THE CONSPIRACY TO DESTROY THE AMERICAN
MIDDLE-CLASS:
Unions Partner with Obama and His Wall Street Cronies
OBAMA-CLINTONomics:
CEO PAY 300 TIMES GREATER
THAN WORKERS
“Historically
speaking, the rise in CEO compensation is tied to the global decline of
American capitalism and the increasing financialization of the economy. In 1965
the ratio of CEO to worker pay was 20 to 1. By 1978 the ratio had only grown to
30 to 1. It was only in the 90s that CEO pay reached absurd heights, rising
from 59 to 1 in 1989 to 376 to 1 in 2000.”
“In 2014 the
Russell Sage Foundation found that between 2003 and 2013, the median household
net worth of those in the United States fell from $87,992 to $56,335—a drop of
36 percent. …While the rich also saw their wealth drop during the recession,
they are more than making that money back. Between 2009 and 2012, 95 percent of
all the income gains in the US went to the top 1 percent. This is the most
distorted post-recession income gain on record.”
Estrada’s corporatist statement reveals that,
notwithstanding claims of apologists for the union
bureaucracy, the UAW has antagonistic relations
not with the automakers, but with the workers it
claims to represent. The profits extracted from
workers are not providing a brighter future for
anyone except the auto executives, Wall Street
speculators and the UAW apparatus.
Ford and GM announce huge quarterly profits
Ford and GM announce huge quarterly profits
By Josh Varlin
29 July 2015
US-based automakers Ford and General Motors posted huge profits in the second quarter of the year. Ford announced Tuesday morning that it made $1.9 billion, up 44 percent compared to the same quarter last year. The Business Insider noted that the profits had “crushed” Wall Street expectations.GM, which announced its profits last Thursday, reported an astounding 113 percent increase over the same quarter last year, up to $1.35 billion in pretax profits, excluding one-time items. The company claims this is the best measurement of gauging its fundamentals.
These immense profits are based on the increased exploitation of autoworkers throughout the world and in particular in the United States. With the assistance of the United Auto Workers (UAW), Ford and GM have slashed labor costs by hiring tens of thousands of lower-paid tier-two workers and offloading retirees’ health care costs to the UAW-run Voluntary Employees’ Beneficiary Association (VEBA) trust. Tier-two workers make up 19 percent of UAW workers at GM and 28 percent at Ford.
The incestuous relationship between the UAW bureaucracy and the automakers, which dates back to the late 1970s, was escalated dramatically with the 2007 contract betrayal, which introduced the hated two-tier wage system and handed billions of dollars to the VEBA fund. This was later expanded in the Obama administration’s 2009 bailout of the auto industry, in which the UAW agreed to lift the cap on tier-two workers for GM and Chrysler.
UAW-GM Vice President Cindy Estrada boasted after GM’s announcement, “Today’s higher than forecasted earnings announcement once again shows the hard work and sacrifices of UAW members during the tough economic times have led to a much brighter future for General Motors. This once again demonstrates that when we work together, we win together.”
Estrada has certainly prospered from the sacrifices of autoworkers. She makes $200,000 from her position in the UAW and as a trustee of the UAW Retiree Health and Welfare Benefits Trust (VEBA), plus an unknown amount as an officer of the UAW-GM Human Resource Center.
Estrada’s corporatist statement reveals that, notwithstanding claims of apologists for the union bureaucracy, the UAW has antagonistic relations not with the automakers, but with the workers it claims to represent. The profits extracted from workers are not providing a brighter future for anyone except the auto executives, Wall Street speculators and the UAW apparatus.
Rather than being reinvested for productive purposes, let alone to raise the living standards of autoworkers, tens of billions of dollars are being siphoned off by the financial aristocracy. Ford is engaging in a $1.8 billion stock buyback program, and GM is engaging in an even more ambitious $5 billion buyback, along with issuing another $5 billion in dividends.
Tellingly, the UAW, through its possession of more than $5 billion in GM stock in the VEBA trust, is the company’s largest stockholder. Its books went up by $200 million thanks to the announcement of GM’s buyback program.
