Tuesday, November 3, 2015

OBAMA-CLINTONOMICS: The Death of the American Middle-Class


TO KEEP WAGES DEPRESSED AND BUILD THEIR LA RAZA "The Race" MEXICAN ILLEGAL PARTY BASE, THE DEMOCRAT PARTY HAS RUTHLESSLY ASSAULTED THE AMERICAN WORKER, OUR LAWS ON HIRING ILLEGALS AND OUR BORDERS TO KEEP WAGES DEPRESSED.

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.”

"The U.S. now ranks at, or near, the top of developed countries for income inequality. Job creation has lagged far behind population growth. Automation has erased some jobs, but corrupt, inept government leadership is responsible for the deplorable job- deficit-low wage situation." 

"The federal government encourages the massive illegal and legal immigration that plays a huge role in job scarcity and income suppression for American workers. To paraphrase Milton Friedman, a viable economy cannot exist with open borders and unrestricted immigration. An oversupply of workers willing to work for less pay, the outsourcing of jobs, and visa-immigrant hiring allow companies to replace American workers with immigrants for reduced labor and benefit costs."



Income inequality has risen during the last several decades to heights last seen in the 1920s. Most of the income growth has gone to a small fraction of the population, the ultra-rich elites, while real wages for the bottom 90 percent ...

The Causes of Income Inequality

 
Income inequality has risen during the last several decades to heights last seen in the 1920s. Most of the income growth has gone to a small fraction of the population, the ultra-rich elites, while real wages for the bottom 90 percent has been stagnant since the 1980s. The U.S. now ranks at, or near, the top of developed countries for income inequality. Job creation has lagged far behind population growth. Automation has erased some jobs, but corrupt, inept government leadership is responsible for the deplorable job- deficit-low wage situation.    

Trade agreements are one cause of job and wage reduction. Over the last twenty years, we’ve amassed $10 trillion in trade deficits and exported 12 million manufacturing jobs, forcing workers to move into lower-wage service jobs. Government brags about the free trade agreements, CAFTA, NAFTA, KORUS, and TPP. But the “free” applies only to the foreign trading partners, which manipulate their currencies, pay sweatshop workers low wages, manufacture under environmentally-toxic conditions, and restrict U.S. imports. We hand over our technology, good-paying jobs, product labeling, and safety guarantees -- all to enrich multinational corporations and foreign industry. Industrial research and development have been decimated as companies move overseas or outsource jobs, leaving the nation a future of little technological innovation. The U.S. is left with hollowed-out industries and service jobs. 

The federal government encourages the massive illegal and legal immigration that plays a huge role in job scarcity and income suppression for American workers. To paraphrase Milton Friedman, a viable economy cannot exist with open borders and unrestricted immigration. An oversupply of workers willing to work for less pay, the outsourcing of jobs, and visa-immigrant hiring allow companies to replace American workers with immigrants for reduced labor and benefit costs. A well-known example is that of Disney IT workers who were forced to train their cheaper immigrant replacements. It is no coincidence that the rise in immigration has occurred simultaneously with the rise of the welfare state. People unemployed, or in low-wage and part-time jobs, rely on government subsidies. The result is larger national debt, more corporate wealth, and declining wages.

ObamaCare influences, and will influence to greater degrees, the lowering of incomes for Americans as healthcare costs rise. Higher premiums and deductions for health insurance are being shifted to employees, reducing benefits and wages. Medical care costs already have risen much faster than wages, leaving many struggling to pay for necessities. Ever-higher deductions mean that people can’t afford to use the insurance they are forced to buy because they can’t even pay the deductions.        

Another contributor to job deficiency and wage stagnation is the increased regulation and taxation of small businesses instituted by Obama’s executive orders, EPA overreach, and ObamaCare. Small businesses traditionally have created two-thirds of new jobs annually. The bright spot in the economy, small businesses have created 78.7 percent of new jobs since the recession. Today, faced with these government anti-business policies, small businesses are closing their doors at a faster rate than new businesses are opening. The small businesses that remain open often don’t expand because of Obamacare and government regulations.

