THE CRONY CLASS:
OBAMACLINTONOMICS
was created by BILLARY CLINTON!
Income inequality grows
FOUR TIMES FASTER under Obama than Bush.
“By the
time of Bill Clinton’s election in 1992, the Democratic Party had completely
repudiated its association with the reforms of the New Deal and Great Society
periods. Clinton gutted welfare programs to provide an ample supply of cheap
labor for the rich (WHICH NOW MEANS OPEN BORDERS AND NO E-VERIFY!), including a
growing layer of black capitalists, and passed the 1994 Federal Crime Bill,
with its notorious “three strikes” provision that has helped create the largest
prison population in the world.”
*
“Calling income and wealth inequality the "great
moral issue of our time," Sanders laid out a sweeping, almost unimaginably
expensive program to transfer wealth from the richest Americans to the poor and
middle class. A $1 trillion public works program to create "13 million
good-paying jobs." A $15-an-hour federal minimum wage. "Pay
equity" for women. Paid sick leave and vacation for everyone. Higher taxes
on the wealthy. Free tuition at all public colleges and universities. A
Medicare-for-all single-payer health care system. Expanded Social Security
benefits. Universal pre-K.” WASHINGTON EXAMINER
OBAMA’S WALL STREET and the
LOOTING of AMERICA – SECOND TERM
The
corporate cash hoard has likewise reached a new record, hitting an estimated
$1.79 trillion in the fourth quarter of last year, up from $1.77 trillion in
the previous quarter. Instead of investing the money, however, companies are
using it to buy back their own stock and pay out record dividends.
Megan McArdle Discusses How
America's Elites Are Rigging the Rules - Newsweek/The Daily Beast special
correspondent Megan McArdle joins Scott Rasmussen for a discussion on America's
new Mandarin class.
POLL: MOST INCOMPETENT AND
DISHONEST PRESIDENT SINCE…. Well, isn’t Obama merely Bush’s THIRD and FOURTH
TERMS??
OBAMA’S CRONY CAPITALISM
A NATION RULED BY CRIMINAL WALL STREET
BANKSTERS AND OBAMA DONORS
PATRICK BUCHANAN
After Obama has completely destroyed
the American economy, handed millions of jobs to illegals and billions of
dollars in welfare to illegals…. BUT WHAT COMES NEXT?
OBAMANOMICS: IS IT WORKING???
Millionaires projected to own 46 percent of
global private wealth by 2019
By Gabriel Black
18 June 2015
Households with more than a million (US) dollars in private wealth
are projected to own 46 percent of global private wealth in 2019 according to a
new report by the Boston Consulting Group (BCG).
This large percentage, however, only includes cash, savings, money
market funds and listed securities held through managed
investments—collectively known as “private wealth.” It leaves out businesses,
residences and luxury goods, which comprise a substantial portion of the rich’s
net worth.
At the end of 2014, millionaire households owned about 41 percent
of global private wealth, according to BCG. This means that collectively these
17 million households owned roughly $67.24 trillion in liquid assets, or about
$4 million per household.
In total, the world added $17.5 trillion of new private wealth
between 2013 and 2014. The report notes that nearly three quarters of all these
gains came from previously existing wealth. In other words, the vast majority
of money gained has been due to pre-existing assets increasing in value—not the
creation of new material things.
This trend is the result of the massive infusions of cheap credit
into the financial markets by central banks. The policy of “quantitative
easing” has led to a dramatic expansion of the stock market even while global
economic growth has slumped.
While the wealth of the rich is growing at a breakneck pace, there
is a stratification of growth within the super wealthy, skewed towards the very
top.
In 2014, those with over $100 million in private wealth saw their
wealth increase 11 percent in one year alone. Collectively, these households
owned $10 trillion in 2014, 6 percent of the world’s private wealth. According
to the report, “This top segment is expected to be the fastest growing, in both
the number of households and total wealth.” They are expected to see 12 percent
compound growth on their wealth in the next five years.
Those families with wealth between $20 and $100 million also rose
substantially in 2014—seeing a 34 percent increase in their wealth in twelve
short months. They now own $9 trillion. In five years they will surpass $14
trillion according to the report.
Coming in last in the “high net worth” population are those with
between $1 million and $20 million in private wealth. These households are
expected to see their wealth grow by 7.2 percent each year, going from $49
trillion to $70.1 trillion dollars, several percentage points below the highest
bracket’s 12 percent growth rate.
The gains in private wealth of the ultra-rich stand in sharp
contrast to the experience of billions of people around the globe. While wealth
accumulation has sharply sped up for the ultra-wealthy, the vast majority of
people have not even begun to recover from the past recession.
An Oxfam report from January, for example, shows
that the bottom 99 percent of the world’s population went from having about 56
percent of the world’s wealth in 2010 to having 52 percent of it in 2014.
Meanwhile the top 1 percent saw its wealth rise from 44 to 48 percent of the
world’s wealth.
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.
As the Organization for Economic Co-operation and Development
(OECD) has noted, in the United States “between 2007 and 2013, net wealth fell
on average 2.3 percent, but it fell ten-times more (26 percent) for those at
the bottom 20 percent of the distribution.” The 2015 report concludes that
“low-income households have not benefited at all from income growth.”
Another report by Knight Frank, looks at those with
wealth exceeding $30 million. The report notes that in 2014 these 172,850
ultra-high-net-worth individuals increased their collective wealth by $700
billion. Their total wealth now rests at $20.8 trillion.
The report also draws attention to the disconnection between the
rich and the actual economy. It states that the growth of this ultra-wealthy
population “came despite weaker-than-anticipated global economic growth. During
2014 the IMF was forced to downgrade its forecast increase for world output
from 3.7 percent to 3.3 percent.”
OBAMA-CLINTONomics: the
never end war on the American middle-class. But we still get the tax bills for
the looting of their Wall Street cronies and their bailouts and billions for
Mexico’s welfare state in our borders.
While the wealth of the rich
is growing at a breakneck pace, there is a stratification of growth within the
super wealthy, skewed towards the very top.
In 2014,
those with over $100 million in private wealth saw their wealth increase 11
percent in one year alone. Collectively, these households owned $10 trillion in
2014, 6 percent of the world’s private wealth. According to the report, “This
top segment is expected to be the fastest growing, in both the number of
households and total wealth.” They are expected to see 12 percent compound
growth on their wealth in the next five years.
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.
Dem Rep. Levin: Economy ‘Not Working for Most Americans’
3:32
During Friday’s Democratic Weekly Address, Rep. Andy Levin (D-MI) stated that because of “Republican attacks on labor laws,” union membership has declined, and there is “an American economy that is not working for most Americans.”
Transcript as Follows:
“Hi, I’m Andy Levin, and I represent Michigan’s 9th District in the beautiful Detroit suburbs of Macomb and Oakland Counties.I’ve spent most of my career helping workers form unions and bargain collectively, so I know first-hand the transformative power that comes with the ability to organize freely. The ability of workers from all walks of life to unite and demand fair wages, better benefits, and safer working conditions is truly awe inspiring.But after decades of special interest-funded Republican attacks on labor laws, rendering them almost entirely ineffective, union membership in America is just a fraction of what it used to be.The result is an American economy that is not working for most Americans.Corporate profits are skyrocketing while the share of health care costs paid by employers is falling. Worker productivity is at its peak, yet wages are stagnant. Over the past three decades, the average income for the bottom 90 percent of families increased by just 1.1 percent, while the average incomes of the wealthiest one percent nearly doubled.This week, the House passed a bill to reverse these trends, so workers everywhere can enjoy their fair share of the economy we help create.The Protecting the Right to Organize Act, or PRO Act, restores fairness to the economy by strengthening the laws that protect workers’ freedom to form and join unions.The American economy should reward hard work. But most Americans are working too hard for too little. Strong unions are the solution.Over the last eight decades, unions have consistently provided workers with a 10-20 percent wage boost over their non-union counterparts – they virtually built the middle class of this country. The benefits of union membership are so strong that even the children of union workers enjoy greater economic mobility as they grow up.Unions also help correct inequalities that hurt America’s most marginalized and vulnerable communities.For example, union members of color have almost five times the median wealth of their non-union counterparts. And you know how women still make only 77 cents for every dollar men make? Well, for women who are members of unions or covered by union contracts, the gender pay gap nearly disappears.The PRO Act will help protect the basic right to join a union by creating meaningful, enforceable penalties when companies violate workers’ rights. It will expand workers’ collective bargaining rights and close loopholes that corporations use to exploit workers. And it will strengthen workers’ access to fair union elections, without fear of intimidation or suppression by their employers.House Democrats are taking action to level the playing field, rebuild the middle class and restore the dignity and value of work in America.Voting for the PRO Act was one of my proudest moments in Congress. While Republicans are working on behalf of special interests and big corporations, Democrats are fighting for working families with our For The People Agenda.Thank you.”
Follow Ian Hanchett on Twitter @IanHanchett
The Democratic “Debate”
(BELOW WORKING)
New Federal Reserve report
US median income has plunged, inequality has grown in Obama
“recovery”
The yearly income of a typical US household dropped by a
massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is
just one of the findings of the 2013 Federal Reserve Survey of Consumer
Finances released Thursday, which documents a sharp decline in working class
living standards and a further concentration of wealth in the hands of the rich
and the super-rich.
New Federal Reserve report
US median income has plunged, inequality has grown in Obama
“recovery”
The yearly income of a typical US household dropped by a
massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is
just one of the findings of the 2013 Federal Reserve Survey of Consumer
Finances released Thursday, which documents a sharp decline in working class
living standards and a further concentration of wealth in the hands of the rich
and the super-rich.
The report makes clear that the drop in a typical
household’s income was not merely the result of what is referred to as the 2008
recession, which officially lasted only 18 months, through June 2009. Much of
the decline in workers’ incomes occurred during the so-called “economic
recovery” presided over by the Obama administration.
In the three years between 2010 and 2013, the annual income
of a typical household actually fell by 5 percent.
The Fed report exposes as a fraud the efforts of the Obama
administration to present itself as a defender of the “middle class”. It has
systematically pursued policies to redistribute wealth from the bottom to the
very top of the income ladder. These include the multi-trillion-dollar bailout
of the banks, near-zero interest rates to drive up the stock market, and
austerity measures and wage cutting to lift corporate profits and CEO pay to
record highs.
