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Posts Tagged ‘Ronald Reagan’

The United States Senate Majority leader is a moron and or a liar; his name is Mitch McConnell. Want to know how far we have come from being a nation with many relatively honest politicians to the flaming liars of today? Check out the video below. McConnell rightfully claims the United States yearly debt is rising. This was caused by the Trump/McConnell tax cuts of last year, which mainly went to the rich and their corporations, and starved the US government of funds.

McConnell, however, blames Social Security, Medicare and Medicaid. In the video below, the late President Ronald Reagan calls it as it is with regard to Social Security. It is not part of the federal budget and does not contribute to the federal deficit.

Think about how far the Republican leadership has come down to where the Senate majority leader feels he needs to lie to the press and people. The Democratic Party leadership is just as guilty. It is all a big game of lies played by the two major political parties and much of the corporate news media.

I should like to point out that President Reagan was not noted as a truth teller, but compared to the corruption we have today in both major political parties, sometimes the former president can be a breath of fresh air.

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We can pretty much see from the graph above what the Trump tax plan does. It raises taxes on those couples earning less than $80,000 a year, and reduces taxes on those earning more, until you get to the million dollar couples.

However, beyond the graph is something more illuminating, and both the liberal and corporate so-called news media won’t mention this because they don’t want you to know.

Income and wealth inequality will increase under Trump’s tax plan. In the United States, the top 1 percent already steal via legislation and trade treaties about 37 percent of all income produced in the United States, compared to just 8 percent in 1980. In addition, wealth inequality, already the most unequal in US history, will increase under Trump’s plan.

Do you know why? Because that’s what the Republicans and some Democrats like Wall Street Senator Ron Wyden want to do!

Trump’s tax cut proposal will also reduce corporate tax rates, which will, quite naturally, result in higher corporate after-tax profits, which will then be redistributed to rich shareholders and bigwig corporate officers in the form of surging share prices and rising dividends. It will also help bid up the price of corporate bonds since corporations will be able to offer the rich higher rates of return with corporate tax cuts. Trump’s tax plan is really a plan to redistribute more money to himself and rich Democrats and affluent Republicans from the rest of us.

The government will experience greater budget deficits, which will mean reducing federal funds for Social Security, Medicaid, Aid to Needy Children, Food Stamps, etc…while, of course, maintaining or increasing funding for the military (which benefits only the rich).

Trump’s tax plan essentially calls for continued inflating of the current stock market bubble. Historically, the bigger the bubble, the greater will be the shock to the rest of the economy.

Naturally, one can look at the Republican created stock market bubble of the 1920s, and the income and wealth inequality that fueled that bubble, which led directly to the Great Depression. Then there was the Reagan bubble, and after a short blip of a recession in 1991 that cost President George H.W. Bush the presidency, the bubble renewed under the vigorous presidency of Wall Street’s very much owned Bill Clinton.

Under Clinton, there was a tech bubble, a telecommunications bubble (Bill signed the legislation guaranteeing it), a housing bubble (Bill refused to sign the legislation that would have prevented this), and, of course, all of these helped to fuel a stock market bubble (also fueled by exporting jobs to Mexico thanks to Clinton’s NAFTA). When the bubbles burst in 2001, the economy became a shambles.

Sure, the incompetent, corrupt and worst president in US history, President George W. Bush, followed the incompetent and corrupt President Bill Clinton into office, and did some really stupid things, like passing a tax cut for the rich that helped to create negative job growth in his eight years. However, to some degree, the economy under George W never recovered from the Clinton bubbles. It still has not, and likely never will, not without a major shift in political power from the billionaires who control both major political parties to people who will represent working folks, like Bernie Sanders and Elizabeth Warren.

Trump’s proposed tax cuts for the rich shows who is in control. It isn’t Trump, and it isn’t congress. A handful of billionaires need the bubble to continue to expand. Otherwise, they will lose trillions of imaginary dollars when it bursts, like back in 2008.

The best evidence of this collusion is Trump himself. When Trump was running for president he verbally assaulted in the most vicious of ways Chinese currency manipulation. The president has made certain not to mention this since shortly after he became president. This suggests one or more billionaires grabbed him by the lapels and told him if he mentioned Chinese currency manipulation again the billionaire’s club would take him behind the woodshed and give him a good political beating. Why would they do that?