Income inequality is greatly impacted by the Federal Reserve’s policies of money-printing and zero interest rates, which have led to the funding of the financial and corporate markets while ignoring the needs of smaller businesses. The money supply and cheap lending has gone to the government, large corporations, and Wall Street, leaving the rest of the economy to sputter along with little capital and fewer jobs. The Fed’s policies of crony capitalism favor big business and big banks over that of smaller entities and are responsible for the increasing number of big business deals such as Walgreen's purchase of Rite Aid.


DEATH OF THE AMERICAN MIDDLE-CLASS

This government-driven, crony-capitalist economy defined by job scarcity and wage stagnation is the reason college graduates are burdened by $1.3 trillion debt, living with parents, can’t afford to marry or buy homes, and working as waitresses and bartenders. Job scarcity and low wages are the reasons we’re becoming a nation of renters rather than homeowners. They are the reasons that 51 percent of workers earn less than $30,000 a year. They are the reasons for the demise of the middle class and the burgeoning welfare rolls, the modern-day equivalent of slavery.    

Income inequality and its devastating consequences are seldom mentioned on the nightly news. The media and bogus government statistics paint rosy pictures about economic recovery, and government masks the bad economy with welfare so that we don’t see Great Depression bread lines. But the only recovery has been in the Federal Reserve’s inflated stock market, not in the main street economy, where 94 million working-age adults are unemployed and 47 million are on some welfare program. The “Made in America” displays weekly touted by ABC news are the few exceptions, rather than the rule, in an American economy of boarded-up stores and factories.    
The political implications of income inequality are most evident in the increasing rise and entrenchment of career politicians, supported by big donor funding and media favoritism. The integrity of the electoral process is endangered as election propaganda, funded by big money and hyped by corporate media bias, become more prominent in spreading lies, distortions, and innuendos to the voting public. Unrestricted campaign funding has given the moneyed elites first access to elected officials. At the same time, private-sector unions, small businesses, and citizens find their influence dwindling or irrelevant. This crony capitalism, resembling dictatorships and communist oligarchies, seriously threatens our democracy because money, power, and media control are consolidated in the hands of a few at the top. Voter apathy prevails, as voters feel increasingly powerless to change the course of events. 

The United States, a once great economic powerhouse and the largest creditor nation, has become the largest debtor nation, and is fast becoming a banana republic. Past and present elected authorities and public officials have stripped bare our industries, put the nation under a mountain of debt, and turned the U.S. into a welfare depository. Government leaders have intentionally failed to protect our borders, jobs, and freedoms. These public “servants” and the wealthy elites have garnered riches for themselves, and purposely impoverished citizens and future generations. The greatest threats to our economy and national security are not foreign countries or terrorists; they are the enemies inside, corrupt government leaders and the money masters they serve. 
 
Income inequality has risen during the last several decades to heights last seen in the 1920s. Most of the income growth has gone to a small fraction of the population, the ultra-rich elites, while real wages for the bottom 90 percent has been stagnant since the 1980s. The U.S. now ranks at, or near, the top of developed countries for income inequality. Job creation has lagged far behind population growth. Automation has erased some jobs, but corrupt, inept government leadership is responsible for the deplorable job- deficit-low wage situation.    

Trade agreements are one cause of job and wage reduction. Over the last twenty years, we’ve amassed $10 trillion in trade deficits and exported 12 million manufacturing jobs, forcing workers to move into lower-wage service jobs. Government brags about the free trade agreements, CAFTA, NAFTA, KORUS, and TPP. But the “free” applies only to the foreign trading partners, which manipulate their currencies, pay sweatshop workers low wages, manufacture under environmentally-toxic conditions, and restrict U.S. imports. We hand over our technology, good-paying jobs, product labeling, and safety guarantees -- all to enrich multinational corporations and foreign industry. Industrial research and development have been decimated as companies move overseas or outsource jobs, leaving the nation a future of little technological innovation. The U.S. is left with hollowed-out industries and service jobs. 
The federal government encourages the massive illegal and legal immigration that plays a huge role in job scarcity and income suppression for American workers. To paraphrase Milton Friedman, a viable economy cannot exist with open borders and unrestricted immigration. An oversupply of workers willing to work for less pay, the outsourcing of jobs, and visa-immigrant hiring allow companies to replace American workers with immigrants for reduced labor and benefit costs. A well-known example is that of Disney IT workers who were forced to train their cheaper immigrant replacements. It is no coincidence that the rise in immigration has occurred simultaneously with the rise of the welfare state. People unemployed, or in low-wage and part-time jobs, rely on government subsidies. The result is larger national debt, more corporate wealth, and declining wages.