The Federal Reserve data, based on in-person interviews,
show a far larger decline in the median income of American households than
indicated by earlier figures from the Census Bureau’s Current Population
Survey.
In line with the figures on household income, the report
shows an ever-growing concentration of wealth among the richest households. The
Fed’s summary of its data notes that “the wealth share of the top 3 percent
climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in
2013,” while the wealth of the “next 7 highest percent of families changed very
little.”
The report states that “the rising wealth share of the top
3 percent of families is mirrored by the declining share of wealth held by the
bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in
2013.
The ongoing impoverishment of the population is an
indictment of capitalism. There has been no genuine recovery from the Wall
Street crash of 2008, only a further plundering of the economy by the financial
aristocracy. The crisis precipitated by the rapacious, criminal practices of
the bankers and hedge fund speculators has been used to restructure the economy
to the benefit of the rich at the expense of everyone else.
Decent-paying jobs have been wiped out and replaced by
low-wage, part-time and temporary jobs, with little or no benefits. Pensions
and health benefits have come under savage attack, as seen in the bankruptcy of
Detroit.
Not surprisingly, the Fed report has been buried by the
American media, confined to the inside pages of the major newspapers.
Measured in 2013 dollars, a typical household received an
income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700
by 2013. At the same time, the average income for the wealthiest tenth of
families grew by ten percent.
While median income fell between 2010 and 2013, mean
(average) income grew, from $84,100 to $87,200. The report noted that, “the
decline in median income coupled with the rise in mean income is consistent
with a widening income distribution during this period.”
For the poorest households, the drop in income has been
even more dramatic. Among the bottom quarter of households, mean income fell a
full 10 percent between 2010 and 2013.
The report reveals other aspects of the social crisis. The
share of young families burdened by education debt nearly doubled, from 22.4
percent to 38.8 percent, between 2001 and 2013. The share of young families
with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to
5.6 percent.
These statistics reflect both a historic and insoluble
crisis of the profit system and the brutal policies of the American ruling
class, which is carrying out a relentless assault on working people and
preparing to go even further by dismantling bedrock social programs such as
Medicare and Social Security. The data undercuts the endless talk of “partisan
gridlock” in Washington and the media presentation of a political system
paralyzed by irreconcilable differences between the Democratic and Republican
parties.
There has, in fact, been a seamless continuity between the
Bush and Obama administrations in the pursuit of reactionary policies of war
abroad and class war at home. The two parties have worked hand in glove to make
the working class pay for the crisis of the capitalist system.
The Federal Reserve has itself played a critical role in
the growth of social inequality in the US. The bailout of the banks, estimated
at $7 trillion, has been followed by six years of virtually free money for the
banks.
Every facet of American life is dominated by the immense
concentration of wealth at the very top of society. The grotesque levels of
wealth amassed by the parasites and criminals who dominate American business,
and the flaunting of their fortunes before tens of millions struggling to pay
their bills and keep from falling into destitution, are fueling the growth of
social anger. This anger will increasingly be directed against the entire
economic and political system.
The figures released by the Fed reflect a society riven by
class divisions that must inevitably trigger social upheavals. The explosive
state of social relations is itself a major factor in the endless recourse by
the Obama administration to military aggression and war, which serve to deflect
internal tensions outward.
The growth of inequality likewise underlies the relentless
attack on democratic rights in the US, including the massive domestic spying
exposed by Edward Snowden and the use of militarized police to crack down on
social opposition, as seen most recently in Ferguson, Missouri.
THE OBAMA devastation of America (wall street's poster boy
for corruption)
THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S
CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND OCCUPATION
OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter destruction of
America!
http://mexicanoccupation.blogspot.com/2014/09/crony-capitalism-serving-banksters-that.html
Year-low US job growth in August
By Andre Damon
6 September 2014
The US economy added fewer jobs last month than any other
month this the year, according to the latest US jobs report, published Friday
by the Labor Department.
US employers added 142,000 jobs in August, far lower than
the average of more than 200,00 for the prior twelve months, and below the
230,000 that had been forecast by economists.
In addition to the worse-than-expected statistics for
August, the report revised down estimates for job growth in earlier months by
28,000.
Stocks rallied at the dismal jobs report, reflecting the
perverse relationship between the real economy and the financial markets, which
interpret any worsening of the economic situation as a signal that the Federal
Reserve will be reluctant to raise interest rates and slow its “Quantitative
easing” asset purchases.
The S&P 500 hit a new record Friday, closing up by 10
points, or 0.5 percent, to 2,007. The NASDAQ also rose by .45 percent, to
4,582, and the Dow Jones industrial average rose by 0.4 percent, to 17,137.
While the stock market sets record after record, fueled by
zero-interest rate policies and cash infusions from the world’s central banks,
the real economy and conditions for working people show no signs of
improvement.
The unemployment rate fell to 6.1 percent, as 268,000
people gave up looking for jobs and left the workforce. The number of such
“missing workers” grew to 5.91 million last month, according to figures from
the Economic Policy Institute.
The labor force participation rate fell to 62.8 percent,
its lowest level in three-and-a-half decades, as the number of adults not in
the labor force hit a new record.
Wages were flat over the previous twelve months, with a 2.1
percent nominal wage increase wiped out by a 2 percent inflation rate over the
same period.
While there were zero jobs added in manufacturing, the
economy added 112,000 jobs in the service sector, which pays significantly
lower median wages than goods-producing industries. The healthcare sector added
42,000 jobs, while bars and restaurants added 21,500.
Temporary help services added 13,000 jobs. Earlier this
month, the National Employment Law Project (NELP) reported that both the number
of people working for labor contractors and the percentage of the workforce
employed by such companies have hit record highs.
New Federal Reserve report
US median income has plunged, inequality has grown in Obama
“recovery”
By Andre Damon
6 September 2014
The yearly income of a typical US household dropped by a
massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is
just one of the findings of the 2013 Federal Reserve Survey of Consumer
Finances released Thursday, which documents a sharp decline in working class
living standards and a further concentration of wealth in the hands of the rich
and the super-rich.
The report makes clear that the drop in a typical
household’s income was not merely the result of what is referred to as the 2008
recession, which officially lasted only 18 months, through June 2009. Much of
the decline in workers’ incomes occurred during the so-called “economic
recovery” presided over by the Obama administration.
In the three years between 2010 and 2013, the annual income
of a typical household actually fell by 5 percent.
The Fed report exposes as a fraud the efforts of the Obama
administration to present itself as a defender of the “middle class”. It has
systematically pursued policies to redistribute wealth from the bottom to the
very top of the income ladder. These include the multi-trillion-dollar bailout
of the banks, near-zero interest rates to drive up the stock market, and
austerity measures and wage cutting to lift corporate profits and CEO pay to
record highs.
The Federal Reserve data, based on in-person interviews,
show a far larger decline in the median income of American households than
indicated by earlier figures from the Census Bureau’s Current Population
Survey.
In line with the figures on household income, the report
shows an ever-growing concentration of wealth among the richest households. The
Fed’s summary of its data notes that “the wealth share of the top 3 percent
climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in
2013,” while the wealth of the “next 7 highest percent of families changed very
little.”
The report states that “the rising wealth share of the top
3 percent of families is mirrored by the declining share of wealth held by the
bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in
2013.
The ongoing impoverishment of the population is an
indictment of capitalism. There has been no genuine recovery from the Wall
Street crash of 2008, only a further plundering of the economy by the financial
aristocracy. The crisis precipitated by the rapacious, criminal practices of
the bankers and hedge fund speculators has been used to restructure the economy
to the benefit of the rich at the expense of everyone else.
Decent-paying jobs have been wiped out and replaced by
low-wage, part-time and temporary jobs, with little or no benefits. Pensions
and health benefits have come under savage attack, as seen in the bankruptcy of
Detroit.
Not surprisingly, the Fed report has been buried by the
American media, confined to the inside pages of the major newspapers.
Measured in 2013 dollars, a typical household received an
income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700
by 2013. At the same time, the average income for the wealthiest tenth of
families grew by ten percent.
While median income fell between 2010 and 2013, mean
(average) income grew, from $84,100 to $87,200. The report noted that, “the
decline in median income coupled with the rise in mean income is consistent
with a widening income distribution during this period.”
For the poorest households, the drop in income has been
even more dramatic. Among the bottom quarter of households, mean income fell a
full 10 percent between 2010 and 2013.
The report reveals other aspects of the social crisis. The
share of young families burdened by education debt nearly doubled, from 22.4
percent to 38.8 percent, between 2001 and 2013. The share of young families
with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to
5.6 percent.
These statistics reflect both a historic and insoluble
crisis of the profit system and the brutal policies of the American ruling
class, which is carrying out a relentless assault on working people and
preparing to go even further by dismantling bedrock social programs such as
Medicare and Social Security. The data undercuts the endless talk of “partisan
gridlock” in Washington and the media presentation of a political system paralyzed
by irreconcilable differences between the Democratic and Republican parties.
There has, in fact, been a seamless continuity between the
Bush and Obama administrations in the pursuit of reactionary policies of war
abroad and class war at home. The two parties have worked hand in glove to make
the working class pay for the crisis of the capitalist system.
The Federal Reserve has itself played a critical role in
the growth of social inequality in the US. The bailout of the banks, estimated
at $7 trillion, has been followed by six years of virtually free money for the
banks.
Every facet of American life is dominated by the immense
concentration of wealth at the very top of society. The grotesque levels of
wealth amassed by the parasites and criminals who dominate American business,
and the flaunting of their fortunes before tens of millions struggling to pay
their bills and keep from falling into destitution, are fueling the growth of
social anger. This anger will increasingly be directed against the entire
economic and political system.
The figures released by the Fed reflect a society riven by
class divisions that must inevitably trigger social upheavals. The explosive
state of social relations is itself a major factor in the endless recourse by
the Obama administration to military aggression and war, which serve to deflect
internal tensions outward.
The growth of inequality likewise underlies the relentless
attack on democratic rights in the US, including the massive domestic spying
exposed by Edward Snowden and the use of militarized police to crack down on
social opposition, as seen most recently in Ferguson, Missouri.
