99 percent, and most of the other financial maladies afflicting society, such as underfunded schools, frayed social service nets, problems financing the social security trust fund 18 years down the road, rising poverty, and much more.

When the president said inequality was the “defining issue of our time,” what did the 1 percent do to protect their ability to corrupt the government? They unleashed their so-called free press to make us understand the president’s comment was “Class warfare,” and that was a bad thing. The Democrats and President Obama immediately retreated from this issue, save for a few, such as US Senator Bernie Sanders and US Senator Elizabeth Warren. Expect this issue to be pushed to the side by the rich person’s propaganda machine during the upcoming elections, save for Bernie Sanders.

The odd thing is the rich have been waging war on the 99 percent by using their corruption of government to enact legislation that redistributes income from the 99 to the 1 percent. But they refuse to call this class warfare, when that’s precisely what it is. Quite naturally, the corporate propaganda machine has been instructed to never mention this fact, or the job security of editors and reporters will be terminated. Corporate advertisers will vacate the parts of the machine that report real news that is not in harmony with the desires of the rich.

Of course, there are a few other reasons why Americans fall for this treachery time and again, and John Oliver explains it wonderfully in the video above.

The rich know class warfare has been waged for the last thirty-five years, as Warren Buffett, the third most richest person in the US, so famously said years ago.

quote-there-s-class-warfare-all-right-but-it-s-my-class-the-rich-class-that-s-making-war-and-we-re-warren-buffett-214525

Read Full Post »

Read Full Post »

The one percent are set to own over 50 percent of the world’s wealth sometime next year if current trends continue, according to a new report by Oxfam, a poverty fighting group. The report notes that this extreme inequality “is the consequence of political choices. Extreme poverty and inequality are the result of a skewed economic and political system that favors the few at the expense of everyone else.”

Basically, the folks at Oxfam are saying that the golden rule is the cause of inequality; “he who has the gold makes the rules.”

Currently, the top 1 percent own about 48 percent of the world’s wealth, up from slightly above 44 percent in 2010. Much of this rapid growth is due to free trade treaties which place downward pressure on wages.

Wealth, by the way, are things that you own. It’s different than income, which is money you have coming in, either in the form of income, or capital gains.

There is an important connection between income and wealth. You cannot accumulate wealth without getting the income to do so. So in that sense, the massive difference between the wealth owned by the 1 and the 99 percent is caused by a massive income inequality, which is nothing more than a function of inequality of political power, which is the root cause of wealth inequality.

The Oxfam report notes that the wealth of the world’s 80 richest people has doubled from 2009 to 2014. Most of the world’s billionaires get their money primarily from industries such as investments, banking and pharmaceuticals, which coincidentally, amazingly, are industries that will prosper even more if the Trans Pacific Partnership (TPP) becomes law. We know this because of leaked documents. 600 corporate lobbyists are helping the negotiators secretly construct this deal, and it’s literally a done deal. The TPP is a perfect example of how the rich use their political clout to redistribute income from the 99 percent to themselves.

For more on the Oxfam report, click the link below.

http://www.oxfamamerica.org/static/media/files/Wealth_Having_it_all_and_wanting_more.pdf

Read Full Post »

».

On Thursday, November 20, 2014, President Obama announced that he was taking executive action that will allow up to five million undocumented immigrants to stay in the United States. The president promised these immigrants that they will not be deported, that they can seek work legally in the United States, on certain conditions, such as paying taxes.

Much of the news media of the 1 percent are claiming this is good for the economy, that everybody will prosper because of the president’s action.

For example, a study released by the Center for American Progress says, “Once they (undocumented immigrants) attain legal status, immigrants will be able to contribute to the increased consumption of goods and services that boosts business sales and raises the earnings of all Americans. They will pay taxes on their higher wages and increase the gross state product (GSP). Additionally, immigrants will be able to use their new legal status by integrating their skill set and education into creating jobs and raising productivity.”

Common sense, however, tells us that once undocumented immigrants receive legal status, they will consume approximately what they consume today. It is possible that with higher wages they will consume more. That will be offset, however, because the rest of us will be consuming less, according to an analysis of a similar congressional measure by the non-partisan Congressional Budget Office (CBO). According to the CBO, everybody’s wages and job opportunities will decline with the deal, except for the newly legalized immigrants. That means the impact of immigration reform will have little, or no, or perhaps even negative, net impact on the consumption of goods and services. It could even result in a decline of GNP. How could the consumption of goods and services go up if everybody’s wages and salaries are going down? They can’t and so the claim by the Center for American Progress is patently wrong.