ObamaCare influences, and will influence to greater degrees, the lowering of incomes for Americans as healthcare costs rise. Higher premiums and deductions for health insurance are being shifted to employees, reducing benefits and wages. Medical care costs already have risen much faster than wages, leaving many struggling to pay for necessities. Ever-higher deductions mean that people can’t afford to use the insurance they are forced to buy because they can’t even pay the deductions.        

Another contributor to job deficiency and wage stagnation is the increased regulation and taxation of small businesses instituted by Obama’s executive orders, EPA overreach, and ObamaCare. Small businesses traditionally have created two-thirds of new jobs annually. The bright spot in the economy, small businesses have created 78.7 percent of new jobs since the recession. Today, faced with these government anti-business policies, small businesses are closing their doors at a faster rate than new businesses are opening. The small businesses that remain open often don’t expand because of Obamacare and government regulations.

Income inequality is greatly impacted by the Federal Reserve’s policies of money-printing and zero interest rates, which have led to the funding of the financial and corporate markets while ignoring the needs of smaller businesses. The money supply and cheap lending has gone to the government, large corporations, and Wall Street, leaving the rest of the economy to sputter along with little capital and fewer jobs. The Fed’s policies of crony capitalism favor big business and big banks over that of smaller entities and are responsible for the increasing number of big business deals such as Walgreen's purchase of Rite Aid.

This government-driven, crony-capitalist economy defined by job scarcity and wage stagnation is the reason college graduates are burdened by $1.3 trillion debt, living with parents, can’t afford to marry or buy homes, and working as waitresses and bartenders. Job scarcity and low wages are the reasons we’re becoming a nation of renters rather than homeowners. They are the reasons that 51 percent of workers earn less than $30,000 a year. They are the reasons for the demise of the middle class and the burgeoning welfare rolls, the modern-day equivalent of slavery.    

Income inequality and its devastating consequences are seldom mentioned on the nightly news. The media and bogus government statistics paint rosy pictures about economic recovery, and government masks the bad economy with welfare so that we don’t see Great Depression bread lines. But the only recovery has been in the Federal Reserve’s inflated stock market, not in the main street economy, where 94 million working-age adults are unemployed and 47 million are on some welfare program. The “Made in America” displays weekly touted by ABC news are the few exceptions, rather than the rule, in an American economy of boarded-up stores and factories.    
The political implications of income inequality are most evident in the increasing rise and entrenchment of career politicians, supported by big donor funding and media favoritism. The integrity of the electoral process is endangered as election propaganda, funded by big money and hyped by corporate media bias, become more prominent in spreading lies, distortions, and innuendos to the voting public. Unrestricted campaign funding has given the moneyed elites first access to elected officials. At the same time, private-sector unions, small businesses, and citizens find their influence dwindling or irrelevant. This crony capitalism, resembling dictatorships and communist oligarchies, seriously threatens our democracy because money, power, and media control are consolidated in the hands of a few at the top. Voter apathy prevails, as voters feel increasingly powerless to change the course of events. 

The United States, a once great economic powerhouse and the largest creditor nation, has become the largest debtor nation, and is fast becoming a banana republic. Past and present elected authorities and public officials have stripped bare our industries, put the nation under a mountain of debt, and turned the U.S. into a welfare depository. Government leaders have intentionally failed to protect our borders, jobs, and freedoms. These public “servants” and the wealthy elites have garnered riches for themselves, and purposely impoverished citizens and future generations. The greatest threats to our economy and national security are not foreign countries or terrorists; they are the enemies inside, corrupt government leaders and the money masters they serve. 