THE OBAMA devastation of America (wall street's poster boy
for corruption)
THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S
CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND
OCCUPATION OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter
destruction of America!
http://mexicanoccupation.blogspot.com/2014/09/crony-capitalism-serving-banksters-that.html
Year-low US job growth in August
By Andre Damon
6 September 2014
The US economy added fewer jobs last month than any other
month this the year, according to the latest US jobs report, published Friday
by the Labor Department.
US employers added 142,000 jobs in August, far lower than
the average of more than 200,00 for the prior twelve months, and below the
230,000 that had been forecast by economists.
In addition to the worse-than-expected statistics for
August, the report revised down estimates for job growth in earlier months by
28,000.
Stocks rallied at the dismal jobs report, reflecting the
perverse relationship between the real economy and the financial markets, which
interpret any worsening of the economic situation as a signal that the Federal
Reserve will be reluctant to raise interest rates and slow its “Quantitative
easing” asset purchases.
The S&P 500 hit a new record Friday, closing up by 10
points, or 0.5 percent, to 2,007. The NASDAQ also rose by .45 percent, to
4,582, and the Dow Jones industrial average rose by 0.4 percent, to 17,137.
While the stock market sets record after record, fueled by
zero-interest rate policies and cash infusions from the world’s central banks,
the real economy and conditions for working people show no signs of
improvement.
The unemployment rate fell to 6.1 percent, as 268,000
people gave up looking for jobs and left the workforce. The number of such
“missing workers” grew to 5.91 million last month, according to figures from
the Economic Policy Institute.
The labor force participation rate fell to 62.8 percent,
its lowest level in three-and-a-half decades, as the number of adults not in
the labor force hit a new record.
Wages were flat over the previous twelve months, with a 2.1
percent nominal wage increase wiped out by a 2 percent inflation rate over the
same period.
While there were zero jobs added in manufacturing, the
economy added 112,000 jobs in the service sector, which pays significantly
lower median wages than goods-producing industries. The healthcare sector added
42,000 jobs, while bars and restaurants added 21,500.
Temporary help
services added 13,000 jobs. Earlier this month, the National Employment Law
Project (NELP) reported that both the number of people working for labor contractors
and the percentage of the workforce employed by such companies have hit record
highs.
The Obamas tackle
climate change and wealth inequality
Sharing with the less fortunate: During the five years from
2000-2004, a period when they earned $1.2 million, Barack and Michelle
Obama donated less than one percent of their income to
charity, ten times less than the tithing guidelines of their professed
Christian faith. Only when Obama decided to run for president did the
couple’s charitable instincts improve.
Nolte: Michelle Obama Condemns ‘White Flight’ After Purchasing
Home in Martha’s Vineyard
Former first
lady Michelle Obama condemned white people for fleeing minority neighborhoods
just weeks after she and her husband purchased
a $15 million estate in
Martha’s Vineyard.
Diamond Life: Michelle Obama rents out $23-million Hollywood
Hills mansion for a night
OBAMAnomics:
Billionaire Class Enjoys 15X the Wage Growth of American Working
Class
The billionaire class — the country’s top
0.01 percent of earners — have enjoyed more than 15 times as much wage growth
as America’s working and middle class since 1979, new wage data reveals.
Study: Elite Zip Codes Thrived in Obama Recovery, Rural America
Left Behind
Wealthy cities and elite zip codes thrived
under the slow-moving economic recovery of President Obama while rural American
communities were left behind, a study reveals.
Record high income in 2017 for top
one percent of wage earners in US
Graph
from the Economic Policy Institute
THE STAGGERING ECONOMIC INEQUALITY UNDER OBAMA'S ADMINISTRATION SERVING THE BILLIONAIRE CLASS.
OBAMA: SERVANT
OF THE 1%
Richest one
percent controls nearly half of global wealth
Millionaires projected to own 46 percent of global private wealth by 2019
Millionaires
projected to own 46 percent of global private wealth by 2019
By
Gabriel Black
The Democrats: A Corrupt, Insane Posse Masquerading as a Political Party
Eleven years ago, the writer Michael Walsh wrote (under his penname David Kahane) “Think of the Democratic Party as it really is: a criminal organization masquerading as a political party.”
After the Democrats’ Russia, Kavanaugh, Mueller, and Ukraine fiascos, the Iowa caucus debacle, and Friday’s bizarre Democratic debate, I think we need to update it: It’s a Criminal, Insane Posse masquerading as a political party.
The week began with an outstanding, uplifting, and inspiring State of the Union address by the President before a joint Congress. Among the House delegates were a gaggle of Democratic congresswomen dressed in white who insist they are strong, independent, capable, and worthy to lead. They stood, clapped, or sat in unison at signals from Speaker Pelosi who sat behind the President, mouthing words to some imaginary friend and moving her mouth reminiscent of someone on psychotropic drugs. (Message: I am woman -- hear me meow chasing the laser red dot.) At the conclusion of the speech she stood and ripped up her copy of the SOTU address in small packets either because she lacked strength to rip it all in one batch or for dramatic effect. To say the Democrats’ behavior was disconsonant with any message of sober adult solons is to understate it.
The following day, the Senate voted down the House’s absurd impeachment effort, after which the President gave a heartfelt address to all those in the House and Senate who had helped him in exposing the fact-free, corrupt House effort to overturn the 2016 election by ousting him from office. If you missed it, here’s a video of it. He was gracious and thankful to all those who stood by him, something Republicans are not known to do as soon as Democrats hurl charges, no matter how patently flimsy and partisan those charges are. For once, Republicans didn’t flee the forum for fear of spotting their white togas when the jackals appeared. (I suppose when much of the media described the address the address as “dark,” they meant the pushover Republican days were over for them and their party of choice.)
The App that Failed
And then there was the Iowa Caucus, the results of which are unclear -- did Sanders or Buttigieg win? Will the DNC chair who is about to leave that slot with a big bonus persuade Iowa to recanvas or will they give him the back of their hand? Only the Shadow apparently knows… Although it is clear that Warren and Biden lost.
Over at the Wall Street Journal, James Freeman explains the genesis of the App that failed. “Veterans of Hillary Clinton’s failed 2016 presidential campaign” who for some reason were considered “gurus at this sort of thing“ created the app. (Professor Kevin Gutzman reminds us: ”Robbie Mook, the Hillary staffer who laughed at Bill Clinton when he said Hillary needed to go to Michigan and Wisconsin in the 2016 campaign’s final days, is the fellow responsible for the app that didn’t work in Iowa.”)
Their outfit, Shadow, in turn was supported by a firm called Acronym, Acronym is a “non-profit” run by Tara McGowan, continues Freeman. Certainly not by coincidence, McGowan “oversaw the $42 million digital program in 2016 for Priorities USA, the primary super PAC for Hillary Clinton.” Among the hotshot coders Shadow engaged “was a prep cook for Starbucks.”
Why was Shadow hired to do this? Connections.
David Burge, Iowahawk, tweeted the contract chain:
Keep in mind whenever you donate to a political party or movement, this is where your money goes -- to make sure Senator McDreamy’s nephew’s roommate gets his piece of the takeI know there are Bernians who see the app as a Machiavellian technoplot to fix the vote, but the truth is much more likely a bunch of Hillary campaign wunderkinds decided to cosplay as a Silicon Valley startup, and everybody was afraid to say they were in way over their headsWhere you come from, the software salesman isn’t your boss who says you better damn well buy it if you know what’s good for you.
Vice, like Iowahawk seems to think that the coders were working off an App Coding for Dummies book.
It’s not clear that this simple and likely explanation for the app that failed will persuade Sanders’ followers. After all, he was cheated in 2016 and the people whose app seem to have cheated him out of a clear victory in Iowa and momentum going on to New Hampshire were intimately connected to Hillary Clinton.
Of course, you can ignore the app’s factual genesis and look elsewhere for blame. Sheila Jackson Lee, B.A. Yale JD U Va, whose gerrymandered district looks like a gaping shark’s mouth, suggested that Russia was responsible for the crashing App in Iowa.
Rachel Maddow blamed the weird message board 4 Chan.
As for me -- I’m sticking with graft and incompetence, the usual Democratic Party’s operational mode.
Burning Bernie
Professor Charles Lipson explains why the Sanders supporters have reason to doubt the fairness of their opposition in the Democratic establishment:
The Democrats’ nominating process increases the likelihood of a contested convention -- and a nasty fight with Bernie and his supporters. The party discarded the traditional, Anglo-American system, where each state’s winner receives all its delegates. Instead, they chose a European-style system in which each candidate wins a fraction of the delegates proportional to his share of the vote. The Anglo-American system produces clear winners and losers. The European system doesn’t. It includes all factions in Parliament, where the leading party tries to assemble a governing coalition.Democrats’ problem is that they are not trying to form an inclusive, coalition government. They are trying to pick a nominee, but they are doing it with a system that was never designed to produce a single, decisive winner. Oops.If the convention is contested, elected delegates will be joined by “super delegates,” starting on the first or second ballot, depending on the convention rules. Who are these super delegates? They are quintessential insiders, mostly state and local elected officials. There is absolutely no way they will jeopardize their own fiefdoms by choosing Bernie or any other socialist.Their refusal will produce a bitter clash if Bernie arrives in Milwaukee with millions of votes and millions of donors. If he actually holds a plurality of elected delegates and is passed over anyway, the fight will degenerate into trench warfare. Remember, Bernie knows this is his last rodeo, and he has zero loyalty to the party. Remember, too, that his default speaking style is “really angry,” interspersed with “damned mad.” If that’s how Bernie and his supporters leave the convention, it’s hard to see a Democratic path to victory.The party’s best outcome would be for Bernie to lose decisively in both the primary vote and delegate count -- so decisively that his followers believe the process was fair and the nominee legitimate. A bad outcome would be an inconclusive primary contest, where Bernie did well but lost at the convention.Worst of all would be one where Bernie arrived with the most votes and delegates but fell short of a majority and came away empty-handed. He would blame party leaders and their back-room deals to benefit billionaires, corporations, and corrupt politicians. If that happens, the party will be in real trouble. Bernie will scream, Trump will exploit the divisions, and left-wing voters will spend November 3 in a purple haze, eating Ben and Jerry’s. What they won’t do is trudge to the polls and vote Democratic.