When the Chinese manipulate their currency, it increases the profits of US corporations that manufacture in China and export those products to the US, and this, as you might suspect, fuels the stock market bubble.

As a senator, former President Obama also viciously attacked Chinese currency manipulation. However, once he became president Obama never mentioned the issue again, at least not in public. This suggests the same billionaires also threatened to take President Obama behind the political woodshed if he ever mentioned the subject again.

This suggests the same billionaires control both major political parties. Or, more than likely, there are two groups of billionaires, each in control over a major political party. However, it also suggests both groups close ranks when they have a common goal, such as making certain the public doesn’t know about how Chinese currency manipulation enriches them at the expense of everybody else, just like Trump’s tax cuts will.

 

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One of the main components of Nazi Germany was the collusion between industry and government against the interests of the German public. Historians have long noted that the rise of Adolf Hitler in Germany could not have occurred without the consent of Germany’s rich folks and powerful corporations.

The rise of Ronald Reagan to the US presidency marked the most important inroad into political power by the rich in the USA since the 1920s. By the 1990s, the rich controlled both major political parties. Since then, we’ve had nothing but bubbles fueling US economic expansions. So in this corruption and collusion, we clearly have a fascist government of the rich, with spokespeople whose jobs are to divide us along a large number of lines, including race, ethnicity, guns, abortion, transgender bathrooms, etc….

One of the best examples of the power of this corruption is with Genetically Modified Foods (GMOs). They have been linked to tumors, asthma, obesity, liver damage, allergies, cancer, and other health issues since they entered the US food chain during President Bill Clinton’s reign of error; Clinton, many Republicans, and Democrats such as Wall Street Senator Ron Wyden, obviously considered corporate profits more important than the health of the US people.

Our health is a product to be redistributed to major corporations, such as Monsanto (now owned by Bayer),  and morphed into corporate profits, higher share prices and surging dividends.

The US Food and Drug Administration (FDA) approved placing GMO foods into the US food chain despite limited testing, and the only testing that was accepted by the FDA was provided by the GMO corporations, like Monsanto. Needless to say, the CEO and rich shareholders at Monsanto had wonderful incentives to limit testing and any scientists whose research showed the harm of GMOs would be smeared with GMO corporate lies.

A recent posting on GMO Free USA (Facebook) recounts one of the victims of corporate smears and lies.

“1998: The year Biotech launched its war on science. Arpad Pusztai, an impeccably qualified scientist, received a grant to develop standard animal feeding trial testing methods to assess possible toxicological effects arising from the GMO plant transformation process. The rats fed the GMO potatoes in his feeding study developed organ damage, immune defects, and other health problems. Dr. Pusztai’s response to the study finding was to say… “If I had the choice, I would certainly not eat it. I find it’s very unfair to use our fellow citizens as guinea pigs.”

Dr. Pusztai was humiliated, discredited, fired and legally silenced. Biotech’s anti-science campaign continues to this day. Feel like eating one of those Simplot GMO potatoes? Or how about some GMO Arctic apple slices?”

READ: http://www.psrast.org/pusztai.htm
READ: http://www.theguardian.com/…/academicexperts.highereducatio…
READ: http://gmofreeusa.org/research/gmo-science-research/

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President Donald Trump has proposed tax cuts for the rich and corporations, which is another way of saying Trump wants tax cuts for the rich and then more tax cuts for the rich. In other words, the person who will most likely benefit from the Donald Trump tax cuts is billionaire Donald Trump. The 99 percent will get virtually nothing. In other words, Trump’s tax plan is designed to create greater income and wealth inequality in a nation that already has the most income and wealth inequality among the industrialized nations.

You will note in the video above, while they make some good points about Trump’s tax cuts for the rich, the folks at MSNBC fail to mention growing income and wealth inequality because the Wall Street controlled Democratic leadership doesn’t want its station MSNBC to mention it any more than the billionaires who control the Republican Party want their news outlets to mention it. Currently, the rich steal anywhere from 24 to 38 percent of all income produced in the United States, compared to 8 percent in 1980. In addition, the richest 10 percent of Americans own more wealth than the bottom 90 percent, a historic and still growing record.

As corporations get tax cuts, much of those tax savings will go to the rich via higher corporate profits, rising dividends, and surging stock prices. The rest of us will suffer the consequences. In addition, of course, corporations will have more money to invest, supposedly to create jobs, as if giving corporations tax cuts will magically increase consumer demand. That’s not likely. So what will they invest in?

Historically, US corporations buy other corporations, especially rivals, when they receive tax cuts or higher profits. This, of course, creates redundancies in a variety of job areas, such as accounting and computer technicians. When mergers occur, employees are the first thing to go in order to eliminate those redundancies. Of course, to help pay for these mergers, income will be redistributed from those who work for a living to the idle rich as US jobs are exported to low-wage nations and the difference between the higher paying US jobs and the new lower wage jobs in China, India and elsewhere will fuel corporate profits, and push up dividends and share prices. This fuels the bank portfolios of the rich, and this obviously creates greater income inequality. That’s what those free trade treaties have been negotiated to do, and Democrats, like Wall Street Senator Ron Wyden, are not stupid little boys and girls who are ignorant of this fact.

This is one of the reasons why there is not a shred of evidence that supply-side economics, otherwise known as tax cuts for the rich, has ever created a single job, but there is plenty of evidence tax cuts for the rich and corporations have destroyed US jobs. Under President George W. Bush, tax cuts were enacted for the rich, making certain that the growth in jobs and real wages were negative, the only time in US history that has occurred under a single president since Republican Herbert Hoover.

Naturally, there are other things the Republicans are refusing to mention.

Gary Markstein / Creators Syndicate

There will be an increased federal deficit of $2.5 trillion, which is typical under irresponsible Republican administrations and Congress, just like the Reagan years, and the other twelve years under the Bush presidents. Naturally, cutbacks in federal spending will be proposed.

Republicans and some Democrats will insist the US is not spending a sufficient number of dollars on its military, so that will not be subject to reductions. The US spends more on the military than the next 25 nations combined, 24 of whom are US allies, but clearly, that’s insufficient because US military spending is quite profitable. However, social security, Medicare, Medicaid, and other less profitable programs that help the politically powerless will be on the table for cuts if Trump’s tax cuts for the rich sails through Congress.

The rich, of course, have stolen just about all real income and wealth increases over the last thirty-five years, thanks to their financial abilities to corrupt both major political parties and the federal government in the process. Naturally, their dirty money has also corrupted most state and city governments. So, obviously, the financial and political deck is completely stacked against the 99 percent.

Luckily, the Democrats in the US Senate will object to this irresponsible behavior because the billionaires of Wall Street who control the party will object to it. That’s the only reason why Democratic senators like Ron Wyden will likely oppose the legislation. Even some Republicans may oppose Trump’s tax plan because it is completely against the national interest, that is if one assumes the citizens of the United States who make up 99 percent of the population are a part of that national interest.

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President Donald Trump is proposing more tax cuts for the rich. He claims there will be no loss of federal revenue with his tax cuts. This is the standard Republican Party Establishment lie.

Given that Trump’s plan is similar to what Trump proposed on the campaign trail, the Committee for a Responsible Federal Budget (CRFB) did a rough cost estimate of his latest ideas and concluded they could cost $5.5 trillion in lost revenue during the first decade.

CRFB estimates the overall cost could go as high as $7 trillion if limits on tax breaks that the plan suggests apply only to high earners. Or the cost could fall to $3 trillion “assuming credits and exclusions are eliminated as well as deductions.”

This means sharp cuts to programs the middle class and poor need, while, no doubt, keeping welfare programs for the rich, such spending more on the military than the next 25 nations combined, 24 of whom are US allies. Corporate subsidies are also welfare for the rich since they help keep corporate profits and the stock market bubble growing, all of which mostly redounds to the rich.

Oh, and we can’t forget the next biggest lie; tax cuts for the rich trickles down the the 99 percent in the form of jobs. There is not one shred of evidence that giving tax cuts to the rich has created a single net job. There is plenty of evidence, on the other hand, that tax cuts for the wealthy have destroyed millions of US jobs.

That’s because the rich usually invest their tax cuts gains in the stock, bond and political markets. They buy up politicians by the barrel full and then have their politicians pass legislation that will keep inflating their stock, bond and housing bubbles, which means exporting millions of jobs overseas and then redistributing the difference between the old higher US pay and the new lower third world slave labor pay to the rich via higher corporate profits, surging stock and bond markets, and rising dividends.

In the meantime, due to the reduced tax revenue, our roads and bridges will continue to crumble, our public schools will continue to be financially gutted, the cost of entering a public park will continue to rise, the unemployment rate will rise, and so on and so forth.

Don’t be fooled by the same lies President Ronald Reagan and Dick Cheney and Arthur Laffer fed us. Tax cuts for the rich will not pay for themselves, nor will they create jobs, but they will corrupt your government more, and it is already the most corrupt in the developed world. Both major political parties are corrupted to the core.

 

This suggests that any working class concerns addressed by Trump during the campaign has been rendered moot. Trump, in other words, is now completely owned and 100 percent influenced by Wall Street and the Republican National Committee and their corporate owners.

By the way, a story in Newsweek puts it a little less scary than I. “‘…while major tax cuts have been enormously beneficial to the wealthy by reducing their taxes and increasing their incomes the most, the distribution of benefit for working people has been comparatively negligible. That is not the argument of some liberal politician—it was the finding of Martin Feldstein, the chief economic adviser to President Ronald Reagan, in his analysis of the Tax Reform Act of 1986.'”

Feldstein, in other words, said the creation of jobs by tax cuts for the rich “has been comparatively negligible.”

Click here for the full Newsweek story.

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President Trump signed his newest executive order, rolling back the insanely weak Wall Street regulations balled up in a piece of legislation called Dodd-Frank.

This legislation does almost nothing to regulate Wall Street. However, no doubt, protests will erupt around the globe over essentially nothing. That’s because the big banks are merely acting as front companies for their much larger hedge funds, which are nearly completely unregulated investment companies. So yes, the front companies are weakly regulated by Dodd-Frank.

Have no fear! Like many executive orders, this one is illegal. It takes an act of congress to repeal Dodd-Frank. Then the president can sign the legislation repealing the law. Apparently, Trump doesn’t know this. He’s beginning to appear as ignorant on constitutional matters as President George W. Bush (the worst president in US history, and most likely the most corrupt and dumbest, as well) and the childlike naivety of President Ronald Reagan, who may have been suffering from Alzheimer disease during much of his presidency, at least according to his son, Ronald. I could also point out that when Reagan came on national television about trading arms for hostages with Iran he could say, “I don’t remember.” He sounded like a liar, or a person suffering from the disease. Anyway, back to the main point.

We’ve been played by both major political parties on the authenticity and legality of executive orders. They are not mentioned in the US constitution, so no president has such powers. But the leaders of both major parties make certain not to let the public know this.

So don’t blow too much steam over Trump. He’s either foolish, or he’s playing a role to maintain the support of those who put him in office. He’s big on theatrics, so it’s possibly the latter.

Look to the future. Trump is a one-term president because he’s coming along at the wrong time and the wrong place in history.

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20150224_problemThe financial collapse of 2008 was the worst recession since the Great Depression. Give President Obama and his administration credit for saving the economy from the depredations of Wall Street despite massive Republic resistance to resuscitating it, which they did solely for political gain. However, this historically weak recovery masks a startling reality.

Only one perpetrator of Wall Street crimes was ever brought to justice, and he wasn’t a big figure in the massive corruption going on. In March 2009, Obama met with Wall Street leaders and said, “I stand between you and the pitchforks. I am on your side and I will protect you.”

Only one banker from that era was prosecuted. That was Bernie Madoff, and the only reason he was carted off to prison was because he stole from rich people. And not one other Wall Street criminal executive went to jail after stealing billions via fraud, money laundering of Mexican drug cartel profits, and numerous other crimes. Many became his financial advisers, which meant Obama pursued policies to redistribute income from the 99 to the 1 percent for eight long years.

At all times, Obama refused to bite the hand that funded his past, present and future, as well as funding much of the Republican and Democratic Parties. In other words, Obama was largely, if not completely, in the back pocket of Wall Street as were President Bill Clinton, both President’s Bush, Ronald Reagan, Hillary Clinton, Mitt Romney, Wall Street Senator’s Ron Wyden, Mitch McConnell and Orrin Hatch.

Obama operated in a cesspool corruption. He was part of the problem, not the solution.

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fed-says-2-1

The Federal Reserve Bank is expected to raise interest rates tomorrow. It will most likely be a mild increase of 1/4 to 1/2 percent.

The US and world economies are heading for a recession worse than the last one, and it should begin by June 2017, give or take a few months. Then President Donald Trump will get the blame, as well as the Republican US senate and the Republican US House of Representatives.

The Republicans will blame the Federal Reserve. Blame the recession and its dire impacts on the effects of Reaganomics, which has been a long-term policy of redistributing income from the 99 to the 1 percent (I doubt Reagan intended it that way). That decreased the demand for goods and services on the part of the 99 percent, and has led to a series of bubble economies for the United States since the 1980s.

The result has been the weakest economic growth in US history under President George W. Bush. The job gains under Bush numbered less than 1.4 million jobs total, with declining real wage growth. Things have been quite a bit better under President Obama. However, the job growth numbers under Obama are far worse than any other president since and including Jimmy Carter, with the exception, of course, of Bush.

Carter had the best monthly job growth numbers of any president since 1976. See Why Did President Jimmy Carter Create More Jobs Per Year Than Any President Since Him? JohnHively.wordpress.com

The Fed and everybody else expect the current economic expansion to continue. That’s insane. All the indications and variables suggest we are on a crash course with a massive recession by June 2017. See The New Recession is Knocking at the Door, and It’s Going to Be Worse than the Last One–JohnHively.Wordpress.com

Only two US business expansions have lasted longer than 100 months. The third longest expansion began under President Ronald Reagan and lasted 92 months. Including this month, the current expansion is 91 months. That means by next June it will have lasted 98 months. Given the weaknesses of the current US economy, we most likely won’t make it much longer than June.

The Federal Reserve will likely raise interest rates tomorrow and hasten the coming of the next recession by a month or two.

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Bernie Sanders Wall Street

On Tuesday, Bernie Sanders lost the California primary, as well as a few other states. On Thursday, Sanders gave somewhat weak signals that he is ready to support the Democratic Wall Street candidate. Bernie told reporters after meeting with Wall Street President Barack Obama at the White House that he will ally himself with Hillary Clinton in the fight against Donald Trump.

Regardless, Bernie Sanders has built a grassroots movement that can and will only get bigger. There’s a hurricane of a recession coming down the pike, with gale force winds. It’s going to be worse than the last recession because the economic policies the US government has been following for the last thirty-five years, and the last eight, have redistributed income and wealth from the 99 to the 1 percent, curtailing the demand for goods and services. See The Coming Recession: It’s Going to Be a Big One

Currently, the 1 percent steal 37 percent of all the income produced in the United States, compared to 8 percent in 1980. That means the 99 percent has less money to burn.

The current political and economic situation looks a lot like 1928. Then came the Great Depression storm, and then came President Franklin Delano Roosevelt, and the New Deal. In 1976, Gerald Ford defeated Ronald Reagan for the Republican presidential nomination. Four years later, after successfully negotiating with the Iranian government to keep the American embassy hostages until after the election, Reagan ushered in the modern tyranny of the 1 percent with Reaganomics when he became president. See Argo Helps Iran’s Dictatorship Harms Democracy–The Christian Science Monitor.

That era is about to end.

This coming recession means the next president is likely going to be a one term president.

Then it’ll be our turn. Bernie is 74 years old, and highly unlikely to run for president again. That means our political revolution against the 1 percent will sprout fruit most likely in the form of progressive majorities in the US house and senate, as well as the next US president. That could be Elizabeth Warren.

So while Bernie lost the Democratic primary election, he planted and cultivated a people’s movement to reclaim our democracy and take it back from the plutocrats of the 1 percent, such as Wall Street Senator Ron Wyden.

Our time is coming. Don’t give up. This Democratic primary fight was just the first round. Plenty of billionaires want you to give up, especially since we are on the verge of winning.

Think about the late Muhammad Ali. He didn’t give up against the most powerful government in the world when he refused induction into the US military because of his religious beliefs. It took some time, but he won! We will too!

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Billionaires on a Bus-Simplified-01 1
According to a new report by the Oxfam Institute, An Economy for the 1 Percent, the richest 62 people in the world own more wealth than the bottom 50 percent of the world’s population.

According to Oxfam, “The gap between rich and poor is reaching new extremes. Credit Suisse recently revealed that the richest 1% have now accumulated more wealth than the rest of the world put together. 

Meanwhile, the wealth owned by the bottom half of humanity has fallen by a trillion dollars in the past five years. This is just the latest evidence that today we live in a world with levels of inequality we may not have seen for over a century. An Economy for the 1% looks at how this has happened, and why, as well as setting out shocking new evidence of an inequality crisis that is out of control. Oxfam has calculated that:

1.  In 2015, just 62 individuals had the same wealth as 3.6
 billion people at the bottom half of humanity. This figure is down from 388 individuals as recently as 2010.
2.  The wealth of the richest 62 people has risen by 44% in the five years since 2010that’s an increase of more than half a trillion dollars ($542 billion), to $1.76 trillion.
3.  Meanwhile, the wealth of the bottom half fell by just over a trillion dollars in the same perioda drop of 41%.
4.  Since the turn of the century, the poorest half of the world’s population has received just 1% of the total increase in global wealth, while half of that increase has gone to the top 1%.
5.  The average annual income of the poorest 10% of people in the world has risen by less than $3 each year in almost a quarter of a century. Their daily income has risen by less than a single cent every year
The Oxfam report doesn’t mention everything the rich have been able to purchase with their ill-gotten robberies, such as both major political parties in the USA, as well as in most other nations. Most government regulatory agencies throughout the world, such as the USDA, and the Securities and Exchange Commission, have also been bought and  managed by the 1 percent.
This corruption of governments is precisely why President Obama and Wall Street Senator Ron Wyden want to continue to redistribute income and wealth from the 99 to the 1 percent, a process that has been ongoing in the United States since Ronald Reagan became president.

Every US senator, President Obama, and most members of the US house of representatives know, or example, that the Trans Pacific Partnership (TPP) will force China to manipulate its currency vis-a-vis the US dollar by 15 percent, if this income redistribution agreement is rammed through congress. This will roughly double the profits of US corporations manufacturing things in China who happen to export these items to the United States, such as Dell, Microsoft, Nike, Adidas, Black and Decker, Gerber, and hundreds of others.

By the same process, this will make US exports to China profit losers, costing millions of US export jobs. But this forced currency manipulation will also encourage US companies who manufacture things for sale in the USA, as well as for export to nations other than China, to export millions of US jobs to China. What Corporate Chief Executive Officer wouldn’t export whatever jobs they could to China if their profits would double by doing so?

Every manufacturing job supports three other jobs, like the local waitress, teacher, plant manager, fire fighter, accountant, bookkeeper, retail clerk, plumber, contractor, and more. So that the exportation of say 5 million jobs will result in the loss of another 15 million. However, it is more than likely that the TPP will gut most of whatever is left of the US middle class by tens of millions.

Right now, 50 percent of US adults are considered middle class, down from 61 percent in 1970. Within three years of the enactment of the TPP, only 30-40 percent, or less, of US adults will be considered middle class. And that’s how the rich get richer.

When a corporation exports jobs, the difference between the old higher US pay and the new lower Chinese or Vietnamese pay goes straight into the pockets of the 1 percent via higher corporate earnings, rising share prices and surging dividends. The job losers might get several months of unemployment checks, if they’re lucky.

In other words, the TPP is a massive scam to force US companies to ship millions of US jobs to China, and gutting what remains of the US middle class, in the process. Wall Street senator’s such as Ron Wyden, Orrin Hatch and Mitch McConnell, as well as President Obama, are 100 percent behind this scam.

According to Oxfam, “The global inequality crisis is reaching new extremes. The richest 1% now have more wealth than the rest of the world combined. Power and privilege is being used to skew the economic system to increase the gap between the richest and the rest (such as the TPP). A global network of tax havens further enables the richest individuals to hide $7.6 trillion. The fight against poverty will not be won until the inequality crisis is tackled.”

The TPP will make income and wealth inequality grow. That’s what it’s all about. That’s what is has been negotiated to do.

 

 

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