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Posts Tagged ‘Mitch McConnell’

The United States Federal Reserve Bank issued a report in September 2017 showing that the top 1 percent of US income earners now own almost twice as much wealth as the bottom 90 percent of Americans. Notice the corporate media did not cover this report. They did not want us to know this stuff.

Anyway, wealth is defined as assets, such as stocks, bonds, futures options, houses, cars, clothes, trinkets and such.

The graph above is straight from the Federal Reserve Bulletin. Notice the bottom 90 percent have seen their wealth drop from nearly 38 percent of the total wealth in 1989 to 23 percent today, a 40 percent drop. Meanwhile, the 1 percent has seen their wealth grow from just under 30 percent in 1989 to 38.6 percent today. The 1 percent also own more wealth than those people among the 90 to 99 percent, but just barely.

The reason the 1 percent has gained so much wealth while the 90 percent has lost it is that the rich are stealing it from everybody else via their corruption of both major political parties, and such corrupt politicians as Donald Trump, Mitch McConnell, Orrin Hatch, Paul Ryan, and Ron Wyden.

In the same report, Federal Reserve researchers discovered the rich stole a record-high 23.8% of the overall US created income in 2016 (See graph below), up from 8 percent in 1980. However, the current figure appears to be understated. At least one report shows the rich are stealing 37+ percent of the total income produced in the United States. The Fed’s report showed the bottom 90% of families now make less than half of the country’s income. That figure slipped to 49.7% in 2016, down by more than 20% since 1992 (It is likely the drop is greater according to another study).

The reason why the billionaires are getting wealthier and the rest of us are becoming poorer is because of such things as trade agreements via political corruption, privatization scams, tax cuts for the rich, unrestricted campaign finance donations, mandatory testing of public school students K-12, student loans, Federal Reserve and US government rescue of mortgage-backed bondholders by the tens of trillions of dollars (See The $26 Trillion Dollar Bailout to Save the 1 Percent, a totally corrupt corporate wing of the US Supreme Court (John Roberts, Clarence Thomas, Samuel Alito, Neil Gorsuch, and Anthony Kennedy),  etc…. Corruption in US politics have not been this bad since the Gilded Age, and this is how the rich are getting richer by stealing from the rest of us.

Millions of US jobs have been exported since 1992, thanks to trade treaties negotiated to ensure US corporations can export jobs to low wage nations, as well as create jobs in these poverty-wage nations rather than here. The difference between the old higher US wages and the new lower extreme poverty wages in Mexico (where the minimum wage is $4.70 a day), China, Bangladesh, Vietnam and elsewhere goes straight into the already fat wallets of the well-to-do parasites of the millionaire and billionaire classes.

The job losers (the producers) might get unemployment insurance if they are lucky. The rich take their stolen loot and purchase wealth, such as stocks and bonds. The job losers often have to sell their assets to cover their expenses as they search for new jobs that typically pay less than what they once earned.

This is a nice income and wealth redistribution scam that every Democratic and Republican senator and member of the House of Representatives know very well. Every president since and including Ronald Reagan and Barack Obama have known this scam.

The billionaires continued their war against the 99 percent when the US Senate passed their tax cut for the rich and their corporations. And so the war continues against the 99.5 percent. This is class warfare at its most one-sided.

You can find the report from the Federal Reserve at https://www.federalreserve.gov/publications/files/scf17.pdf. The graphs are located on pages 11 and 12 if I remember correctly.

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Hillary Clinton’s new book, What Happened shows she is completely out of touch with reality and voter’s anxieties over the economic policies that have redistributed trillions of dollars from the 99 to the 1 percent. These policies were championed by her, former President Bill Clinton, former President Barack Obama, former President George W. Bush, and a host of other Republicans and Democrats, such as Mitch McConnell, John Boehner, and Wall Street’s favorite brown-noser, Wall Street Senator Ron Wyden.

In her book, Clinton blames Bernie Sanders for her defeat in the presidential election. She claims Sanders candidacy split the progressive vote. Hogwash! Hillary lost the presidential election because she is a gold plated pawn of Wall Street. Voters were tired of their jobs and tax dollars being exported to Mexico, China, and Vietnam. Clinton supported the policies that did this. Wall Street loved her support for these policies.

