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Posts Tagged ‘national income’

The 1 percent stole about 21 percent of all income produced in the United States in 2009, up from about 8 percent back in 1980. Now the 1 percent are stealing 36.6 percent of all income growth through the third quarter of 2014.

The economic game has been rigged even more by the 0.01 percent via legislation since 2009. Academic studies show that 95 percent of all income since 2009 have gone into the already fat wallets of the 1 percent.

Some simple math shows some interesting things.

According to the US Bureau of Economic Analysis, Americans earned a little over $12 trillion of income in 2009. All studies showed the 1 percent were stealing about 21 percent of that total, or about $2.5 trillion of that.

The total income produced by the people of the United States increased to more than $15.2 trillion in 2014.

Take that $15.2 trillion and subtract the $12 trillion produced in 2009. That’s $3.2 trillion. The 1 percent have used legislation to steal 95 percent of that $3.2 trillion, which means they’re stealing more than $3 trillion of that growth.

Now simply add the original 21 percent from 2009, which equals $2.5 trillion, and add the $3 trillion the 1 percent have been getting since 2009.

$2.5 trillion
+ $3.0 trillion

equals

$5.5 trillion going to the 1 percent

That’s out of the $15.2 trillion of total income produced by everybody and every business in the United States. In other words, roughly 36.67 percent of total national income goes to the 1 percent, compared to 8 percent thirty-four years ago.

This inequality is why demand for goods and services are so weak, which is why the economy is so historically weak. The 99 percent has considerably less money to spend on goods and services.

President Obama, along with Wall Street Senators Ron Wyden, Orrin Hatch and Mitch McConnell want to give even more of the national income to the 1 percent via the Trans-Pacific Partnership (TPP), the largest income redistribution scam in US history.

Among other things, the TPP will:

* give incentives for US corporations to export millions of US jobs. The Federal Reserve estimates that 28 million US jobs were exported between 1990 and 2010.

* increase US income and wealth inequality. The 1 percent have already taken 95 percent of all income growth in the United States since 2009. When the above jobs were exported, the difference between the old higher US wages and the new lower wages will go straight into the pockets of the 1 percent via higher corporate profits, rising dividends and surging share prices.

* Those lost jobs will no longer be paying the taxes for our infrastructure, social safety nets, schools, fire and police, but those lost jobs will push the stock markets higher.

* TPP will effectively eliminate your voting rights on local and state issues since it will unconstitutionally grant investors of the 0.01 percent special privileges to challenge labeling and health and safety local laws and regulations of the 99 percent, which most people call voter suppression, but in this case it should be called voter elimination,

* TPP will offer new monopolies for Big Pharma to raise medicine prices they charge you (which redistributes income from the 99 to the 1 percent),

* TPP will limit food safety standards (which redistributes and transforms your health into the profits of the 1 percent),

* TPP will block financial regulations aimed at preventing the next financial crisis (which will make it easier for Wall Street to redistribute your income and wealth to the 1 percent).

* TPP will destroy millions of jobs in Latin America (230,000 in the textile industry of El Salvador alone) forcing millions of undocumented immigrants into the United States.

* The result of the above will be to depress wages in both North and South America, all to the benefit of the 1 percent, and all at the expense of the 99 percent.

* And we can’t forget that TPP will increase the already massive US trade deficit with other nations, which is supposed to be a bad thing. The exported jobs will be producing goods overseas rather than here, and then US corporations will export their products from China and Vietnam into the United States, exacerbating the current trade deficit.

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Parasite Wall Street Mitt Romney says the US jobs numbers are catastrophic, horrible and even worse, and the US needs to cut taxes for corporations and the rich, as well as bust unions, to solve the problem. Then we’d open the floodgates to millions of jobs. That’s pure bull crap, and Wall Street Mitt knows it.

Right now US corporations are sitting on $1.7 trillion in the US and over $5 trillion worldwide. Apple Inc. is sitting on $117 billion. Why isn’t supply-side economics working? There’s only one answer. It never has. It was always a lie to deceive the 99 percent. So giving tax breaks to corporations and the rich will only allow them to purchase more political power with which to suck the rest of us dryer, thereby depressing the economy and jobs markets further. Then the 1 percent will use their financial muscle to legislatively steal more from the 99 percent and stick their ill gotten gains in their own pockets. That’s why Wall Street Mitt’s call for more tax cuts for corporations and the rich will only lead to more disaster for the 99 percent.

That’s precisely why labor’s share of total national income has sunk to its lowest level since records have been kept. That’s the real issue and the real economic point that needs to be made. Demand is weak because the middle and poor classes have been legislatively sucked financially dry by the parasites of the 1 percent.

Click the link below for the rest of the story.

Conservative Economic Lies Exposed–The Guardian UK

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