Read more: http://www.americanthinker.com/articles/2015/11/the_causes_of_income_inequality.html#ixzz3qSBDYQVs
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Capitalism and mortality: Death rate soars for middle-aged US workers



This social counterrevolution has only accelerated under the Obama administration in the years since the financial crisis of 2008. The Wall Street crash of that year, triggered by the greed and criminality of the financial elite, has been utilized by that same financial aristocracy to strengthen its control over every aspect of social and political life in the United States.

Capitalism and mortality: Death rate soars for middle-aged US workers

4 November 2015
A study published this week in Proceedings of the National Academy of Sciences documents a sharp rise in the mortality rate for white, middle-aged working-class Americans over the past fifteen years. The report’s authors are Nobel laureate Angus Deaton and Anne Case, both economists at Princeton University.

Their calculations show that the rising death rate since 1999 for this segment of the population translates into 96,000 more deaths than if the mortality rate had remained flat. Had the rate continued on its declining trajectory for the period 1978-1998, the authors state, there would be 500,000 more people alive today in the United States.

“Only HIV/AIDS in contemporary times has done anything like this,” commented Deaton.
The increase in the mortality rate is due mainly to a dramatic rise in the rate of deaths from suicide, drug abuse and alcoholism—all expressions of social and personal crisis.

Dr. Case and Dr. Deaton found that the overall mortality rate (measured as the number of deaths each year) for white, non-Hispanic adults between the ages of 45 and 54 increased by 34 per 100,000 between 1999 and 2013. For those with a high school education or less, the rate increased by 134 per 100,000 (reaching 735.8 per 100,000) over this same period. This is a rise of 22 percent. In the study, education level served as an approximate stand-in for income level.

The increase in mortality for middle-aged white Americans with a high school education or less is attributed to: poisonings (including drug overdoses), which rose from 13.7 to 58.0 deaths per 100,000 (an increase of 400 percent); suicide, which rose from 21.8 to 38.8 deaths per 100,000 (an increase of 78 percent); and chronic liver cirrhosis (caused by alcoholism), which rose from 26.7 to 38.9 per 100,000 (an increase of 46 percent).

The authors also document the growth of morbidity, or ill health, within this social layer, showing that reports of good health fell, while reports of physical pain, psychological distress and poor health rose sharply.

The study confirms and provides additional substantiation for the conclusions of previous reports, including one from September of this year that found a dramatic decline in life expectancy for poorer middle-aged Americans.

Behind these figures lies an immense social retrogression and sharpening of class divisions. They reflect a catastrophic decline in the social position of the working class resulting from the protracted decay of American capitalism and a relentless, decades-long assault by the ruling class on all of the past social gains achieved in the course of a century of bitter class struggle.

While white workers, particularly white men, are routinely denounced as “privileged” by the pseudo-left proponents of racial and gender politics, they have seen perhaps the most dramatic reversal in their conditions of life. Middle-aged blacks still have a higher mortality rate than whites, but the difference between the two groups is closing rapidly.

Consider the experiences of the age group involved. A worker aged 50 in 2013 was born in 1963, at the height of the postwar economic boom. He or she would have reached employment age around 1980, the onset of a ruling-class offensive aimed at driving down workers’ wages and living standards and dismantling social services and public infrastructure. With the “deindustrialization” of America, huge swaths of industry were shut down, working-class cities were devastated, and millions of decent-paying jobs were wiped out.

This social counterrevolution has only accelerated under the Obama administration in the years since the financial crisis of 2008. The Wall Street crash of that year, triggered by the greed and criminality of the financial elite, has been utilized by that same financial aristocracy to strengthen its control over every aspect of social and political life in the United States.

The number of manufacturing jobs in the United States peaked at 19.5 million in 1970, falling to 17.4 million in 1999 and collapsing to just over 12 million by 2013. The share of working-age men between the ages of 25 and 54 who are not working has tripled since the late 1960s. Those jobs that are available pay less and less. Households headed by someone with a high school education or less have seen a 19 percent decline in their inflation-adjusted income.

Immense resources have been diverted into financial speculation, with the stock market becoming the primary mechanism for redistributing wealth from the poor to the rich. The share of national income going to the top one percent has nearly tripled, increasing from about 8 percent in the 1960s and 1970s to more than 20 percent today.

The consequences have been disastrous for predominantly African American cities such as Detroit, but the most concentrated growth of poverty in recent years has occurred in the suburbs—an increase of 64 percent from 2000 to 2011, according to one study.

Workers who are now middle-aged have experienced an unending decline in living standards. They have had their homes taken away, their retirement and health benefits gutted, their life savings wiped out. Millions are drowning in debt, exhausted by overwork or scraping by on unemployment, often unable to provide for their families and facing the permanent stress of economic insecurity. The “American dream” has become the American nightmare.

The organizations through which workers previously resisted the dictates of the corporations have collapsed. The trade unions have become labor syndicates, serving as a police force for the corporations to suppress the class struggle and impose mass layoffs, wage cuts and speedup. Under these conditions, the anger and frustration of workers, unable to find any organized expression, have in many cases been turned inward and taken personally and socially destructive forms.

This, however, is not a permanent state of affairs. The increase in mortality for large sections of the American population testifies to the failure of the capitalist system and the bankruptcy of all of its agencies, including the official unions. The objective crisis of capitalism is already giving rise to a growth of social opposition and anti-capitalist sentiment, which will inevitably find expression in a new upsurge of class struggle.

That the ruling class has nothing to offer to address the spiraling social crisis is reflected in the lack of serious attention paid to the shocking findings of the Princeton economists. In an earlier period, they would have been treated as a national disgrace.

Today, the Democrats and Republicans compete with each other in slashing social programs. A decline in life expectancy is seen as a positive good by a ruling class that is determined to cut spending on health care and pensions in order to finance an ever-expanding stock market bubble.
Under capitalism, society is marching backwards. The only social force that can reverse this counterrevolution is the working class. The growing sentiment of anger and opposition must assume an organized, political and revolutionary form. The turn is to socialism and the building of the revolutionary leadership, the Socialist Equality Party, required to lead the struggle for the socialist transformation of society.

Joseph Kishore



Obamacare open enrollment: A widening health care disaster for workers

Obamacare open enrollment: A widening health care disaster for workers

3 November 2015
“All of Obama’s policies have been geared toward increasing social inequality. … The claim that the health care overhaul is an oasis of progress in this desert of social reaction is simply a lie”— World Socialist Web Site, March 22, 2010