The reactionary role of the Obama administration and the UAW is illustrated in the fact that the buyback deal came about through the work of Harry Wilson, a former member of Obama’s Auto Task Force. Wilson represents a group of hedge funds that pressured GM to funnel nearly half of its $25 billion cash hoard to wealthy investors.
OBAMANOMICS:
In essence, Obama handed the auto industry to Wall Street, which
was unsatisfied with relatively low profit margins and implemented
a savage restructuring plan to lower the break even point of the
automakers and guarantee high returns almost regardless of market
conditions. The measures implemented in the 2009
bailout—including tens of thousands of job cuts, the elimination of
income subsidies for laid off workers, the abolishing of the eight-
hour day, and the expansion of two-tier wages--enabled both GM
and Ford to increase their profit margins to above 10 percent this
quarter.
According to the Wall Street Journal, domestic automakers made
$9 billion in profits over the first half of the year in North America
alone. This is being cited to justify the plans by both the
automakers and the UAW to further tie workers’ income to so-
called profit-sharing schemes instead of base pay increases and
cost-of-living adjustments. In addition to whipping workers into
producing more, this holds the livelihoods of workers hostage to
the destructive decisions of auto execs and Wall Street investors,
which, as the deadly defect cases at GM and Chrysler showed, are
often criminal.
Fiat Chrysler will announce its second-quarter profits tomorrow; analysts at FactSet expect it to report pretax profits of $1.1 billion, up 4.1 percent from the same quarter last year. This is despite a wrist-slap fine for delaying the recalls of unsafe vehicles, which potentially led to at least 20 deaths. Approximately 45 percent of Chrysler workers are paid second-tier wages.
Despite the huge profits sweated from the working class, there are storm clouds on the horizon. Europe remains mired in economic crisis, car sales and production have dropped precipitously in Brazil, and the once hopeful Chinese car market, the largest in the world, is starting to collapse. Japan Automobile Manufacturers Association Chairman Fumihiko Ike warned that the Chinese market may be approaching a “downward spiral” that could affect the Japanese auto industry. Concerns over the Chinese car market extend across the global industry. According to the Wall Street Journal, Ford “is counting on the region to drive most of its growth through the end of the decade.”
UNIONS ASSAULT THE AMERICAN WORKER… just
like the Democrat Party, Wall Street, LA RAZA Fascist Party, and Mexico
“In
city after city, minimum wage laws have included union exemptions. The
pro-business US Chamber of Commerce published an extraordinary report last
year, “Labor’s Minimum Wage Exemptions: Unions as the ‘Low-Cost’ Options” which
provided details about many of these ordinances.”
“After
decades of betrayals, the unions are incapable of boosting membership through
appeal to workers. Instead, with the backing of a host of pseudo-left
supporters, the minimum wage ploy is being used to entice employers to install
unions in their workplaces and funnel money from workers’ already meager
paychecks into the bank accounts of the union executives.”
NAFTA,
the BUSH, CLINTON(S), and OBAMA DEVICE TO DESTROY THE AMERICAN MIDDLE-CLASS….
Is it working?
“This nation no longer is a democratic
republic...rather it has become a tool of the super-rich members of the above mentioned elite who
preselect our presidents based on their cooperation and complicity with the
elite’s ultimate goals. Obama has, in their opinion done superbly carrying out
the plans well laid out for him by his backers.”
Obama Quietly Erasing Borders
Article Link:
http://www.wnd.com/index.php?fa=PAGE.view&pageId=240045
“Sen. Jeff Sessions (R-AL) warned his colleagues in Congress that Americans
will vote them out of office in November if they do not act this week to thwart
President Barack Obama's plans to grant work permits and amnesty to up to eight
million more Americans via executive fiat.”
CRONY OBAMANOMICS – HOW OBAMA SQUANDERED AMERICA FOR HIS LOOTING WALL STREET BANKSTERS!
http://mexicanoccupation.blogspot.com/2013/09/the-reality-of-obamas-crony-capitalism.html
WITH THE MIDDLE-CLASS DEAD AND BURIED, WILL THE MEXICAN FASCIST PARTY of LA RAZA “The Race” HELP OBAMA BUILD HIS DICTATORSHIP? Do a search for Obama and La Raza Fascism!