The CEOs of Wall Street, other major corporations, and billionaire investors rewarded her and her husband with $150 million in speaking fees from 2001 to 2016, at $225,000 a pop. Progressive voters knew that yes big money had gotten her to change her mind on legislation cutting back on the abilities of working folks to declare bankruptcy on behalf of the big banks who had purchased her lock, stock and barrel (See video above). Progressives knew the mind boggling millions of jobs that would have been exported from the United States to China with the Trans Pacific Partnership, which she called the “gold plated standard” for trade agreements. Then, of course, there was her support as Secretary of State for the coup that overthrew the lawful government of Honduras and resulted in the death of hundreds. You could go on and on about why progressives could not and would not support Candidate Clinton, but you cannot blame Bernie Sanders.

Hillary is completely out of touch with reality, but the book suggests she might want to run for president again.

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For the past several years, US job growth has been weaker on a monthly average than when Jimmy Carter was US president. There’s a reason for this and a lot has to do with US corporations exporting jobs. Click here for that story. This brings us to former President Obama.

As a United States senator, Barack Obama demanded President George W. Bush do something to counter Chinese currency manipulation. As president, Obama mentioned Chinese currency manipulation one time. Then some politically powerful billionaires likely placed their arms over Obama’s shoulder and probably said something like, “Don’t mention that again, or we’ll take you behind the wood shed.”

Notice President Trump railed against Chinese currency manipulation as a candidate and hasn’t said a word about it as president. It’s likely some of his fellow billionaires threatened to take him behind the woodshed too if he ever mentioned the issue again.

This is because millions of US jobs have been exported to China; and US corporations have created millions of jobs over there rather than here thanks to President Bill Clinton and President George W. Bush, both of whom gave China “most favored nation trade status,” and which allowed US corporations to export US jobs and create jobs in China rather than here.

When China manipulates its currency vis-a-vis the US dollar, it increases the profit margins of US corporations manufacturing in China and exporting to the US, while simultaneously decreasing the profit margins of companies manufacturing in the US and exporting their goods to China. This is why all those Nike, Dell, Apple, Treetop, Campbell’s Soups, and thousands of other things are made nowadays in China and exported to the US rather than in the United States. See the-trans-pacific-partnership-the-op-ed-the-liberal-and-conservative-corporate-media-doesnt-want-you-to-see–JohnHively.wordpress.com

This is one of the reasons why income and wealth inequality has grown so great during the last thirty-five years. In the US, the top 1 percent own more wealth nowadays than the 90 percent lowest Americans, and that gap is growing.

The Federal Reserve Bank and the US Treasury could easily counter Chinese currency manipulation, but those organizations work for the billionaires and not for the rest of us. In the meantime, the US economy weakens over the long haul. That’s because workers wages now represent a smaller portion of US gross domestic product since 1947. That’s because when jobs are exported the difference between the old higher US wages and benefits and the new lower foreign wages with no benefits goes straight into the fat wallets of the billionaires via higher corporate profits, rising dividends, and surging share prices. Trade agreements, nice scams huh?

This is precisely why the rich are now stealing about 37 percent of all income produced in the United States, compared to 8 percent when Carter was president in 1980. This is why job growth was greater under Carter on a per monthly basis than nowadays even though the US economy was only about 40 percent the size of today’s US economy, and the population was only 60 percent the size of today’s US population.

This is something to reflect on when some Wall Street US Senator like Ron Wyden says we need more trade agreements to create more jobs. When Wyden, or Wall Street Senator Mitch McConnell says crap like this, you know it’s a lie.

 

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The entire Republican Party (Think John Boehner, Mitch McConnell, Donald Trump) and nine-tenths of the Democratic Party (Think Hillary and Bill and Ron Wyden) managing the US federal government have been committed to redistributing trillions of dollars of income and wealth from the 99 to the 1 percent. The result has been wonderful for people who are already rich, and pretty much own the politicians of both major political parties as they do dogs on leashes. This has been devastating to those whose incomes and wealth have been redistributed to the rich and powerful leash holders.

According to AARP Bulletin, “Older Americans are selling their prescription painkillers to drug dealers to raise needed cash.”

Written by Joe Eaton, the story begins with “Over a span of about two years, Ajellon Dedeaux, a 29-year-old drug dealer, sold thousands of prescription painkillers on the illicit drug market near Sacramento, California. Finding customers was easy. The hard part was finding a supply of pills. A reliable source?

“Older people,” Dedeaux said in an email sent from a federal prison in Arizona. Dedeaux is serving twelve years for drug dealing.

According to Eaton, “Some (Retired Americans) sell their pills due to a financial crisis or to make ends meet.”

Retired Americans are forced to do this due to poverty and they also find it easy to gain prescriptions from doctors. Of course, if their insurance covers most of the cost of the pills, they can and are forced to illegally sell the painkillers to drug dealers.

“If they discover they can make $20 a pill on the street, then it becomes a temptation to supplement their income,” said Charlie Chichon, executive director of the Ntional Association of Drug Diversion Investigators.