Open enrollment for the Affordable Care Act (ACA) began November 1 for plans taking effect January 1. The coming year will be the third in which the ACA, signed into law by President Obama in March 2010, will be operational. The World Socialist Web Site’s assessment five years ago that the “reform” commonly known as Obamacare would usher in a frontal assault on the health care available to working people is being richly confirmed.
The ACA has nothing in common with universal health care. That was merely the slogan initially advanced to disguise a corporate-designed scheme to dramatically shift health care costs onto the working class.
The central component of the scheme, the “individual mandate,” requires that individuals and families without health insurance through their employer or a government program such as Medicare or Medicaid obtain insurance or pay a tax penalty. Low-income people can qualify for modest tax subsidies to go toward premiums.
The uninsured are required to purchase coverage from private, for-profit insurance companies on the health care “exchanges” set up under the law. This vastly increases the market for private insurance firms without placing any real restraints on the prices they charge—a formula for windfall profits.
By the government’s own forecast, enrollees will face a 7.5 percent average premium rate increase in 2016. Other sources project rate hikes in excess of 20 percent. A recent study showed that many insurers are requesting double-digit rate increases next year and state insurance commissions are approving them.
A frenzy of mergers in the health care industry will fuel further premium increases. In the space of a few weeks in July, Aetna Inc. and Humana Inc. merged in a $37 billion deal, and Anthem Inc. agreed to acquire Cigna Corp. for $54 billion. As a result, the five largest health insurers in the US were consolidated into three.
Drug makers Allergan and Pfizer are in the advanced stages of talks to merge and form the world’s largest pharmaceutical company, valued at $330 billion. The price of top brand name prescription drugs are already surging, having increased by 12.9 percent in 2013, the last year for which data is available.
Last week the giant drug store chain Walgreens announced a deal to take over one of its main competitors, Rite Aid, creating a mega-chain to compete with CVS for total domination of the market.
Premiums and drug costs are only one aspect of the burden to be borne by those purchasing coverage under the ACA. The average deductible for the lowest tier “bronze” plans on the exchanges was $5,200 in 2015, and the prevalence of such “high-deductible” plans is sure to expand in 2016. This means that aside from mandated “essential services,” such as certain forms of wellness care and screenings, no medical care is covered until the entire deductible is paid out of pocket. Co-payments for doctor visits and other services are also required.
Research published in the current issue of the Journal of the American Medical Association looked at 135 health plans in 34 state marketplaces available during last year’s open enrollment period. The study found that as of April 2015, 18 plans in nine states lacked in-network specialists for at least one specialty. These included obstetricians/gynecologists, dermatologists, cardiologists, psychiatrists, oncologists, neurologists, endocrinologists, rheumatologists and pulmonologists.
What all of this means is that a substantial portion of the 12 million people who have purchased coverage on the health care exchanges will be forced to self-ration medical care due to economic necessity. Workers and their children will forego doctor visits, prescriptions for life-saving medicines will go unfilled, needless suffering and deaths will occur.
This appalling state of affairs is not an unfortunate byproduct of the ACA. By design from its inception, the legislation has been crafted to cut costs for the government and corporations and boost the profits of the health insurers, pharmaceutical corporations and health care chains.
According to the big business parties and their corporate sponsors, Americans are living too long and health care costs are sucking up too much of the national wealth. There is a calculated drive to lower life expectancy for working people.
That is why the introduction of Obamacare has been accompanied by a concerted drive to restrict access to basic medical tests—that is, to ration health care for workers. In recent months, official bodies have called for reducing or delaying mammograms, pap smears, prostate tests and other standard screening procedures.
One indication of the catastrophic implications of the assault on health care is a recent study showing that since 1998, the death rate for middle-income white Americans age 45-54 has risen sharply, resulting in half a million deaths, comparable to the 650,000 Americans who have lost their lives from AIDS since 1981. Researchers point to suicides and substance abuse, driven by increasing financial stress, as the main contributing factors. The ACA will only increase the number of such tragedies.
The implications of Obamacare go far beyond those buying insurance on the ACA exchanges and extend to all segments of health care. The legislation is serving as a model for the assault on employer-sponsored health care coverage as well as the bedrock government-run programs Social Security and Medicare.
Today, approximately half of all Americans receive their health care coverage through their employers. Employer-paid health benefits was an important social gain wrested from the corporations by the struggles of workers in the aftermath of World War II and has been central in raising the living standards of working class families.
But the workings of Obamacare aim to destroy these gains. As Ezekiel Emanuel, a close ally of Obama and key architect of the ACA, predicted in 2009: “By 2025, few private-sector employers will still be providing health insurance.” These plans will give way to vouchers handed out to employees to purchase coverage on insurance exchanges, either those set up under the ACA or others.
In the current contract struggle of US autoworkers, the drive by the auto companies and their union partners to dismantle the “cradle-to-grave” medical coverage won by autoworkers and retirees is in line with the Obama administration’s policy of shifting health care costs to workers.
The recent budget deal between Obama and congressional Republicans rolls back a significant provision in the ACA, the requirement that businesses with more than 200 workers automatically enroll their employees for health insurance. And while employers are basically absolved of responsibility for providing insurance, fines for individuals for not obtaining insurance will rise substantially in 2016—to $695, or 2.5 percent of income, whichever is higher.
Paul Ryan, the newly elected speaker of the House of Representatives, has advocated transforming Medicare into a voucher program and partially privatizing Social Security. That he is now presented as a “moderate” unifying force by the ruling elite and the media is an indication of how far to the right the political establishment in America has veered. The foundations are already being laid for the dismantling of Medicare and Social Security.
As the real content of Obamacare becomes clear to millions of workers and middle class people, who suddenly discover that they cannot get access to drugs or doctors and standard medical procedures are no longer covered by their insurance plans, there will be an explosive growth of social opposition.
The third year of the Affordable Care Act is the occasion to call the reactionary legislation by its rightful name: a health care counterrevolution. The only rational and progressive solution to the health care crisis in America is to replace the privately owned and controlled system with socialized medicine, in which the health care industry is nationalized, restructured, and placed under the democratic control of a workers government. This will make possible the provision of quality health care for all as a basic social right.
Kate Randall

"Amazon became a byword this year for savage treatment of 

employees. Bezos joins several others in the top 15 notorious 

for low-wage exploitation, including four heirs to the Wal-

Mart retail empire, James, Alice, Christy and Samuel Robson 

Walton, and Phil Knight, chairman of Nike Inc., whose $24.4 

billion fortune is extracted from his international network of 

sports apparel-producing sweatshops."


OBAMA-CLINTONomics is a simple device - Serve the super rich and pass the cost of their looting and Wall Street crimes on to the backs of the last of the American middle-class!


"Of course, the wealth of the financial elite cannot come from nowhere. Ultimately, the continual infusion of asset bubbles is the form taken by a massive transfer of wealth, from the working class to the banks, investors and super-rich. The corollary to rise of the stock market is the endless demands, all over the world, for austerity, cuts in wages, attacks on health care and pensions."


“As a result, the share of wealth held by the richest 0.1 percent of the population grew from 17 percent in 2007 to 22 percent in 2012, while the wealth of the 400 richest families in the US has doubled since 2008.”

OBAMA-CLINTONomics and the final death of the American middle-class

"Obama expanded the Wall Street bailout, handing trillions of dollars to the criminals who wrecked the economy. He then utilized the financial meltdown to restructure the auto industry on the basis of brutal pay cuts, setting a precedent for the transformation of the US into a low-wage economy."

"In the midst of the deepest slump since the Great Depression, the administration starved state and city governments of resources, leading to the destruction of hundreds of thousands of education and public-sector jobs and the gutting of workers’ pensions. Obama’s Affordable Care Act set in motion the dismantling of employer-paid health insurance and massive cuts in the Medicare insurance system for the elderly."


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

SEN. BERNIE SANDERS ON HILLARY’S SERVITUDE TO OBAMA’S CRIMINAL CRONY BANKSTERS… their looting continues unabated.




"I think that the business model of Wall Street is fraud," said Sanders. "I think these guys drove us into the worst economic downturn in the modern history of America and I think they're at it again. I believe that when you have so few banks with so much power you have to ... break them up. That is not Hillary Clinton's position."



Wealth of America’s super-rich grows to $2.34 trillion

Wealth of America’s super-rich grows to $2.34 trillion

By Nick Barrickman 
3 October 2015
The wealth of the 400 richest Americans 
continues to soar, according to the results of 
the new Forbes 400 list, published annually 
by the business magazine of the same name. 
At $2.34 trillion, the total net worth for the multi-billionaires on the list set new records, displacing last year’s all-time high of $2.29 trillion.



OBAMA-CLINTONomics: MELTDOWN!


Did their crony banksters ultimately destroy the global economy?





Richest one percent controls 

nearly half of global wealth

 

In 2009, the total net worth of the Forbes 400 was $1.27 trillion. Today, nearly six years into the so-called economic “recovery” fostered by the Obama administration, the wealthiest Americans have nearly doubled their hoard. The total wealth of the richest 400 Americans managed to reach new heights even while financial markets have been roiled by tumultuous swings.