The Democratic “Debate”
I confess, by week’s end I lacked enough patience to watch the Democrats’ debate on Friday night, and contented myself with reading about it from trusted observers. The actor James Woods is back from a year-long jailing by Twitter, and bounced back having lost none of his acid wit:
“The #Democrats have cheated elections for so long, they can’t even elect themselves... #IowaCaucusDisaster
-- James Woods (@RealJamesWoods) February 7, 2020”
Pete Buttigieg seems to have mastered the art of glibly speaking meaningless word salads (an Obama mode). So much that Sundance cleverly satirized him:
Sample Mayor Pete quote:"The consequential moments that we face are moments of great consequence we must face; and when facing those moments we must think of the great consequence behind these faces or we will fail to be great..."sarcastically: Yup. The consequential moments that we face are moments of great consequence we must face; and when facing those moments we must think of the great consequence behind these faces or we will fail to be great...
:::crowd cheers:::
Stage crew looks around: "Huh, what the?.."-- TheLastRefuge (@TheLastRefuge2) February 8, 2020
“If you take a step back and really think about what they’re saying in this debate it’s fricking bonkers stuff. Like really beyond crazy.’
Josh Holmes:
"It used to be over-the-top parody to say that Democrats want free healthcare for illegal immigrants and felons to be voting from their cells it’s now a consensus position among their leading Presidential candidates."
Greg Price:
“Elizabeth Warren says we need "race-conscious laws." Think about that. Isn't that what we spent so long trying to make sure we didn't have? #DemDebate”
Tom Maguire tweets:
“Physicists have theorized on the manner in which some stars collapse inward and then go super-nova. The Dem party may give us a lab experiment in 2020.”
Maybe so. Some viewing the weak field of Democratic contenders are placing their bets on another old White Male Hope -- the latecomer, billionaire Michael Bloomberg. He spent $20 million in Iowa to garner 20 votes. If he seriously campaigns from now to the election, and maintains that spending pattern, I think he’d still lose but it would be a bigger boon for the economy, especially Democrat coders, consultants, pilots of private planes, and ad agencies, than any other stimulus package I can imagine. The press will love that, as well. Trump has proven that clever use of social media makes it unnecessary for a candidate with a saleable message to keep them alive by paying them a fortune for ads no one watches. But if Bloomberg thinks $1 million per vote is a great campaign plan, who would complain?
Obama’s State of Delusion ... OR JUST ANOTHER "Hope &
Change" HOAX?
22 January 2015
”The delusional character of Obama’s State of the Union
address on Tuesday—presenting an America of rising living
standards and a booming economy, capped by his declaration
that the “shadow of crisis has passed”—is perhaps matched
only in its presentation by the media and supporters of the
Democratic Party.”
“The general tone was set by the New York Times in its lead
editorial on Wednesday, which described the speech as a “simple, dramatic
message about economic fairness, about the fact that the well-off—the top
earners, the big banks, Silicon Valley—have done just great, while middle and
working classes remain dead in the water.”
OBAMANOMICS:
The report observes that while the wealth of the world’s 80
richest people doubled between 2009 and 2014, the wealth of the poorest half of
the world’s population (3.5 billion people) was lower in 2014 than it was in
2009.
In 2010, it took 388 billionaires to match the wealth of the
bottom half of the earth’s population; by 2013, the figure had fallen to just
92 billionaires. It fell to 80 in 2014.
THE OBAMA ASSAULT ON THE AMERICAN MIDDLE-CLASS
“The goal of the Obama administration, working with the Republicans
and local governments, is to roll back the living conditions of the vast
majority of the population to levels not seen since the 19th century, prior to
the advent of the eight-hour day, child labor laws, comprehensive public
education, pensions, health benefits, workplace health and safety regulations,
etc.”
“In response to the ruthless assault of the financial oligarchy,
spearheaded by Obama, the working class must advance, no less ruthlessly, its
own policy.”
(BELOW WORKING)
New Federal Reserve report
US median income has plunged, inequality has grown in Obama
“recovery”
The yearly income of a typical US household dropped by a
massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is
just one of the findings of the 2013 Federal Reserve Survey of Consumer
Finances released Thursday, which documents a sharp decline in working class
living standards and a further concentration of wealth in the hands of the rich
and the super-rich.
New Federal Reserve report
US median income has plunged, inequality has grown in Obama
“recovery”
The yearly income of a typical US household dropped by a
massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is
just one of the findings of the 2013 Federal Reserve Survey of Consumer
Finances released Thursday, which documents a sharp decline in working class
living standards and a further concentration of wealth in the hands of the rich
and the super-rich.
The report makes clear that the drop in a typical
household’s income was not merely the result of what is referred to as the 2008
recession, which officially lasted only 18 months, through June 2009. Much of
the decline in workers’ incomes occurred during the so-called “economic
recovery” presided over by the Obama administration.
In the three years between 2010 and 2013, the annual income
of a typical household actually fell by 5 percent.
The Fed report exposes as a fraud the efforts of the Obama
administration to present itself as a defender of the “middle class”. It has
systematically pursued policies to redistribute wealth from the bottom to the
very top of the income ladder. These include the multi-trillion-dollar bailout
of the banks, near-zero interest rates to drive up the stock market, and
austerity measures and wage cutting to lift corporate profits and CEO pay to
record highs.
The Federal Reserve data, based on in-person interviews,
show a far larger decline in the median income of American households than
indicated by earlier figures from the Census Bureau’s Current Population
Survey.
In line with the figures on household income, the report
shows an ever-growing concentration of wealth among the richest households. The
Fed’s summary of its data notes that “the wealth share of the top 3 percent
climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in
2013,” while the wealth of the “next 7 highest percent of families changed very
little.”
The report states that “the rising wealth share of the top
3 percent of families is mirrored by the declining share of wealth held by the
bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in
2013.
The ongoing impoverishment of the population is an
indictment of capitalism. There has been no genuine recovery from the Wall
Street crash of 2008, only a further plundering of the economy by the financial
aristocracy. The crisis precipitated by the rapacious, criminal practices of
the bankers and hedge fund speculators has been used to restructure the economy
to the benefit of the rich at the expense of everyone else.
Decent-paying jobs have been wiped out and replaced by
low-wage, part-time and temporary jobs, with little or no benefits. Pensions
and health benefits have come under savage attack, as seen in the bankruptcy of
Detroit.
Not surprisingly, the Fed report has been buried by the
American media, confined to the inside pages of the major newspapers.
Measured in 2013 dollars, a typical household received an
income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700
by 2013. At the same time, the average income for the wealthiest tenth of
families grew by ten percent.
While median income fell between 2010 and 2013, mean
(average) income grew, from $84,100 to $87,200. The report noted that, “the
decline in median income coupled with the rise in mean income is consistent
with a widening income distribution during this period.”
For the poorest households, the drop in income has been
even more dramatic. Among the bottom quarter of households, mean income fell a
full 10 percent between 2010 and 2013.
The report reveals other aspects of the social crisis. The
share of young families burdened by education debt nearly doubled, from 22.4
percent to 38.8 percent, between 2001 and 2013. The share of young families
with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to
5.6 percent.
These statistics reflect both a historic and insoluble
crisis of the profit system and the brutal policies of the American ruling
class, which is carrying out a relentless assault on working people and
preparing to go even further by dismantling bedrock social programs such as
Medicare and Social Security. The data undercuts the endless talk of “partisan
gridlock” in Washington and the media presentation of a political system
paralyzed by irreconcilable differences between the Democratic and Republican
parties.
There has, in fact, been a seamless continuity between the
Bush and Obama administrations in the pursuit of reactionary policies of war
abroad and class war at home. The two parties have worked hand in glove to make
the working class pay for the crisis of the capitalist system.
The Federal Reserve has itself played a critical role in
the growth of social inequality in the US. The bailout of the banks, estimated
at $7 trillion, has been followed by six years of virtually free money for the
banks.
Every facet of American life is dominated by the immense
concentration of wealth at the very top of society. The grotesque levels of
wealth amassed by the parasites and criminals who dominate American business,
and the flaunting of their fortunes before tens of millions struggling to pay
their bills and keep from falling into destitution, are fueling the growth of
social anger. This anger will increasingly be directed against the entire
economic and political system.
The figures released by the Fed reflect a society riven by
class divisions that must inevitably trigger social upheavals. The explosive
state of social relations is itself a major factor in the endless recourse by
the Obama administration to military aggression and war, which serve to deflect
internal tensions outward.
The growth of inequality likewise underlies the relentless
attack on democratic rights in the US, including the massive domestic spying
exposed by Edward Snowden and the use of militarized police to crack down on
social opposition, as seen most recently in Ferguson, Missouri.
THE OBAMA devastation of America (wall street's poster boy
for corruption)
THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S
CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND OCCUPATION
OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter destruction of
America!
http://mexicanoccupation.blogspot.com/2014/09/crony-capitalism-serving-banksters-that.html
Year-low US job growth in August
By Andre Damon
6 September 2014
The US economy added fewer jobs last month than any other
month this the year, according to the latest US jobs report, published Friday
by the Labor Department.
US employers added 142,000 jobs in August, far lower than
the average of more than 200,00 for the prior twelve months, and below the
230,000 that had been forecast by economists.
In addition to the worse-than-expected statistics for
August, the report revised down estimates for job growth in earlier months by
28,000.
Stocks rallied at the dismal jobs report, reflecting the
perverse relationship between the real economy and the financial markets, which
interpret any worsening of the economic situation as a signal that the Federal
Reserve will be reluctant to raise interest rates and slow its “Quantitative
easing” asset purchases.
The S&P 500 hit a new record Friday, closing up by 10
points, or 0.5 percent, to 2,007. The NASDAQ also rose by .45 percent, to
4,582, and the Dow Jones industrial average rose by 0.4 percent, to 17,137.
While the stock market sets record after record, fueled by
zero-interest rate policies and cash infusions from the world’s central banks,
the real economy and conditions for working people show no signs of
improvement.
