Wednesday, November 20, 2019

THE GLOBALIST DEMOCRAT PARTY'S OPEN BORDERS AGENDA AND THE DEATH OF THE AMERICAN MIDDLE CLASS

OPEN BORDERS IS ALL ABOUT KEEPING WAGES DEPRESSED!



"The laws of supply and demand dictate that when the supply of labor goes up, wages go down, assuming the demand for labor does not rise by a proportional amount."

As a result, the income gap between the rich and the very rich has grown dramatically.  The top 1% of incomes were multiplied by 2.6, between 1979 and 2017, while the top 0.1% of incomes were multiplied by 4.4 in inflation-adjusted terms. 

Why Rich People Love Poor Immigrants



Soon after the Immigration Act of 1965 was passed, real wages of low-skilled workers soon stopped growing and have gone nowhere ever since.  The incomes of the rich, however, accelerated upward.  Both events can be explained by the mass immigration of cheap labor.  The combination of these events presents an immediate threat to democracy.
The inflation-adjusted wages of low-skilled workers would now be double current levels, if they had kept up with the historic trend (which is driven by the advance of technology and knowledge).  But the incomes of the rich have gone up at about double the historic trend rate, as shown in Figure 1.  (Click here for my sources and notes.)  Similar things happened from 1820 to 1910. 
The ratio of the top 1% of incomes to unskilled income has quadrupled since 1972, to a level far exceeding the previous peak in 1928.  The graph in Figure 2 shows that this ratio has gone up and down with the immigrant fraction of unskilled workers in the economy since 1774.
The failure of unskilled wages to keep up with the trend is what we would expect because the labor market was flooded with unskilled immigrants in the decades after 1825, and again after 1965.  The laws of supply and demand dictate that when the supply of labor goes up, wages go down, assuming the demand for labor does not rise by a proportional amount.
The incomes of the rich have benefited dramatically because high-income people generally supply the managerial expertise that directs and controls the labor of the people.  (I include investors and business owners in the term “managers”.)  The supply of skilled managers did not increase very much during these surges of low-wage labor.  But the demand for managers went up because the number of workers in need of management went up.  Also the amount of management needed per worker went up because of the lower “self-management” skills of the workers.  The laws of supply and demand work on the demand side in this case.
Everyone has some management talent, but the people we call “managers” have significantly more management talent than the average person.  As the pool of less talented people grows with mass importation of cheap labor, the demand for managers grows, and more workers with marginal management talent are pulled into management positions.  The top managers, the “managers of managers,” are thus in greater demand, because more lower-level managers must be managed.  Also the management skills of the lower level managers are lower than before, so even more upper-level management is needed.
As a result, the income gap between the rich and the very rich has grown dramatically.  The top 1% of incomes were multiplied by 2.6, between 1979 and 2017, while the top 0.1% of incomes were multiplied by 4.4 in inflation-adjusted terms. 
As the divide between the very rich and the rest of the people has widened, democracy has been weakened and is now immediately endangered.  Political giving, charitable giving, spending, and investment that influences society and culture has become increasingly dominated by the very wealthy.  That would not be so bad if the rich were wise.  But as their power and influence has grown, they have become more arrogant and willing to believe they can and should radically change society, regardless of the desires of ordinary people.  The theories they follow to “fundamentally transform” society come mostly from leftist crackpots.
Arrogant leftist billionaires use their great wealth to influence and buy news media, fund pressure groups, and buy politicians in order to increase the immigration of cheap labor and thus increase their wealth.  But they also use these powers to bring their crazy beliefs into fruition.  They even use their power to punish those who do not go along and parrot their beliefs.  They fund and train “community activists” and other rabble rousers to make the poor believe that their oppression is caused by the opponents of these lunatic ideas, rather than by the mass immigration that these billionaires push.
The previous great wave of immigration lasted over a hundred years (1820-1924) before the people were finally able to stop it.  The final victory in 1924 came only after a long frustrating struggle against the “malefactors of great wealth,” as Teddy Roosevelt called them.  Over the next 40 years following 1924, the countless leagues, committees, roundtables, movements, champions, orators, books, and pamphlets of the struggle grew old and faded away as our nation assimilated its immigrants.  Wages surged upward as the incomes of the rich stagnated.  The people regained control of their government and culture by the 1950s.  But in the 1960s, a new generation forgot how and why their grandparents had fought against that great flood of cheap labor. 
As soon as the people forgot, the business interests greedy for cheap labor paid politicians to start up the next great wave.  Unless we want to lose our constitutional republic and be ruled by the careless whims of billionaire overlords, we must learn from the records left by our forefathers, and correct the widening power gap as quickly as possible.  The attacks on our freedoms, especially freedom of speech,  have become so fierce and effective that we should be spurred to more drastic actions than in the past.
Cutting off the flow of cheap labor into the country will correct this problem only very slowly, over a period of 40 years or so, as the immigrants retire and their children assimilate.  Before the end of that period, our republic might die.  I believe Teddy Roosevelt showed us the way with his “trust busting” and other quick and direct actions.  The actions we might choose to take may be different than his were, but the time for fastidious adherence to precedent has run out.
In his “malefactors of great wealth” speech, Teddy explains to us what is at stake: “I regard this contest as one to determine who shall rule this free country -- the people through their governmental agents or a few ruthless and domineering men, whose wealth makes them peculiarly formidable, because they hide behind the breastworks of corporate organization.” 
Ultimately, Teddy’s goal was not merely to stop “unfair competition” or “restraint of trade.”  His main goal was to save democracy from a concentration of power that had fallen into the hands of a few plutocrats.  The flood of cheap labor was finally stopped in 1924, but only after Teddy had smashed or regulated the trusts and turned the population against the malefactors of great wealth.  Otherwise, the victory in 1924 might never have been attained, and our democracy might have become a mega-corporate kleptocracy with a billion impoverished and servile workers.



