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Posts Tagged ‘percentage’

Here’s a stat that might blow your mind; if the 1960 federal minimum wage had kept up with US productivity increases, then the federal minimum wage would today be $22 an hour. Along with the decline of a lot of other people’s wages, the difference between today’s federal minimum wage of $7.25 per hour and the $22 per hour it should be, has been corruptly and legislatively directed into the pockets of the 1 percent by the corrupt politicians of the federal government simply refusing to jack up the minimum wage to where it should be. $14.25 is the difference between what should be and what is, and that difference has pushed the Dow Jones and other financial markets to record levels, along with corporate earnings, dividends and stock prices. Meanwhile, our schools and public infrastructure are made to starve for funds more and more, in part, because more and more wages are being redistributed from the 99 to the 1 percent, which are taxed at local and state levels, while the rich pay less and less of those taxes, and less and less federal taxes. So by keeping the federal minimum wage artificially low, the 99 percent are being robbed of wages, as well as reduced local and state tax bases, all of which create demand, which creates jobs.

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Income and wealth inequality is a big concern throughout, as a poll by the Pew Research Center shows. It should be pointed out that income and wealth inequality is growing because so many politicians have been purchased by the 1 percent to achieve this inequality.

Income and wealth distribution is a function exclusively of political power. Government’s sets the rules, and then reset them, mostly to benefit the 1 percent over the 99 percent.

People throughout the world have serious concerns about income and wealth inequality, according to a new poll conducted by the Pew Research Center, and as the graph to the side shows. Notice in Greece 84 percent of the population are concerned about this issue. Also note that government corruption is a massive problem in Greece, and note that it’s the 1 percent that does the corrupting and receives all the benefits of this corruption, and all at the expense of the 99 percent.

The same corruption, and at the same or similar scale, is occurring in the United States government, and at all levels, but the people of the US are less concerned about income and wealth inequality than the folks in Greece. That’s because the US corporate media is also corrupted, and it serves its owners and shareholders, who are members of the 1 percent. So the US corporate propaganda media dutifully keeps the American public ignorant. The other reason why citizens of the US are less concerned about inequality and government corruption that brings it about is because the 1 percent has not sucked them as dry as the 1 percent of Greece has sucked the 99 percent as dry there.

As of 2011, the United States rated as the 75th worse nation in the world in terms of income distribution. Greece was rated 39th. Why are the Greeks protesting in the streets and Americans are not? Who knows? We can throw a few guesses out there. As mentioned above, Americans are starved for information and kept, for the most part, deliberately ignorant by the corporate propaganda machine about these issues compared to the their Greek counterparts.

Of course, the US is larger in territory and greater in natural resources than relatively tiny Greece, and these factors may play a role in giving Americans a higher standard of living than the people of Greece. So, in a way, income in the US can be legislatively redistributed from the 99 to the 1 percent, as has been the case for the last thirty-two years, and Americans can still have a higher standard of living than the Greeks. Of course, it is possible the US social safety nets might be stronger, as well.

Most likely it is a combination of these and other factors that see Greeks rise up while overweight Americans sit in their chairs, a GMO loaded hotdog in one hand and a beer in the other, while watching the television shows, and sports and news programs intended to distort their reality.

Notice when it comes to inequality, Canadians have as much concern about this issue as US citizens, and yet Canada ranks 30th in the world in income inequality, way ahead of the US. It’s interesting that Fox News was banned in Canada because of a law there that makes it a crime for a news organization to lie to the public. Currently, Fox has a limited broadcast area in Canada. It is much bigger in the US where Fox is the most glaring example of a propaganda machine for the 1 percent. That is, in fact, the sole reason for its existence, or, at least, it seems to be.

This suggests perception is very important, and the US propaganda machine (we erroneously call the news media) plays a big role in suppressing dissent in the US by keeping our minds off certain subjects, such as income and wealth distribution and redistribution. This also suggests the US propaganda machine has done its job well.

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Actually, what Warren asks is, If the minimum wage had been allowed to grow at the same rate as productivity growth since 1960, it would be $22 an hour today. So who got all the money?

The answer is simple. The 1 percent redistributed all the money to themselves using federal legislation, while orchestrating a propaganda campaign via the corporate propaganda machine known as the news media, to ensure public opinion has been for the things that redistribute income from the 99 to the 1 percent, such as trickle down economics, freely shipping jobs overseas treaties, and tax cuts for the rich. Of course, it helps that legislators such as Wall Street Senator Ron Wyden are so easily bought off.