The unemployment rate fell to 6.1 percent, as 268,000
people gave up looking for jobs and left the workforce. The number of such
“missing workers” grew to 5.91 million last month, according to figures from
the Economic Policy Institute.
The labor force participation rate fell to 62.8 percent,
its lowest level in three-and-a-half decades, as the number of adults not in
the labor force hit a new record.
Wages were flat over the previous twelve months, with a 2.1
percent nominal wage increase wiped out by a 2 percent inflation rate over the
same period.
While there were zero jobs added in manufacturing, the
economy added 112,000 jobs in the service sector, which pays significantly
lower median wages than goods-producing industries. The healthcare sector added
42,000 jobs, while bars and restaurants added 21,500.
Temporary help services added 13,000 jobs. Earlier this
month, the National Employment Law Project (NELP) reported that both the number
of people working for labor contractors and the percentage of the workforce
employed by such companies have hit record highs.
New Federal Reserve report
US median income has plunged, inequality has grown in Obama
“recovery”
By Andre Damon
6 September 2014
The yearly income of a typical US household dropped by a
massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is
just one of the findings of the 2013 Federal Reserve Survey of Consumer
Finances released Thursday, which documents a sharp decline in working class
living standards and a further concentration of wealth in the hands of the rich
and the super-rich.
The report makes clear that the drop in a typical
household’s income was not merely the result of what is referred to as the 2008
recession, which officially lasted only 18 months, through June 2009. Much of
the decline in workers’ incomes occurred during the so-called “economic
recovery” presided over by the Obama administration.
In the three years between 2010 and 2013, the annual income
of a typical household actually fell by 5 percent.
The Fed report exposes as a fraud the efforts of the Obama
administration to present itself as a defender of the “middle class”. It has
systematically pursued policies to redistribute wealth from the bottom to the
very top of the income ladder. These include the multi-trillion-dollar bailout
of the banks, near-zero interest rates to drive up the stock market, and
austerity measures and wage cutting to lift corporate profits and CEO pay to
record highs.
The Federal Reserve data, based on in-person interviews,
show a far larger decline in the median income of American households than
indicated by earlier figures from the Census Bureau’s Current Population
Survey.
In line with the figures on household income, the report
shows an ever-growing concentration of wealth among the richest households. The
Fed’s summary of its data notes that “the wealth share of the top 3 percent
climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in
2013,” while the wealth of the “next 7 highest percent of families changed very
little.”
The report states that “the rising wealth share of the top
3 percent of families is mirrored by the declining share of wealth held by the
bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in
2013.
The ongoing impoverishment of the population is an
indictment of capitalism. There has been no genuine recovery from the Wall
Street crash of 2008, only a further plundering of the economy by the financial
aristocracy. The crisis precipitated by the rapacious, criminal practices of
the bankers and hedge fund speculators has been used to restructure the economy
to the benefit of the rich at the expense of everyone else.
Decent-paying jobs have been wiped out and replaced by
low-wage, part-time and temporary jobs, with little or no benefits. Pensions
and health benefits have come under savage attack, as seen in the bankruptcy of
Detroit.
Not surprisingly, the Fed report has been buried by the
American media, confined to the inside pages of the major newspapers.
Measured in 2013 dollars, a typical household received an
income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700
by 2013. At the same time, the average income for the wealthiest tenth of
families grew by ten percent.
While median income fell between 2010 and 2013, mean
(average) income grew, from $84,100 to $87,200. The report noted that, “the
decline in median income coupled with the rise in mean income is consistent
with a widening income distribution during this period.”
For the poorest households, the drop in income has been
even more dramatic. Among the bottom quarter of households, mean income fell a
full 10 percent between 2010 and 2013.
The report reveals other aspects of the social crisis. The
share of young families burdened by education debt nearly doubled, from 22.4
percent to 38.8 percent, between 2001 and 2013. The share of young families
with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to
5.6 percent.
These statistics reflect both a historic and insoluble
crisis of the profit system and the brutal policies of the American ruling
class, which is carrying out a relentless assault on working people and
preparing to go even further by dismantling bedrock social programs such as
Medicare and Social Security. The data undercuts the endless talk of “partisan
gridlock” in Washington and the media presentation of a political system paralyzed
by irreconcilable differences between the Democratic and Republican parties.
There has, in fact, been a seamless continuity between the
Bush and Obama administrations in the pursuit of reactionary policies of war
abroad and class war at home. The two parties have worked hand in glove to make
the working class pay for the crisis of the capitalist system.
The Federal Reserve has itself played a critical role in
the growth of social inequality in the US. The bailout of the banks, estimated
at $7 trillion, has been followed by six years of virtually free money for the
banks.
Every facet of American life is dominated by the immense
concentration of wealth at the very top of society. The grotesque levels of
wealth amassed by the parasites and criminals who dominate American business,
and the flaunting of their fortunes before tens of millions struggling to pay
their bills and keep from falling into destitution, are fueling the growth of
social anger. This anger will increasingly be directed against the entire
economic and political system.
The figures released by the Fed reflect a society riven by
class divisions that must inevitably trigger social upheavals. The explosive
state of social relations is itself a major factor in the endless recourse by
the Obama administration to military aggression and war, which serve to deflect
internal tensions outward.
The growth of inequality likewise underlies the relentless
attack on democratic rights in the US, including the massive domestic spying
exposed by Edward Snowden and the use of militarized police to crack down on
social opposition, as seen most recently in Ferguson, Missouri.
THE OBAMA devastation of America (wall street's poster boy
for corruption)
THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S
CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND
OCCUPATION OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter
destruction of America!
http://mexicanoccupation.blogspot.com/2014/09/crony-capitalism-serving-banksters-that.html
Year-low US job growth in August
By Andre Damon
6 September 2014
The US economy added fewer jobs last month than any other
month this the year, according to the latest US jobs report, published Friday
by the Labor Department.
US employers added 142,000 jobs in August, far lower than
the average of more than 200,00 for the prior twelve months, and below the
230,000 that had been forecast by economists.
In addition to the worse-than-expected statistics for
August, the report revised down estimates for job growth in earlier months by
28,000.
Stocks rallied at the dismal jobs report, reflecting the
perverse relationship between the real economy and the financial markets, which
interpret any worsening of the economic situation as a signal that the Federal
Reserve will be reluctant to raise interest rates and slow its “Quantitative
easing” asset purchases.
The S&P 500 hit a new record Friday, closing up by 10
points, or 0.5 percent, to 2,007. The NASDAQ also rose by .45 percent, to
4,582, and the Dow Jones industrial average rose by 0.4 percent, to 17,137.
While the stock market sets record after record, fueled by
zero-interest rate policies and cash infusions from the world’s central banks,
the real economy and conditions for working people show no signs of
improvement.
The unemployment rate fell to 6.1 percent, as 268,000
people gave up looking for jobs and left the workforce. The number of such
“missing workers” grew to 5.91 million last month, according to figures from
the Economic Policy Institute.
The labor force participation rate fell to 62.8 percent,
its lowest level in three-and-a-half decades, as the number of adults not in
the labor force hit a new record.
Wages were flat over the previous twelve months, with a 2.1
percent nominal wage increase wiped out by a 2 percent inflation rate over the
same period.
While there were zero jobs added in manufacturing, the
economy added 112,000 jobs in the service sector, which pays significantly
lower median wages than goods-producing industries. The healthcare sector added
42,000 jobs, while bars and restaurants added 21,500.
Temporary help
services added 13,000 jobs. Earlier this month, the National Employment Law
Project (NELP) reported that both the number of people working for labor contractors
and the percentage of the workforce employed by such companies have hit record
highs.
The Obamas tackle
climate change and wealth inequality
In
a remarkable commitment to their tireless fight against climate change and
wealth inequality, Barack and Michelle Obama reportedly are purchasing a magnificent $15-million oceanfront
mansion in
Martha’s Vineyard, presumably as a much-needed retreat to supplement the
$9-million mansion they already own in one of the most exclusive areas of the
nation’s capitol.
A
fierce opponent of fossil fuels and wealth inequality, the former president has
harshly criticized rich people for the oversized, carbon-gluttonous houses they
buy. On April 25, 2010, the president who would become fabulously wealthy
in retirement scolded Wall Street CEOs with this
admonition:
I do think at a certain point you’ve made enough
money.
His
views about the sin of making too much money haven’t changed. During a
speech last year in South Africa, this shining example of environmental stewardship
and unparalleled concern for the poor spoke passionately about the unfairness
of some people having more money than others in blasting rich people for their
excessively lavish lifestyles:
There’s only so much you can eat; there’s only so
big a house you can have; there’s only so many nice trips you can take. I mean,
it’s enough.
That
direct quote came from the lips of a man who, along with his wife, is sitting
atop a nest egg estimated at a meager $135 million. But don’t feel
sorry for them, because there’s much more to come: with money barreling their
way like a runaway train, the concerned couple is rapidly becoming a billion-dollar brand.
Protecting the planet: During his first full
day in the White House, President Obama was photographed without his suit
jacket. Senior advisor David Axelrod explained: “He’s from Hawaii, okay?
He likes it warm. You could grow orchids in there.” While
campaigning, Obama vowed to exhibit environmental leadership if elected: “We
can’t drive our SUV’s and eat as much as we want and keep our thermostats set
at 72 degrees. That’s not leadership. That’s not going to happen
[with me].”
In
decreeing that rich people make too much money and that global warming is an
imminent threat to our very survival, this ultra-wealthy man and his
ultra-wealthy wife decided to indulge themselves in another opulent mansion,
this one sitting on 29 oceanfront acres on one of the most exclusive islands in
the world. While homeless people are sleeping on the streets and our
planet is being destroyed by CO2, the Obamas are living large, a pitifully
small reward for two remarkable people who bend over backwards to show leadership
in the fight against climate change and wealth inequality.
An electrical engineering graduate of Georgia Tech and now
retired, John Eidson is a freelance writer in Atlanta. American Thinker recently
published related article of his titled "Harrison Ford, Climate Hypocrite" and "A $600 fill-up?"
HE OBOMBS HAVE ALWAYS
LIVED LIKE THE 1% WHOM THEY SERVED AND GROVELED AT THE FEET OF.