While the growth of social inequality has dramatically accelerated following the 2008 crash, this is a continuation of a decades-long process. The report notes, “Top 1 percent incomes grew by 80.0% from 1993 to 2014. This implies that top 1 percent incomes captured almost 60% of the overall economic growth of real incomes per family over the period 1993-2014.”
In fact, the US government’s response to the 2008 crash has been dedicated to inflating the wealth of the super-rich while driving down incomes for the vast majority of the population. The White House has protected Wall Street executives from legal prosecution, while the Federal Reserve has handed out trillions of dollars in cheap money through “quantitative easing” programs, leading share values to triple on major US exchanges.
On Thursday, US President Barack Obama plans to unveil what he has called a major new policy initiative in a speech in La Crosse, Wisconsin. The proposal entails new federal rules that would make an additional 3 percent of the US population eligible for overtime pay. If adopted, the change would add a mere $1.3 billion to worker’s wages annually. This is a tiny fraction of the trillions of dollars that have been transferred to the financial elite since the 2008 financial crisis.
OBAMA: SERVANT OF THE 1%
Richest one percent controls nearly half of global wealth
The richest one percent of the world’s population now controls 48.2 percent of global wealth, up from 46 percent last year.
The report found that the growth of global inequality has accelerated sharply since the 2008 financial crisis, as the values of financial assets have soared while wages have stagnated and declined.
In fact, the US government’s response to the 2008 crash has been dedicated to inflating the wealth of the super-rich while driving down incomes for the vast majority of the population. The White House has protected Wall Street executives from legal prosecution, while the Federal Reserve has handed out trillions of dollars in cheap money through “quantitative easing” programs, leading share values to triple on major US exchanges.
OBAMA, HIS WALL
STREET CRONIES, THE DEMOCRAT PARTY, BILLIONAIRES, UNIONS and the U.S. CHAMBER
of COMMERCE CONSPIRE TO END THE AMERICAN MIDDLE-CLASS…. they call it amnesty!
HILLARY CLINTON: DEDICATED SERVANT TO
THE 1%, OBAMA’S CRIMINAL CRONY BANKSTERS and DISCIPLE of OBAMA-CLINTONOMICS for
the super-rich.
The central aim of Clinton’s speech
was to reassure the American financial oligarchy that, despite her occasional
lukewarm denunciations of corporate criminality and social inequality, she is a
right-wing, pro-business defender of Wall Street.
The speech makes clear that a Clinton
presidency will pursue the same pro-Wall Street policies of the Obama
administration, seeking to expand the fortunes of the super-rich at the expense
of the great majority of society, while invoking “fairness” and “equality” as
window dressing.
CRONY OBAMANOMICS – HOW OBAMA SQUANDERED AMERICA FOR HIS LOOTING WALL STREET BANKSTERS!
http://mexicanoccupation.blogspot.com/2013/09/the-reality-of-obamas-crony-capitalism.html
$3.39T Quantitative Explosion: Fed Owns More
Treasuries and MBSs Than Publicly Held Debt Amassed From Washington Through Clinton.
JUDICIAL
WATCH:
OBAMA
RANKS AS THE MOST CORRUPT PRESIDENT IN MODERN AMERICAN HISTORY
BARACK
OBAMA and the DEATH of the AMERICAN MIDDLE-CLASS.
WITH THE MIDDLE-CLASS DEAD AND BURIED, WILL THE MEXICAN FASCIST PARTY of LA RAZA “The Race” HELP OBAMA BUILD HIS DICTATORSHIP? Do a search for Obama and La Raza Fascism!
RASMUSSEN POLL: Hillary Clinton is a bad clone of Barack
Obama owned by the same bankster paymasters as Obama
CRONY CAPITALISM and the FALL of A DEMOCRATIC NATION
OBAMA’S LOOTING BANKSTERS AGREE TO FUND HIS
DICTATORSHIP…. They owned him from day one!