So today, rather than a robust economy with strong demand because people are earning more money, we have an incredibly bad economy because demand is weak. We also have a massively corrupt federal government, along with state and local politicians that are also corrupted by big money, such as Wisconsin Governor Scott Walker. That’s what all the income redistributed from the 99 to the 1 percent over the last 33 years has purchased.

In 1979, the 1 percent received about 7-8 percent of all the income earned in the United States. Nowadays, they’re stealing over 30 percent, which leaves less money for the 99 percent to demand goods and services. And the economy is getting weaker because this thief from the 1 percent continues. They’ve stolen 95 percent of all the income growth in the US since 2009. And all that money they’re stealing goes toward purchasing more government corruption, more Wall Street scams, more income being redistributed from the 99 to the 1 percent, and more propaganda from the misnamed corporate news media to make us stupid and ignornant. Thank you, Senator Wyden, Wall Street’s useful idiot.

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President Franklin Roosevelt(FDR)  understood the ratio several decades ago. The more money the super rich have, the more they use it to buy more politicians, the more they use it to purchase more legislation that redistributes income from the 99 to the 1 percent. That’s why FDR successfully pushed for a high top marginal tax rate of 90 percent. It served to ensure a maximum wage, according the book FDR: Traitor to His Class.

The graph below shows the ratio, as it currently stands.

The Reagan tax cuts released a ton of money into the political markets to purchase favors detrimental to the 99 percent, such as free trade treaties, privatization scams, military buildups, wars,  etc….

The average middle class person pays a higher percentage of their income in total US taxes than the parasites of the 1 percent if you count federal taxes, state income taxes, sales taxes, payroll taxes, property taxes, excise taxes, other local taxes, and more. This is one of the many things the rich have purchased in the political markets.  One other thing should be pointed out. It’s true the rich pay a much higher portion of total federal taxes in the US than the middle class, but that’s because they’ve received most real income increases during the last thirty years. For example, in 2011, the 1 percent stole over 93 percent of all US income growth. It’s been over 80 percent in each of the last five years. This is another thing the rich have used the money they’ve received from tax cuts to purchase in the political markets.

The parasites of the 1 percent then take this money, and buy more legislation to redistribute more and more income from the 99 percent. The most glaring example is currently being secretly negotiated between the US, 600 corporate lobbyists and eleven other nations. It’s called the Trans Pacific Partnership. It’s also been called Nafta on Steroids. However, it really is a mechanism to redistribute income and political power from the 99 to the 1 percent.

 

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The chart above shows it all. Productivity measures the amount of goods and services produced per worker. Productivity has grown over the years, but the only people who have gained from it are members of the 1 percent. This is because they’re continuously using their political clout to buy legislation from corrupt, depraved, politicians, such as Wall Street Senator Ron Wyden, and Wall Street Congressman Earl Blumenauer.

Both of these boys are supposed to represent the people of Oregon, but they don’t. They represent Wall Street on all economic matters, but they fool the people of Oregon by vocally, but not legislatively, supporting them on all social matters. The local propaganda media, The Oregonian newspaper, always covers up this little charade so as to mislead its readers as to the real purpose of Blumenauer and Wyden being in political office: to redistribute income and wealth from the 99 to the 1 percent via legislation.

Political corruption is why the 99 percent, the people who produce all the goods and services, haven’t received any real pay increases since 1979. That is, when inflation is factored in to pay raises, real spending power has been stagnant. It’s really worse than that because most citizens over the last thirty-three years have also experienced declines in their health benefits and the elimination of their retirement packages, all of which have been redistributed to the 1 percent.

In the meantime, the people who produce no goods or services, the super rich parasites erroneously known as the “elite parasites,” have stolen all of the profits produced by massively increased productivity growth throughout the economy and throughout the decades through their purchases in the political markets, and the easily bought off corporate wing of the US Supreme Court.

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From the Pew Research Center

 

According to new research from the Pew Research Center, this year, a record 36 percent of young adults (18-31 years) live with their parents. That’s up from 34 percent in 2009, the year the Great Recession officially (so we’re told), but not really, ended.

Since 1981, the percentage of young adults living at home hovered around 31 percent. The Great Recession continues to change that.

As usual, the folks at Pew don’t seem to understand the underlying reasons why this has occurred. They cite three reasons why the trend is increasing. By the way, the phase “Millennials” is used to describe the 18 to 31 year old people in their report.