Nolte: Michelle Obama Condemns ‘White Flight’ After Purchasing
Home in Martha’s Vineyard
Gerardo
Mora/Getty Images
JOHN NOLTE
31 Oct 2019113
5:28
Former first
lady Michelle Obama condemned white people for fleeing minority neighborhoods
just weeks after she and her husband purchased
a $15 million estate in
Martha’s Vineyard.
Martha’s Vineyard is almost as white as an Elizabeth Warren
rally.
Martha’s Vineyard is whiter than my subdivision here in rural
North Carolina.
Martha’s Vineyard is whiter than MSNBC.
During a Tuesday appearance at the Obama Foundation Summit in
Chicago, she said, “But unbeknownst to us, we grew up in the period — as I
write — called ‘white flight.’ That as families like ours, upstanding families
like ours … As we moved in, white folks moved out because they were afraid of
what our families represented.”
“And I always stop there when I talk about this out in the world
because, you know, I want to remind white folks that y’all were running from
us.” She went on, “This family with all the values that you’ve read about. You
were running from us. And you’re still running, because we’re no different than
the immigrant families that are moving in … the families that are coming from
other places to try to do better.”
Did I mention that Michelle and
Barry just purchased a $15 million estate in Martha’s Vineyard, which is 95
percent white?
Oh, and did I mention the Obamas own
a second home, an $8 million mansion, in the exclusive DC neighborhood of
Kalorama, which is 80 percent white and
just four
percent black.
Oh, and did I mention the Obamas
have a third home, a $5.3 million mansion, in Rancho Mirage, California, which
is 89 percent white and just 2.6
percent black.
Oh, sure, the Obamas still own their
Chicago home in Hyde Park, which is at least 26 percent black. But you would
think they could do better than 26 percent!
I like Michelle Obama. I have always liked Michelle Obama. I’ve
never said an unkind word about her, quite the opposite, and while I find her
politics ignorant, she was a terrific first lady.
But this is nuts…
Not only is she attacking white people for seeking a better
standard of living, which I can assure you (as I will explain below) has little
to do with racism, she is also attacking whites after she herself “fled” to 95
percent white Martha’s Vineyard (I will never stop repeating this point) and
two other homes in areas where the black population is less than 5 percent.
Worse still, she is putting white people in a position where
they can never win, where they are damned if they do or don’t, where they are
always and forever racist.
If white people move out of a black neighborhood, they’re
racists engaging in white flight.
But…
And this is important…
If white people move into a minority neighborhood, they are also
racists for either engaging in gentrification — which is just another form of
cultural genocide, donchaknow — or cultural appropriation.
Now I’m going to tell you a little something about white flight,
from my own experience…
Because I was poor, back in the mid-eighties, I lived in the
inner-city of Milwaukee for two years. My wife and I did not flee (my wife is
not white, by the way) because of “icky minorities” (did I mention my wife is
not white?), we fled because it was not safe to live there. It was never safe.
Over those two years, we had been mugged, robbed, and had our car stolen.
That’s why we left.
And when we fled, it was to a community that was still not as
white as *ahem* Martha’s Vineyard.
In 2002, my wife and I moved to California for nine years and
lived in an East Los Angeles neighborhood that was just four percent white. For nearly
a decade, I was outnumbered 96-4 and never gave it a thought because I was not
outnumbered. A darker skin tone, an accent, and different religious traditions
did not make my neighbors any less American than me, and when I am among
Americans I am among my own. We left because predominantly white leftists are
destroying California.
Then there’s my poor dad…
He moved to the Northside of Milwaukee in 1980, and spent
decades, a lot of money, and a ton of sweat, remodeling his home, building a
garage, and paying that home off. He intended to retire there. And yes, there
were black people in his neighborhood when he moved in, and for most of his
adult life he worked in predominantly black institutions. He never intended to
move, and held on for as long as he could… He didn’t flee because of black
people. He was not forced to start all over at age 67 because he suddenly
decided he didn’t like blacks. He left because he was robbed, because gangs
started tagging his house and garage, because it was no longer safe to live
there.
You know…
If we’re going to shame people for such things, what does it say
to black people when other black people, especially the first black president
and his family, reject them? What the hell kind of message is this to send to
black Americans, especially when the Obamas can afford the security to live
safely in any neighborhood they choose?
And if the Obamas wanted to live in Southern California, why
choose Rancho Mirage over Ladera Heights, the Black Beverly Hills, a
predominantly black neighborhood as swank as any in America?
Shame on Michelle and Barack Obama. They have the money and
profile to make an important statement on this issue, but they obviously prefer
to live in overwhelmingly white neighborhoods.
Diamond Life: Michelle Obama rents out $23-million Hollywood
Hills mansion for a night
Apparently,
a hotel, even a luxury hotel, was not good enough.
Former
first lady Michelle Obama had to go big, renting out a $23-million Hollywood
Hills mansion for...a night. The New York Post has the pictures of
it here. Several news
accounts explained it as possibly a rental to try and buy, something most
home-buyers don't get to do. Whether she actually paid is also a big
question mark, and if so, whether she paid market value (which would have
cost more than a fancy hotel) or received her night there a
"gift," which presents its own ethics problems.
The Shark House, which is located in the 9200 block
of Swallow Drive, is thus named due to its open air shark aquarium. It also has
a full spa, a humidor room, movie theater and walk-in wine room.
It's on the market, currently listed for a cool
$22.9 million.
A source told TMZ the Obamas may be looking at
real estate in the Hollywood Hills area, but that was not confirmed.
If
they're in the market to buy that, they've got a lot more money than the press
is reporting. We know they're loaded. But not that
loaded. Not Louis XIV loaded, which is about the range for this
sort of place. Or is it a sweetheart deal in the works we're talking
about? Maybe they'll end up buying it for "a
dollar." Don't know yet, but neither possibility makes them
look good.
It's
all part and parcel of the Obamas' long, luxurious post-presidency,
a nonstop vacay that costs taxpayers millions. It's as though
we're financing kings now, not retired presidents. For a while
there, the Obamas were jetting around with billionaires and
staying on private islands. Then they bought that expensive Kalorama
mansion in Washington, D.C., all supposedly for the benefit of their daughter
Sasha, who was finishing high school. Surprise, surprise, it
actually seems to primarily serve as a political watch post for longtime Obama
loyalist and consigliere Valerie Jarrett. They did some audience
tours and hung out with more billionaires. There were those
lucrative Goldman Sachs speeches by the celebrity
president (which certainly weren't based on economics anyone would want to
trade on).
And
all of this has been financed by taxpayers, who pay his $207,000 pension, along with bennies
such as unlimited air travel, transition expenses, office expenses,
presidential library funds, and lifetime Secret Service detail.
Apparently,
to the Obamas, there's no reaching that "certain point" at which
"you've made enough money."
For
Michelle, just call her "Mooch." Is this really what an
ex-presidency is supposed to be like? Hitting the money
jackpot? What he makes on his own is his own business (subject to
bribery laws), but taxpayers shouldn't be financing this level of movie-star
billionaire luxe life. Maybe it's time for some pension reform from
Congress. Would be quite a thing to see that idea presented to the
House's ruling Democrats.
OBAMAnomics:
Billionaire Class Enjoys 15X the Wage Growth of American Working
Class
The billionaire class — the country’s top
0.01 percent of earners — have enjoyed more than 15 times as much wage growth
as America’s working and middle class since 1979, new wage data reveals.
Between 1979 and 2017, the wages of
the bottom 90 percent — the country’s working and lower middle class — have
grown by only about 22 percent, Economic Policy Institute (EPI) researchers find.
Compare that small wage increase over nearly four decades to the
booming wage growth of America’s top one percent, who have seen their wages
grow more than 155 percent during the same period.
The top 0.01 percent — the country’s billionaire class — saw
their wages grow by more than 343 percent in the last four decades, more
than 15 times the wage growth of the bottom 90 percent of Americans.
In 1979, America’s working class was earning on average about
$29,600 a year. Fast forward to 2017, and the same bottom 90 percent of
Americans are earning only about $6,600 more annually.
The almost four decades of wage stagnation among the country’s
working and middle class comes as the national immigration policy has allowed
for the admission of more than 1.5 million mostly low-skilled immigrants every
year.
(Public Citizen)
In the last decade, alone, the
U.S. admitted ten million
legal immigrants, forcing American workers to compete against a growing
population of low-wage workers. Meanwhile, employers are able to reduce wages
and drive up their profit margins thanks to the annual low-skilled immigration
scheme.
The Washington, DC-imposed mass immigration policy
is a boon to corporate executives, Wall Street, big business, and multinational
conglomerates as every one percent increase in the immigrant composition of an
occupation’s labor force reduces Americans’ hourly wages
by 0.4 percent. Every one percent increase in the immigrant workforce reduces
Americans’ overall wages by 0.8 percent.
Mass immigration has come at the expense of America’s working
and middle class, which has suffered from poor job growth, stagnant wages, and
increased public costs to offset the importation of millions of low-skilled
foreign nationals.
Four million young Americans enter
the workforce every year, but their job opportunities are further diminished as
the U.S. imports roughly two new foreign workers for every four American
workers who enter the workforce. Even though researchers say 30
percent of the workforce could lose their jobs due to
automation by 2030, the U.S. has not stopped importing more than a million
foreign nationals every year.
For blue-collar American workers,
mass immigration has not only kept wages down but in many cases decreased
wages, as Breitbart News reported. Meanwhile, the
U.S. continues importing more foreign nationals with whom working-class
Americans are forced to compete. In 2016, the U.S. brought in about 1.8 million
mostly low-skilled immigrants.
Study: Elite Zip Codes Thrived in Obama Recovery, Rural America
Left Behind
4:49
Wealthy cities and elite zip codes thrived
under the slow-moving economic recovery of President Obama while rural American
communities were left behind, a study reveals.
The Economic Innovation Group
research, highlighted by Axios, details the massive
economic inequality between the country’s coastal city elites and middle
America’s working class between the Great Recession in 2007 and Obama’s
economic recovery in 2016.
Between 2007 and 2016, the number of residents living in elite
zip codes grew by more than ten million, with an overwhelming faction of that
population growth being driven by mass immigration where the U.S. imports more
than 1.5 million illegal and legal immigrants annually.
