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Originally posted by ConspiracyBuff
The only thing I wonder at this point is if we can defeat our own ‘military’…
“Low-wage work is pandemic.” Today in “freedom and democracy” America, “the world’s only superpower,” one fourth of the work force is employed in jobs that pay less than $22,000, the poverty line for a family of four.
In my opinion as an economist, the official poverty line is long out of date. The prospect of three people living on $19,000 per year is farfetched. Considering the prices of rent, electricity, water, bread and fast food, one person cannot live in the US on $6,333.33 per year. In Thailand, perhaps, until the dollar collapses, it might be done, but not in the US.
As Dan Ariely (Duke University) and Mike Norton (Harvard University) have shown empirically,
40% of the US population, the 40% less well off, own 0.3%, that is, three-tenths of one percent, of America’s personal wealth.
Who owns the other 99.7%?
The top 20% have 84% of the country’s wealth.
Those Americans in the third and fourth quintiles--essentially America’s middle class--have only 15.7% of the nation’s wealth.
Such an unequal distribution of income is unprecedented in the economically developed world.
The Republicans believe that the suffering of poor Americans is not helping the rich enough. Paul Ryan and Mitt Romney are committed to abolishing every program that addresses needs of what Republicans deride as “useless eaters.”
The “useless eaters” are the working poor and the former middle class whose jobs were offshored so that corporate executives could receive multi-millions of dollars in performance pay compensation and their shareholders could make millions of dollars on capital gains. While a handful of executives enjoy yachts and Playboy playmates, tens of millions of Americans barely get by.
I'm not at all impressed with Craig roberts article. For a former Reaganite, he seems pretty focused on the same old Democrat class warfare. Although he is correct about the low wages and the disparity between rich and poor, he does not explain how it got that way to my satisfaction. He will have to ask to audit the fed and stop printing money to pay for entitlements and other overspending by Congress to get my approval, as this is a direct correlation to why inflationary prices are higher than our wages can sustain. The war on the middle class is waged also by raising taxes, so don't be thinking that raising taxes will fix it. You have to cut spending first, because raising taxes just gives the govt more money to spend.
Originally posted by starseedflower
reply to post by ThirdEyeofHorus
The more you cut spending on people' s welfare in a country, the more people are not going to be able to spend because poor and hence more recession is going to come from it. Interesting enough there is enough money to keep the military industrial war machine in place, bail out the banks, feed the privately owned prisons. It is a vicious circle and people especially from the educated middle class need to speak up and point out the wrongs.