According to convicted drug dealer Austin Serb, “A patient who is prescribed three pills a day can make up to $3600 a month,” which may be far more than many retired people receive from Social Security, 401Ks, IRAs, and pensions.

Of course, this is one of the side effects of ensuring that 36 percent of the yearly income produced in the United States goes to the 1 percent, up from 8 percent in 1980. Wall Street Senator Ron Wyden is most likely the biggest scam artist in Washington D.C. Wyden pretends to support seniors while voting to exports tens of millions of jobs overseas, including pensions.

When Social Security can easily be strengthened with expanded payments to seniors, simply by eliminating the cap currently at $127,200, Wall Street Senator Ron Wyden continues his cozy relationship with rich Wall Street folks, which is why he has always made certain to do nothing but keep exporting our tax paying jobs overseas. Wyden’s Wall Street masters do not want the cap eliminated. One of Wyden’s favorite ploys is to pretend he cares about seniors while gutting programs that help them, like exporting jobs overseas by the millions and thereby redistributing payments to social security by the millions to the uber rich whom he supports.

Click here for the story from Eaton.

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The billionaires David and Charles Koch now own the Republican Party, which should be called the Death Panel Party for wanting to steal the health care insurance from 23 million US citizens, but that’s another story. These two people have driven the United States out of the Paris Climate Accords, which will prove to be financially beneficial to them, and against the overwhelming majority of US citizens who support the Pact. Think about it.

Two billionaires have overwhelmed the will of a hundred million non-billionaires, which is the majority of voters. That’s how corrupt government has become. Of course, the Koch’s had help, some of which they bought with their dollars.

Twenty-two Republican Senators sent a letter to President Donald Trump last week urging US withdrawal from the Paris climate agreement. Together, these skunks received more than $10 million dollars in campaign funds from fossil fuel interests. In the old days, these campaign contributions would have been called bribes. My how words matter!

The two-page letter was signed by a number of Republican heavyweights from coal/gas/oil-rich states, including Senate Majority Leader Mitch McConnell of Kentucky, Roy Blunt of Missouri, Orrin Hatch of Utah, Jim Inhofe of Oklahoma and Ted Cruz of Texas.

The Guardian newspaper calculated the oil, gas and coal industries bribed the twenty-two senators with a total of $10,694,284 during the last five years. See Death Panel Party Senators Paris Climate Deal Energy Donations-the Guardian

However, that sum does not even come close to a number of undisclosed funds coming from the deep pockets of Charles and David Koch’s coal, oil and gas conglomerate, Koch Industries, and other outside groups.

As the Guardian explains:

“Visible donations to Republicans from those industries exceeded donations to Democrats in the 2016 election cycle by a ratio of 15-to-1, according to the Center for Responsive Politics. And that does not include so-called dark money passed from oil interests such as Koch Industries to general slush funds to re-elect Republicans such as the Senate leadership fund.

“At least $90m in untraceable money has been funneled to Republican candidates from oil, gas and coal interests in the past three election cycles, according to Federal Election Commission disclosures analyzed by the Center for Responsive Politics.”

Jeffrey Sachs, a professor of economics and director of the Earth Institute at Columbia University, told his views on Trump’s climate walkout in an interview with Bloomberg News. Sachs referenced the senators’ letter and specifically cast blame on the billionaire oil barons for pulling the strings of Republican party leaders, like they were Koch puppets, who both supported exiting the Paris accord.

“This is the victory paid and carried out for 20 years by two people, David and Charles Koch,” Sachs said. “They have bought and purchased the top of the Republican party. Trump is a tool in this.” In other words, Trump is officially now a puppet of the Koch Brothers in their war against the 99 percent according to Sachs and many others.

The Death Panel Republican Party is funded by the Koch brothers, and it’s funded by the coal industry. The Kochs and Big Coal insisted that Scott Pruitt, the Attorney General of Oklahoma that sued the EPA 19 times on clean air, clean water, soot, mercury issue, become the head of the EPA in our country. They got what they paid for.

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The Republican Party leadership has shown its true colors for all the world to see. The loyalty of Wall Street Senator Mitch McConnell, as well as most of the rest of the Republican establishment, is to Wall Street and large corporations and to the Koch Brothers. McConnell and the Republicans were willing to put an end to the filibuster against US Supreme Court candidates desired by big business. Neil Gorsuch was the most pro-billionaire, anti-original intent jurist yet selected to the highest court. See Gorsuch is not an Original Intent Candidate: Another Reason Why Trump’s Supreme Court Nominee is Not Fit to Be a US Supreme Court Justice–JohnHively.wordpress.com

Now, let’s see if McConnell will do something to show his loyalty to the Republican grassroots and put an end to the filibuster so that it cannot be used against legislation that is intended to end legalized abortion. The answer, of course, is no he won’t. That’s because McConnell and most of the rest of the Republican Party establishment are loyal only to corporate profits, surging dividends and the stock market bubble that is within a few months of bursting.