The booming 44.5 million immigrant
populations are concentrated mostly in the
country’s major cities like Los Angeles, California, Miami Florida, and New
York City, New York. The rapidly growing U.S. population — driven by
immigration — is set to hit 404 millionby 2060, a boon for
real estate developers, wealthy investors, and corporations, all of which
benefit greatly from dense populations and a flooded labor market.
The economic study found that while the population grew in
wealthy cities, America’s rural population fell by nearly 3.5 million
residents.
Likewise, by 2016, elite zip codes had a surplus of 3.6 million
jobs, which is more than the combined bottom 80 percent of American zip codes.
While it only took about five years for wealthy cities to replace the jobs lost
by the recession, it took “at risk” regions of the country a decade to recover,
and “distressed” U.S. communities are “unlikely ever to recover on current
trendlines,” the report predicts.
A map included in the research shows how rich,
coastal metropolises have boomed economically while entire portions of
middle America have been left behind as job and business gains remain
concentrated at the top of the income ladder.
(Economic Innovation Group)
(Economic Innovation Group)
Economic growth among the country’s middle-class counties and
middle-class zip codes has considerably trailed national economic growth, the
study found.
For example, between 2012 and 2016, there were 4.4 percent more
business establishments in the country as a whole. That growth was less than
two percent in the median zip code and there was close to no growth in the
median county.
The same can be said of employment growth, where U.S. employment
grew by about 9.3 percent from 2012 to 2016. In the median zip code, though,
employment grew by only 5.5 percent and in the median county, employment grew
by less than four percent.
“Nearly three in every five large counties added businesses on
net over the period, compared to only one in every five small one,” the report
concluded.
Elite zip codes added more business establishments during
Obama’s economic recovery, between 2012 and 2016, than the entire bottom 80
percent of zip codes combined. For instance, while more than 180,000 businesses
have been added to rich zip codes, the country’s bottom tier has lost more than
13,000 businesses even after the economic recovery.
(Economic Innovation Group)
(Economic Innovation Group)
The gutting of the American
manufacturing base, through free trade, has been a driving catalyst for the
collapse of the white working class and black Americans. Simultaneously, the
outsourcing of the economy has brought major wealth to corporations, tech
conglomerates, and Wall Street.
The dramatic decline of U.S.
manufacturing at the hands of free trade—where more than 3.4 million American jobs
have been lost solely due to free trade with China, not including the American
jobs lost due to agreements like the North American Free Trade Agreement
(NAFTA) and the United States-Korea Free Trade Agreement (KORUS)—has coincided
with growing wage inequality for white and black Americans, a growing number of
single mother households, a drop in U.S. marriage rates, a general
stagnation of working and middle class wages, and specifically, increased black
American unemployment.
“So, the loss of manufacturing work since 1960 represents a
steady decline in relatively high-paying jobs for less-educated workers,”
recent research from economist Eric D. Gould has noted.
Fast-forward to the modern economy
and the wage trend has been the opposite of what it was during the peak of
manufacturing in the U.S. An Economic Policy Institute studyfound this year
that been 2009 and 2015, the top one percent of American families
earned about 26 times as much income as the bottom 99 percent of
Americans.
Record high income in 2017 for top
one percent of wage earners in US
In 2017, the top one
percent of US wage earners received their highest paychecks ever, according to
a report by the Economic Policy Institute (EPI).
Based on newly released
data from the Social Security Administration, the EPI shows that the top one
percent of the population saw their paychecks increase by 3.7 percent in 2017—a
rate nearly quadruple the bottom 90 percent of the population. The growth was
driven by the top 0.1 percent, which includes many CEOs and corporate
executives, whose pay increased eight percent and averaged $2,757,000 last
year.
The EPI report is only
the latest exposure of the gaping inequality between the vast majority of the
population and the modern-day aristocracy that rules over them.
The EPI shows that the
bottom 90 percent of wage earners have increased their pay by 22.2 percent
between 1979 and 2017. Today, this bottom 90 percent makes an average of just
$36,182 a year, which is eaten up by the cost of housing and the growing burden
of education, health care, and retirement.
Meanwhile, the top one
percent has increased its wages by 157 percent during this same period, a rate
seven times faster than the other group. This top segment makes an average of
$718,766 a year. Those in-between, the 90th to 99th percentile, have increased
their wages by 57.4 percent. They now make an average of $152,476 a year—more
than four times the bottom 90 percent.
Decades of decaying
capitalism have led to this accelerating divide. While the rich accumulate
wealth with no restriction, workers’ wages and benefits have been under
increasing attack. In 1979, 90 percent of the population took in 70 percent of
the nation’s income. But, by 2017, that fell to only 61 percent.
Even more, while the
bottom 90 percent of the population may take in 61 percent of the wages, large
sections of the workforce today barely pull in any income at all. For
example, Social Security Administration data found that the bottom 54
percent of wage earners in the United States, 89.5 million people, make an
average of just $15,100 a year. This 54 percent of the population earns only 17
percent of all wages paid in America.
However unequal, these
wage inequalities still do not fully present the divide between rich and poor.
The ultra-wealthy derive their wealth not primarily from wages, but from assets
and equities—principally from the stock market. While the bottom 90 percent of
the population made 61 percent of the wages in 2017, they owned even less, just
27 percent of the wealth (according to the World Inequality Report
2018 by Thomas Piketty, Emmanuel Saez, and Gabriel Zucman).
The massive increase in
the value of the stock market, which only a small segment of the population
participates in, means that the top 10 percent of the population controls 73
percent of all wealth in the United States. Just three men—Jeff Bezos, Warren
Buffet and Bill Gates—had more wealth than the bottom half of America combined
last year.
Wages are so low in the
United States that roughly half of the population falls deeper into debt every
year. A Reuters report from July found that the pretax net income (that is,
income minus expense) of the bottom 40 percent of the population was an average
of negative $11,660. Even the middle quintile of the
population, the 40th to 60th percentile, breaks even with an average of only
$2,836 a year.
As the Social Security
Administration numbers show, 67.4 percent of the population made less than the
average wage, $48,250 a year in 2017, a sum that is inadequate to support a
family in many cities—especially, with high housing costs, health care,
education, and retirement factored in.
For the ruling class,
though, workers’ wages are already too much. The volatility of the stock market
and the deep fear that the current bull market will collapse has made
politicians and businessmen anxious of any sign of wage increases.
In August, wages in the
US rose just 0.2 percent above the inflation rate, the highest in nine years.
Though the increase was tiny, it was enough to encourage the Federal Reserve to
increase the interest rate past two percent for the first time since 2008.
Raising interest rates helps to depress workers’ wages by lowering borrowing
and spending. As the Financial Times noted, stopping wage
growth was “central” to the Federal Reserve’s move.
Further analysis of the
Social Security Administration data shows that in 2017, 147,754 people reported
wages of 1 million dollars or more—roughly, the top 0.05 percent. Their
combined total income of $372 billion could pay for the US federal education
budget five times over.
These wages, however
large, still pale in comparison to the money the ultra-rich acquire from the
stock market. For example, share buybacks and dividend payments, a way of
funneling money to shareholders, will eclipse $1 trillion this year.
Whatever the immediate
source, the wealth of the rich derives from the great mass of people who do the
actual work. Across the United States and around the world, workers, young
people, and students have entered into struggle this year over pay, education, health
care, immigration, war and democratic rights. This growing movement of the
working class must set as its aim confiscating the wealth and power of this
tiny parasitic oligarchy. Society’s wealth must be democratically controlled by
those who produce it.
THE STAGGERING ECONOMIC INEQUALITY UNDER OBAMA'S ADMINISTRATION SERVING THE BILLIONAIRE CLASS.
THE
ENTIRE REASON BEHIND AMNESTY IS TO KEEP WAGES DEPRESSED AND PASS ALONG THE REAL
COST OF "CHEAP" MEXICAN LABOR TO THE AMERICAN MIDDLE CLASS.
AND IT'S WORKING!
SEN. BERNIE SANDERS
“Calling income and wealth inequality the "great
moral issue of our time," Sanders laid out a sweeping, almost unimaginably
expensive program to transfer wealth from the richest Americans to the poor and
middle class. A $1 trillion public works program to create "13 million
good-paying jobs." A $15-an-hour federal minimum wage. "Pay
equity" for women. Paid sick leave and vacation for everyone. Higher taxes
on the wealthy. Free tuition at all public colleges and universities. A
Medicare-for-all single-payer health care system. Expanded Social Security
benefits. Universal pre-K.” WASHINGTON EXAMINER
YOU THOUGHT OBAMA INVITED
OBAMANOMICS and started the assault on the American middle-class?
NOPE!
“By the time of Bill Clinton’s election in 1992, the Democratic
Party had completely repudiated its association with the reforms of the New
Deal and Great Society periods. Clinton gutted welfare programs to provide an
ample supply of cheap labor for the rich (WHICH NOW MEANS OPEN BORDERS AND NO
E-VERIFY!), including a growing layer of black capitalists, and passed the 1994
Federal Crime Bill, with its notorious “three strikes” provision that has
helped create the largest prison population in the world.”
Clinton
Foundation Put On Watch List Of Suspicious ‘Charities’
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.
Millionaires projected to own 46 percent of global private wealth by 2019
Households with more than a million
(US) dollars in private wealth are projected to own 46 percent of global
private wealth in 2019 according to a new report by the Boston
Consulting Group (BCG).
This large percentage, however, only
includes cash, savings, money market funds and listed securities held through
managed investments—collectively known as “private wealth.” It leaves out
businesses, residences and luxury goods, which comprise a substantial portion
of the rich’s net worth.
At the end of 2014,
millionaire households owned about 41 percent of global private wealth,
according to BCG. This means that collectively these 17 million households
owned roughly $67.24 trillion in liquid assets, or about $4 million per
household.
In total, the world added $17.5
trillion of new private wealth between 2013 and 2014. The report notes that
nearly three quarters of all these gains came from previously existing wealth.
In other words, the vast majority of money gained has been due to pre-existing
assets increasing in value—not the creation of new material things.
