Wednesday, September 18, 2013

Economic Outrages

The whole point to cutting unemployment benefits is to CREATE more poverty and force wages and salaries of those still working to even lower levels in order to compete with the third world.

And even though we have a "Democrat" in the White House, despite or because of it (since he is actually a puppet for the elites who control both political parties) we have even worse poverty and lower living standards.

Despite more than four years of so-called “recovery,” American society remains plagued by mass deprivation and entrenched poverty. The “recovery” under Obama is limited to the wealthy and the super-rich, who have recovered all of the losses they suffered in the immediate aftermath of the Wall Street crash of September 2008 and grown richer than they were before the financial crisis. Social inequality has deepened as a result of policies designed to further redistribute wealth from the bottom of society to the top.

On Tuesday, one day before the release of the Census Bureau report, Forbes magazine published its annual list of the 400 richest Americans. The combined wealth of these 400 individuals rose substantially from the previous year—from $1.7 trillion to $2.2 trillion. This staggering figure is equal to 12 percent of the total annual gross domestic product (GDP) of the United States and two-thirds of the tax revenues collected in the US in 2013.

The personal holdings of this modern-day aristocracy are sufficient to cover the total deficits of the federal, state and local governments of the US, with many billions to spare. Their $2.2 trillion is greater than the wealth of the bottom 50 percent of Americans—150 million people. It is larger than the GDP of such countries as Italy, Canada and Mexico.

Just try and absorb that information about the top 400 richest. When individuals have more money than the GNP of entire countries, that should be an alarm bell something the hell is wrong.

Remember these superrich are that way because of Washington policies that shifted the tax burden away from them to the rest of us.

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