1. “Declining employment. In 2012, 63% of 18- to 31-year-olds had jobs, down from the 70% of their same-aged counterparts who had jobs in 2007. In 2012, unemployed Millennials were much more likely than employed Millennials to be living with their parents (45% versus 29%).

2. “Rising college enrollment. In March 2012, 39% of 18- to 24-year-olds were enrolled in college, up from 35% in March 2007. Among 18 to 24 year olds, those enrolled in college were much more likely than those not in college to be living at home – 66% versus 50%.”

3. “Declining marriage. In 2012 just 25% of Millennials were married, down from the 30% of 18- to 31-year-olds who were married in 2007. Today’s unmarried Millennials are much more likely than married Millennials to be living with their parents (47% versus 3%).”

Those reasons seem okay, but they’re like looking at a house that’s burned down and saying a fire caused that. Wouldn’t a more important question be, “What caused the fire?” Ergo, they’re saying more Millennials are living at home because less of them have jobs. The more important question is, Why is this so?

The answer is that over the last thirty years, the federal government has been corrupted by big money, and so our favorite politicians continue to pass legislation that redistributes income from the 99 to the 1 percent, such as corporate trade treaties, erroneously called “free trade treaties.”

The result is that less and less of the income produced in the United States goes to the 99 percent. The 99 percent took home about 92 percent of the national income in 1978. The economy created almost 4 million private sector jobs that year because the 99 percent had enough money to demand the goods and services necessary to create those jobs. That’s almost 250 thousand private sector jobs per month that was created, despite the economy being about 50 percent the size of today, and with only about 58 percent of the population.

In the last three months, the economy has created an average of 175 thousand jobs on average, a fairly high rate for the last thirteen years, and a massive underachievement worthy of Bart Simpson. That’s because the 99 percent nowadays only get about 68 percent of the total income produced in the nation, so the demand for goods and services is far less than those days when the 99 percent had a voice in the federal government.

The 1 percent doesn’t use their money to buy the goods and services necessary to create jobs. They purchase such things as derivatives, stocks, bonds, gold, politicians such as Wall Street Senator Ron Wyden, and legislation that redistributes income from the 99 to the 1 percent.

The war against the middle class continues, more and more income and wealth is being redistributed to the 1 percent via the corrupt federal government every week, so that this low grade Depression we’re in will get worse in the long run. So we can anticipate a growing number of young people will have no choice but to live with their parents in the years to come.

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The big banks have conspired to withhold millions of homes from the market in violation of federal laws. The Obama justice department intends to do nothing about it. That’s because the bankers purchased the US Department of Justice at least thirty years ago. They bought President Obama five years ago, maybe earlier.

The banksters have illegally driven the prices of homes up, thereby illegally redistributing income from middle class home buyers to rich shareholders and other members of the 1 percent. However, it looks like the housing market is about to collapse.

Mortgage applications are down, down, down and going down further. They’re near historic lows. Thirty year fixed mortgages are the only kind that are up. Mortgage interest rates have risen to around 4.5 percent, a rise of roughly 38 percent from around 3.25 percent just six months ago.

By illegally rigging the housing market, the banksters have forced people to dive into the market before the illegally rising prices put them out of financial range of owning homes. This stampede has driven interest rates higher. Nice illegal scam, isn’t it? The banks and the 1 percent have found another way to suck the 99 percent dry.

Buyers are rushing into thirty-year fixed mortgages, which are at the still bleak June 2011 level. This suggests that people are trying to lock in what are still low interest rates. All other mortgages, such as thirty and fifteen year variable mortgages, have dropped to historic lows.

For this year, total mortgages peaked during the week of May 5, and they’ve been sliding ever since. Of course, they may not slide forever. However, the reality of the housing market is income distribution.

Currently, the 99 percent receive about 68 percent of all income created in the US. That’s down from about 92 percent thirty-three years ago. In other words, the middle class doesn’t have the bucks to sustain an artificial and illegal housing bubble. The 1 percent has stolen their purchasing power via federal legislation and invested that money in assets that are designed to suck the 99 percent dryer, like mortgage backed bonds, student loan backed bonds, credit card backed bonds, and politicians to do their bidding, such as Wall Street Senator Ron Wyden and Wall Street Congressman Earl Blumenauer.

This redistributive process continues, and it hasn’t slowed down, which means next year, the middle class will less money to burn, while the 1 percent has more money with which to continue acting as parasites to the 99 percent. So it is possible this housing bubble is leaking a ton of air no matter how many homes the banksters keep off the market.

Mortgage Daily News–Graphs

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