This trend is the result of the
massive infusions of cheap credit into the financial markets by central banks.
The policy of “quantitative easing” has led to a dramatic expansion of the
stock market even while global economic growth has slumped.
While the wealth of the
rich is growing at a breakneck pace, there is a stratification of growth within
the super wealthy, skewed towards the very top.
In 2014, those with over $100 million
in private wealth saw their wealth increase 11 percent in one year alone.
Collectively, these households owned $10 trillion in 2014, 6 percent of the
world’s private wealth. According to the report, “This top segment is expected
to be the fastest growing, in both the number of households and total wealth.”
They are expected to see 12 percent compound growth on their wealth in the next
five years.
Those families with wealth between
$20 and $100 million also rose substantially in 2014—seeing a 34 percent
increase in their wealth in twelve short months. They now own $9 trillion. In
five years they will surpass $14 trillion according to the report.
Coming in last in the “high net
worth” population are those with between $1 million and $20 million in private
wealth. These households are expected to see their wealth grow by 7.2 percent
each year, going from $49 trillion to $70.1 trillion dollars, several
percentage points below the highest bracket’s 12 percent growth rate.
The gains in private wealth of the
ultra-rich stand in sharp contrast to the experience of billions of people
around the globe. While wealth accumulation has sharply sped up for the
ultra-wealthy, the vast majority of people have not even begun to recover from
the past recession.
An Oxfam report from January, for example,
shows that the bottom 99 percent of the world’s population went from having
about 56 percent of the world’s wealth in 2010 to having 52 percent of it in
2014. Meanwhile the top 1 percent saw its wealth rise from 44 to 48 percent of
the world’s wealth.
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.
As the Organization for Economic
Co-operation and Development (OECD) has noted, in the United States “between
2007 and 2013, net wealth fell on average 2.3 percent, but it fell ten-times
more (26 percent) for those at the bottom 20 percent of the distribution.” The
2015 report concludes that “low-income households have not benefited at all
from income growth.”
Another report by Knight
Frank, looks at those with wealth exceeding $30 million. The report notes
that in 2014 these 172,850 ultra-high-net-worth individuals increased their
collective wealth by $700 billion. Their total wealth now rests at $20.8
trillion.
The report also draws attention to
the disconnection between the rich and the actual economy. It states that the
growth of this ultra-wealthy population “came despite weaker-than-anticipated
global economic growth. During 2014 the IMF was forced to downgrade its
forecast increase for world output from 3.7 percent to 3.3 percent.”
DICK MORRIS:
On America’s First Family of Crime….. NO! Not
the Bushes again!
Clinton global hucksterism – Selling out America
like they sold out the Lincoln Bedroom.
HILLARY CLINTON: CRONY CLASS’ “Hope
and Change” huckster’s successor!
“I serve Obama’s cronies first, illegals second
and together we will loot the American middle-class to double our figures. It’s
called BAILOUTS! Evita Peron Clinton
At this point, Clinton is
the choice of most multimillionaires to be the next occupant of the White
House. A recent CNBC poll of 750 millionaires found 53 percent support for
Clinton in a contest with Republican Jeb Bush, 14 points better than Obama’s
showing in the 2012 election with the same group.
Sen. Bernie Sanders – America’s answer to Wall
Street’s looting, the war on the American middle-class and jobs for legals!
“At this point, Clinton is the choice of
most multimillionaires to be the next occupant of the White House. A recent
CNBC poll of 750 millionaires found 53 percent support for Clinton in a contest
with Republican Jeb Bush, 14 points better than Obama’s showing in the 2012 election
with the same group.”
THE CRONY
CLASS:
OBAMACLINTONOMICS
was created by BILLARY CLINTON!
Income inequality grows
FOUR TIMES FASTER under Obama than Bush.
“By the time of Bill Clinton’s election in 1992, the Democratic
Party had completely repudiated its association with the reforms of the New
Deal and Great Society periods. Clinton gutted welfare programs to provide an
ample supply of cheap labor for the rich (WHICH NOW MEANS OPEN BORDERS AND NO
E-VERIFY!), including a growing layer of black capitalists, and passed the 1994
Federal Crime Bill, with its notorious “three strikes” provision that has
helped create the largest prison population in the world.”
“Calling income and wealth inequality the "great
moral issue of our time," Sanders laid out a sweeping, almost unimaginably
expensive program to transfer wealth from the richest Americans to the poor and
middle class. A $1 trillion public works program to create "13 million
good-paying jobs." A $15-an-hour federal minimum wage. "Pay
equity" for women. Paid sick leave and vacation for everyone. Higher taxes
on the wealthy. Free tuition at all public colleges and universities. A
Medicare-for-all single-payer health care system. Expanded Social Security
benefits. Universal pre-K.” WASHINGTON EXAMINER
OBAMA’S WALL STREET and the LOOTING
of AMERICA – SECOND TERM
The
corporate cash hoard has likewise reached a new record, hitting an estimated
$1.79 trillion in the fourth quarter of last year, up from $1.77 trillion in
the previous quarter. Instead of investing the money, however, companies are
using it to buy back their own stock and pay out record dividends.
Megan McArdle Discusses How
America's Elites Are Rigging the Rules - Newsweek/The Daily Beast special
correspondent Megan McArdle joins Scott Rasmussen for a discussion on America's
new Mandarin class.
PATRICK
BUCHANAN: OBAMA’S ASSAULT ON AMERICA BEGINS AT OUR BORDERS
WHO
REALLY PAYS FOR THE CRIMES OF OBAMA’S CRONY DONORS???
LAST WEEK BARACK OBAMA
CELEBRATED FIVE YEARS OF THE LOOTING BY HIS WALL STREET BANKSTERS… now it’s
back to cutting social programs to pay for all that rape by the 1% he represents.
The following week it will be back to the AMNESTY HOAX to legalize Mexico’s
looting of America and make it legal that Mexicans get our jobs first… they
already do!
As in previous budget
crises under the Obama administration, the events are being stage-managed by
the two corporate-controlled parties to give the illusion of partisan gridlock
and confrontation over principles—in this case, whether to go forward with the
implementation of the Obama health care program—while behind the scenes all
factions within the ruling elite agree that massive cuts must be carried
through in basic federal social programs.
OBAMA’S
CRONY CAPITALISM – A NATION RULED BY CRIMINAL WALL STREET BANKSTERS AND OBAMA
DONORS
GET THIS BOOK
Culture of
Corruption: Obama and His Team of Tax Cheats, Crooks, and Cronies
by Michelle Malkin
In her shocking new
book, Malkin digs deep into the records of President Obama's staff,
revealing corrupt dealings, questionable pasts, and abuses of power throughout
his administration.
PATRICK
BUCHANAN
After Obama
has completely destroyed the American economy, handed millions of jobs to
illegals and billions of dollars in welfare to illegals…. BUT WHAT COMES NEXT?
OBAMANOMICS: IS IT WORKING???
Millionaires
projected to own 46 percent of global private wealth by 2019
By
Gabriel Black
18 June 2015
Households with more than a million (US) dollars
in private wealth are projected to own 46 percent of global private wealth in
2019 according to a new report by the Boston Consulting Group (BCG).
This large percentage, however, only
includes cash, savings, money market funds and listed securities held through
managed investments—collectively known as “private wealth.” It leaves out
businesses, residences and luxury goods, which comprise a substantial portion
of the rich’s net worth.
At the end of 2014, millionaire households
owned about 41 percent of global private wealth, according to BCG. This means
that collectively these 17 million households owned roughly $67.24 trillion in
liquid assets, or about $4 million per household.
In total, the world added $17.5 trillion
of new private wealth between 2013 and 2014. The report notes that nearly three
quarters of all these gains came from previously existing wealth. In other
words, the vast majority of money gained has been due to pre-existing assets
increasing in value—not the creation of new material things.
This trend is the result of the massive
infusions of cheap credit into the financial markets by central banks. The
policy of “quantitative easing” has led to a dramatic expansion of the stock
market even while global economic growth has slumped.
While the wealth of the rich is growing at
a breakneck pace, there is a stratification of growth within the super wealthy,
skewed towards the very top.
In 2014, those with over $100 million in
private wealth saw their wealth increase 11 percent in one year alone.
Collectively, these households owned $10 trillion in 2014, 6 percent of the
world’s private wealth. According to the report, “This top segment is expected
to be the fastest growing, in both the number of households and total wealth.”
They are expected to see 12 percent compound growth on their wealth in the next
five years.
Those families with wealth between $20 and
$100 million also rose substantially in 2014—seeing a 34 percent increase in
their wealth in twelve short months. They now own $9 trillion. In five years
they will surpass $14 trillion according to the report.
Coming in last in the “high net worth”
population are those with between $1 million and $20 million in private wealth.
These households are expected to see their wealth grow by 7.2 percent each
year, going from $49 trillion to $70.1 trillion dollars, several percentage
points below the highest bracket’s 12 percent growth rate.
The gains in private wealth of the
ultra-rich stand in sharp contrast to the experience of billions of people
around the globe. While wealth accumulation has sharply sped up for the
ultra-wealthy, the vast majority of people have not even begun to recover from
the past recession.
An Oxfam report from January, for example, shows that the bottom 99 percent
of the world’s population went from having about 56 percent of the world’s
wealth in 2010 to having 52 percent of it in 2014. Meanwhile the top 1 percent
saw its wealth rise from 44 to 48 percent of the world’s wealth.
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.
As the Organization for Economic
Co-operation and Development (OECD) has noted, in the United States “between
2007 and 2013, net wealth fell on average 2.3 percent, but it fell ten-times
more (26 percent) for those at the bottom 20 percent of the distribution.” The
2015 report concludes that “low-income households have not benefited at all
from income growth.”
Another report by Knight Frank,
looks at those with wealth exceeding $30 million. The report notes that in 2014
these 172,850 ultra-high-net-worth individuals increased their collective
wealth by $700 billion. Their total wealth now rests at $20.8 trillion.
The report also draws attention to the
disconnection between the rich and the actual economy. It states that the
growth of this ultra-wealthy population “came despite weaker-than-anticipated
global economic growth. During 2014 the IMF was forced to downgrade its
forecast increase for world output from 3.7 percent to 3.3 percent.”
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