No doubt, the Democratic Party establishment is also against ending the filibuster when it comes to legislation. The Democratic grassroots would then demand an increase in the minimum wage to $15, single payer health insurance, renegotiate trade treaties to stop US corporations from exporting US jobs (Republican grassroots would also demand this), and a lot more.

The billionaires who control the Democratic and Republican Parties wouldn’t want to see any of this occur. These things would put downward pressure on their profits, dividends and share prices. It’s Warren Buffett (Democrat) vs the Koch Brothers (Republican), Costco (Democrat) vs Walmart (Republican), etc….

So don’t expect Wall Street Senator Mitch McConnell to put an end to the filibuster when it comes to legislation, especially as it pertains to abortion, even though the Republicans control the white house and both houses of congress. That will never be allowed to happen. The billionaires won’t let it.

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Rexnord Corporation is closing its ball bearings plant in Indiana, laying off its 350 workers, and exporting those jobs to Mexico. In addition, as part of its US workers severance package, many of those workers are training their Mexican replacements, who will $3 an hour with no benefits. John Feltner is a machinist earning $25 an hour in the Indianapolis, Indiana plant. He resents having to train his replacement, but he’ll lose his severance package of $5,000 if he refuses.

Most of the difference in pay between US and Mexican workers will go straight into the pockets of wealthy shareholders. Rexnord’s share price peaked at $30.82 in April 2014. It’s been dropping ever since. It hit a low of $14.72 on January 15 2016, rose a tad, and has stayed stagnant since, hovering around $22. No doubt CEO Todd Adams is hoping that exporting jobs to Mexico will increase its bottom line and attract investors to bid up the share price and his compensation. His CEO pay is tied to the share price thanks to legislation signed by then President Bill Clinton.

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Exporting jobs and CEO pay tied to corporate share price are two of the biggest factors in the widening gulf between the 1 percent and everybody else because they redistribute income and wealth from one group to the other. Currently, six individuals own more wealth than the bottom 50 percent of humanity, while the 1000 richest individuals own more wealth than the bottom 70 percent. Currently, in the USA, the 1 percent steal 35 percent of all income every year, compared to 8 percent in 1980, thanks to their ownership of such politicians as the Clinton’s, Wyden, Mitch McConnell and Orrin Hatch.

John Feltner and his 350 fellow workers lost their jobs thanks to Bill Clinton, who signed legislation deregulating Wall Street, as well putting his signature on the North America Free Trade Agreement (NAFTA. NAFTA was negotiated by Clinton’s representatives with an eye to getting US corporations to export US jobs to Mexico in order to boost their bottom lines. After he left the presidency, Wall Street rewarded the Clinton’s for their service to the tune of tens of millions of dollars. The Clinton’s are still faithful servants of Wall Street in their war against the middle class, such as the workers at the Rexnord plant.

We also can’t forget Democratic Wall Street Senator Ron Wyden has continuously supported redistributing the income of the middle class to billionaires. The Democratic Party is corrupted to the core by big money, though maybe a bit less than the Republican Party. But then again, maybe not.

“The big picture is that American jobs are leaving this country to exploit cheap labor,” Feltner said. “When you start taking away the middle class, what do you have left?”

This is the sentiment that President Donald Trump played to so effectively during the 2016 presidential campaign. It spoke to John Feltner somewhere down deep.”

“He’d been a loyal union man for years, been raised on the notion Democrats were the party of the working man and made calls for Democrats from union phone banks. But after the trade agreements that Bill Clinton and Barack Obama signed, and after Trump spoke to the plight of workers at places such as Carrier, John Feltner broke ranks.

With the layoff fresh on his mind, he cast his November vote for Trump. He says most of his rank-and-file union members did the same.”

And what were those workers supposed to do? Support Hillary Clinton who aspired to export millions of US jobs to China via the Trans Pacific Partnership (TPP), which was being negotiated on behalf of Wall Street by then President Barack Obama?

Feltner and his fellow employees don’t know what they’re going to do once their jobs are gone. Thank you Bill Clinton. Thank you Barack Obama.

For more on this story, click the following link, Rexnord’s Indiana Plant Exported to Mexico–USA Today

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