According to the CBO, a senate bill similar to President Obama’s executive action which failed in committee last year would have depressed wages of all workers for the next twelve years, “raise the unemployment rate,” and “result in higher interest rates.” Notice the corporate news media hasn’t reported these things to you.

The president’s action will also push the unemployment rate higher than it would otherwise be through 2031. Currently, the real unemployment is somewhere between 10 and 13 percent, which is higher than the official rate of 7 percent. The executive action will force more and more people to compete for a smaller number of jobs, and this will drive wages down.

According to the Pew Hispanic Research Center, 80 percent of undocumented immigrants work under the table, that is without paying income taxes. Most of these people are expected to move into better paying jobs in the legal job market, creating greater labor competition, and driving wages down.

This same process also occurred after the amnesty granted undocumented immigrants in December 1986. Real wages immediately began to plummet for the next six years and didn’t recover to their 1986 level until 11 years later. Check out the graph below from the Bureau of Labor Statistics website. You’ll see a big dip in real wages for everybody beginning in December 1986.

EES00500049_882127_1416709266790 - Copy

The CBO also reported, “Capital investment would rise primarily because the return that investors would earn on a given amount of investment would be higher under the legislation than under current law.” The rationale for this is given with economic jargon, but basically it boils down to this; lower wages will increase profit margins, and so members of the 1 percent will purchase more corporate stocks, bonds and politicians.

In other words, the president’s executive action ensures the 1 percent benefit by pushing down wages, salaries and other compensation and redistributing the difference between the old rates and the new lower rates into the hands of the 1 percent. Nice scam, but it gets worse.

The president’s action comes at a time of real declining average wages for all American citizens, and so things are now going to become worse for us. On top of this, the 1 percent has been stealing 95 percent of all income growth for the last four years. Now it might grow as high as 96 percent. We are in an economy heading for disaster.

Read Full Post »

95 percent of all income growth in the United States during the six years of the reign of President Obama has gone to the 1 percent, and most of that has gone to the top 1/10th of 1 percent. The 1 percent have used their ill gotten gains to corrupt government and enact legislation that redistributes income from the 99 to the 1 percent, such as privatization scams, deregulation schemes, and free trade treaties. The government also refuses to raise the minimum wage to follow such economic factors as productivity gains or inflation. The result of all of this is a downward pushing of wages of the US jobs that haven’t been shipped overseas. The difference between the old wages (or rather what they should be) and the new lower wages goes straight into the pockets of the rich via higher corporate profits, rising dividends, and surging share prices. That’s how income inequality has been created. That’s why the US economy is a rigged game in favor of the 1 percent.

That’s precisely why US worker pay as a percentage of Gross Domestic Product is at an all time low, and this depresses the demand for goods and services, and that is why the US economy is so historically weak; income inequality.

President Obama and Wall Street Senator Ron Wyden have been getting ready to serve up more of this inequality via the Trans Pacific Partnership, the largest income redistribution treaty of all time. They’re calling it a free trade treaty.

Read Full Post »

This is what the corruption of the US government has created. The corruption has been produced by tax cuts for the rich, and the fact that the rich organized to achieve this corruption, spurred on by the Lewis Powell memo of 1973 (Check that out online). This corruption has also spread to the so-called news media, whose editors edit and or omit all news stories that might spur the 99 percent to action against the corruption of our federal, state and local governments, as well as the corruption by GMOs of our food sources, among other things that benefit the 1 percent financially, but at the expense of the rest of us. In other words, the primary job of the editors of all major news outlets is to keep us blind to those who are waging financial and political war against us, as well as their actions and methods. The result of this corruption has made the pledge of allegiance into a pledge to corruption at all levels of virtually all aspects of public life, and this is the reality since corporations are the legal creations and tools of the 1 percent that function as a conduit to redistribute the income and wealth of the 99 percent to themselves. In other words, the pledge has become a dirty, rotten tool of the 1 percent to mislead us.

Read Full Post »

Older Posts »

%d bloggers like this: