Rewarding Failure
Robert Scheer in The Nation:
Welcome to the brave new world of post-bailout capitalism. The Commerce Department announced Tuesday that corporate profits are at their highest level in US history, and the Fed released minutes of an early November meeting in which officials predicted a stagnant economy and continued high unemployment.
The lead on the New York Times story read like a line from a Dickens novel: “The nation’s workers may be struggling, but American companies just had their best quarter ever.” What the Times story neglected to mention is that the bulk of the increase in corporate profits was nabbed by the financial industry rather than manufacturing and other productive sectors. A whopping $33.3 billion out of the total corporate profits increase of $44.4 billion went to the banks and investment houses that those same workers had bailed out with their tax dollars.
Most of us weren’t expecting a thank-you card from the financial sector, but even a modicum of humility would be nice.
Now, if companies are doing better than ever…where are the jobs we were assured would start to appear when those companies started doing well?
Much of the rest of the corporate profit, in the non-financial sector, was also taken out of the hides of workers through increased “productivity” growth—meaning they had produced more for less personal income. Case in point: the plant that GM is reopening in Orion Township, Mich., where, under a deal negotiated with the beleaguered UAW union, 40 percent of the workers crawling through cars on the assembly line will be paid fifteen bucks an hour. That’s about half the traditional UAW wage.
In other words: these companies have figured out how to get more for less by holding workers hostage. If you want to keep your job, you’ll settle for less money. Otherwise, you too, can join the ever burgeoning ranks of the long term unemployed.
Congress-Presidents
Sat silent while Milken and Mob destroyed an institution for middle class –S&L
Sat silent while Reagan and Conservatives began transfer of our Wealth to 10%
Sat silent during Housing Robberies by Rich WSA.
Sat silent as WSA became Casino Derivative Of America.
Sat silent for:::
20 years of three conservative presidents -
18 years a Conservative Senate-
12 years a Conservative House
6 years Total Conservative Control
From 1945 to 1981 we had creation of Great Middle Class and restraint of Rich Monarchies
From 1980 to 2009
1% took 281% of Total Income Growth
1% took their wealth from 20% to 43%
WSA took our Jobs to China-India and Mexico
20 years of 3 presidents we got 99,000 net new jobs per month or just enough to cover new entries,
Carter + Clinton got 222,000
1% got wealth increase from stock in killing machines and creation of wars to make more killing machines.
1% got Income/Wealth Increase by Huge Tax Cuts from Reagan and Bush II.
In 2009 the richest 400 paid 17% in Individual Income taxes.
In 2009 the Conservative government got 175.% of Total National Income to operate our federal government
We borrowed 1400B to assure 1% got their Tax Cuts and Profits from two horrid Wars,.
Numbers–Income 12,000B–Spent 3600B–Revenues 2100B—(2100:12000=17.5%)
It required 30% of Total Income (3600 :12,000)to pay our way but 1% needed more wealth– so- cut tax cut cut cut tax
Let kids pay tomorrow
In 2008–Top 20% of Income paid 30% of Total Income in Federal-State-Local Income Taxes. Middle 40% paid 28.5%
That is Progressive Taxation?
Had Gore won in 2000 we would be smiling and singing happy songs with full employment–no wars- no deficits
not 2,300,000 good jobs in China not America.
WSA vsMSA A slaughter. Rich won.
OK to publish what I write
clarenceswinney-political historian-lifeaholics of america-burlington nc
author-lifeaholic–Success by working for a Life not just a Living.
great xmas gift- young married-college students
university president-every student should have this information amen
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