“The
vast sums of money pocketed by bank executives are bound up with activities
that range from borderline legal to flagrantly illegal. Nearly all of the CEOs
included on the list head banks that have been the subject of multiple
investigations and fines related to the rigging of global interest and foreign
exchange rates, mortgage fraud, money laundering, tax evasion and other crimes.”
OBAMA-CLINTONomics:
CEO PAY 300 TIMES GREATER
THAN WORKERS…. AMNESTY WILL MAKE THOSE FIGURES SOAR HIGHER!
“Historically
speaking, the rise in CEO compensation is tied to the global decline of
American capitalism and the increasing financialization of the economy. In 1965
the ratio of CEO to worker pay was 20 to 1. By 1978 the ratio had only grown to
30 to 1. It was only in the 90s that CEO pay reached absurd heights, rising
from 59 to 1 in 1989 to 376 to 1 in 2000.”
“In 2014 the
Russell Sage Foundation found that between 2003 and 2013, the median household
net worth of those in the United States fell from $87,992 to $56,335—a drop of
36 percent. …While the rich also saw their wealth drop during the recession,
they are more than making that money back. Between 2009 and 2012, 95 percent of
all the income gains in the US went to the top 1 percent. This is the most
distorted post-recession income gain on record.”
OBAMA-CLINTONomics: the final death of the
American middle-class
AMNESTY:
IT’S ALL ABOUT KEEPING WAGES DEPRESSED.
"While it is
not spelt out directly, the BIS critique of the present policies is an
expression of the fact that, in the final analysis, the source of all forms of
profit is the surplus value extracted from the working class. Therefore, the
only way for capital to overcome its crisis and restore stability is a massive
increase in exploitation."
While the growth of social inequality has dramatically accelerated following the 2008 crash, this is a continuation of a decades-long process. The report notes, “Top 1 percent incomes grew by 80.0% from 1993 to 2014. This implies that top 1 percent incomes captured almost 60% of the overall economic growth of real incomes per family over the period 1993-2014.”
In fact, the US government’s response to the 2008 crash has been dedicated to inflating the wealth of the super-rich while driving down incomes for the vast majority of the population. The White House has protected Wall Street executives from legal prosecution, while the Federal Reserve has handed out trillions of dollars in cheap money through “quantitative easing” programs, leading share values to triple on major US exchanges.
On Thursday, US President Barack Obama plans to unveil what he has called a major new policy initiative in a speech in La Crosse, Wisconsin. The proposal entails new federal rules that would make an additional 3 percent of the US population eligible for overtime pay. If adopted, the change would add a mere $1.3 billion to worker’s wages annually. This is a tiny fraction of the trillions of dollars that have been transferred to the financial elite since the 2008 financial crisis.
THE
MAN THAT CALLED HIS HOAX “HOPE & CHANGE”
'Incompetent' and 'liar' among most frequently used words to
describe the president: Pew Research Center
“The larger fear is
that Obama might be just another corporatist, punking voters much as the
Republicans do when they claim to be all for the common guy.”
OBAMA: SERVANT OF THE 1%
Richest one percent controls nearly half of global wealth
The richest one percent of the world’s population now controls 48.2 percent of global wealth, up from 46 percent last year.
The report found that the growth of global inequality has accelerated sharply since the 2008 financial crisis, as the values of financial assets have soared while wages have stagnated and declined.
OBAMA’S CRONY BANKSTERS DESTROY THE GLOBAL ECONOMY
OBAMANOMICS:
The escalation of global financial parasitism
In fact, the US government’s response to the 2008 crash has been dedicated to inflating the wealth of the super-rich while driving down incomes for the vast majority of the population. The White House has protected Wall Street executives from legal prosecution, while the Federal Reserve has handed out trillions of dollars in cheap money through “quantitative easing” programs, leading share values to triple on major US exchanges.
OBAMAnomics:
OBAMA AND HIS WALL STREET CRONIES LOOTING AMERICA!
These are only the most striking of a barrage of numbers reported in
recent weeks, demonstrating that for the US financial aristocracy, the Crash of
2008 has been used to engineer a historic redistribution of wealth.
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