The Forbes report notes that in 2015, “It was 
harder than ever to join the 400. The price of 
entry this year was $1.7 billion, the highest

it’s been in the 33 years that Forbes has

racked American wealth.” Forbes makes note

that the wealth threshold was so high this year that 145 billionaires failed to make the list.
While a majority of billionaires have prospered, their wealth underwritten by the massive government bailouts of financial institutions and near-zero interest rates from the Federal Reserve, a significant fraction of the wealthy elite have lost ground in the turbulent stock markets of recent months.
The ratio of winners and losers among the billionaires was ten to one last year, but this year was much closer to 50-50. Forbes noted that the top three position-holders on the list, Microsoft’s Bill Gates, Berkshire Hathaway’s Warren Buffett and Oracle’s Larry Ellison, each saw a drop in their total net worth of at least 5 percent in the last year. This did nothing to threaten the position of Gates, number one at $76 billion, or Buffett, number two at $62 billion, but Ellison’s third-place position, with $47.5 billion, left him “only” $500 million ahead of the fourth-place multi-billionaire, Jeff Bezos of Amazon.com.
The majority of those on the Forbes list were associated with some form of financial speculation, or with computer software and the Internet. According to the industry breakdown supplied by Forbes, its 400 include 126 engaged in investment, real estate and finance, 81 from computer technology and media, 36 from food and beverage, 32 from retail and fashion (including five members of the Walton family, owners of Wal-Mart), 31 from oil & gas, 20 from health care, 19 from miscellaneous services (including six members of the Pritzker family, owners of Hyatt Hotels), and 19 from sports and gaming.
This left only 35 listed as making their fortunes in manufacturing, automotive, construction, and logistics. The largest manufacturing fortune is the $7.4 billion of Harold Kohler, whose company makes toilets and other plumbing fixtures. Perhaps that is symbolic, given the state of manufacturing in the United States, once the world leader in industry, but no longer.
The growth of financial parasitism has underwritten the wealth of many on the Forbes 400. In 1982, the first Forbes 400 list saw figures directly involved in finance making up only 4.4 percent of the total wealth on the list. As of today, this group now makes up more than 21 percent of billionaires on the list.
Former Microsoft chairman Bill Gates, who has held the number one spot on the Forbes 400 for 22 years, has less than 13 percent of his fortune in stock in the company he founded. According toForbes, the majority of Gates’ wealth is bound up in Cascade, the software mogul’s investment firm, which specializes in “investing in stocks, bonds, private equity and real estate.”
Besides the well-known super-rich of Silicon Valley like Google’s Larry Page and Sergey Brin (with $33.3 billion and $32.6 billion, respectively) and Mark Zuckerberg, founder of the social media web site Facebook, the seventh wealthiest man in America with $40.3 billion in total assets, there are numerous other newly minted Internet billionaires, including the owners and co-owners of Uber, Airbnb, WhatsApp, LinkedIn, Twitter, SnapChat, GoPro and GoDaddy.com.
Jeffrey Bezos, owner of the online retailer Amazon, saw the largest gain in wealth for the year, making $16 billion in 2015, placing his total net worth at $47 billion and catapulting him to fourth place. Nearly half of Bezos’ gains came within a single day last July, when his company announced gains in the second quarter, leading to a speculative frenzy which bid up stock values for Amazon by over 18 percent.
Amazon became a byword this year for savage treatment of 

employees. Bezos joins several others in the top 15 notorious 

for low-wage exploitation, including four heirs to the Wal-

Mart retail empire, James, Alice, Christy and Samuel Robson

Walton, and Phil Knight, chairman of Nike Inc., whose $24.4 

billion fortune is extracted from his international network of 

sports apparel-producing sweatshops.
While safeguarding the ill-gotten wealth of the Forbes billionaires remains an ironclad principle of both the Republican and Democratic parties, working people throughout the US continue to suffer the brunt of attacks on their living standards. A US Census report released earlier this month shows that 14.8 percent of the US population lives in poverty; a figure that is unchanged from a year earlier. The Census findings show that 6.6 percent of the population lives in “deep poverty,” or less than half of the already unrealistically low official poverty line in the US.


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