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Posts Tagged ‘affluent’

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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By now, everybody with the exception of dumb downed Fox News Viewers knows the truth of the headline of this story. But there is something that is probably less well known. Here it is; all of the corporate news media do the same thing, only the difference between them and Fox News is a matter of degree and not of kind. That’s why we need to go to the Internet, to truthout.org, to the Guardian of England, to Al Jezeera, to the BBC, to find the real news.

In 1904, the brilliant economist Thorstein Veblen wrote in Theory of Business Enterprise, “The first duty of an editor is to edit and omit all news stories with a view to what the news ought to be.” The corporate news media, including the New York Times, continues to follow this rule. Veblen also wrote, The second duty of an editor is to not offend advertisers.

Wall Street, Goldman Sachs, Nike, Microsoft, Apple and hundreds of other corporations rely heavily on redistributing income from the 99 percent to the one percent via free trade treaties. The difference between the old wages here and the new lesser wages over there are redistributed to the one percent via higher corporate profits, rising dividends and increased share prices. The losers of those jobs may get unemployment insurance if they are lucky.

So don’t expect any stories from any corporate media outlets about how free trade treaties have redistributed income, and wiped out much of the tax base that supports our schools and local government services. The same is true of deregulation and other methods of redistributing income and wealth from the 99 to the one percent. And you certainly won’t find any stories about how thirty plus years of tax cuts for the one percent have brought about all of the above, but also corrupted our government and courts, especially the corrupt corporate wing of the US supreme court.

Click here for the story about Fox News and the Dumbing Down of Its Audience

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