"Chuck Schumer and Nancy Pelosi, the twin nutters of Congress, were certain they could beat Trump at his own game, but have made fools of themselves, as usual.  The stand-off is not over but with each passing day, the Democrats reveal more of their anti-American, pro-illegal immigration agenda.  Conservatives have been sounding the alarm for years: Democrats do not care about American citizens!"  PATRICIA McCARTHY


In the next two decades, should the country’s legal immigration policy go unchanged, the U.S. is set to import about 15 million new foreign-born voters. About eight million of these new foreign-born voters will have arrived through the process known as “chain migration,” whereby newly naturalized citizens are allowed to bring an unlimited number of foreign relatives to the country. JOHN BINDER


This policy of flooding the market with cheap, foreign, white-collar graduates and blue-collar labor also shifts enormous wealth from young employees towards older investors, even as it also widens wealth gaps, reduces high-tech investment, increases state and local tax burdens, and hurts children’s schools and college educations. It also pushes Americans away from high-tech careers and sidelines millions of marginalized Americans, including many who are now struggling with fentanyl addictions. The labor policy also moves business investment and wealth from the heartland to the coastal citiesexplodes rents and housing costsshrivels real estate values in the Midwest, and rewards investors for creating low-tech, labor-intensive workplaces. JOHN BINDER




“Liberal governing has transformed beautiful California into the poverty capital of America with the worst quality of life.  Crazy taxes, crazy high cost of living, and crazy overreaching regulations have crushed the middle class, forcing the middle class to exit the Sunshine State.  All that is left in California are illegals feeding at the breast of the state, rapidly growing massive homeless tent cities, and the mega-rich.” LLOYD MARCUS

 


Josh Hawley: GOP Must Defend Middle Class Americans Against ‘Concentrated Corporate Power,’ Tech Billionaires

3 Nov 2019184
4:31

The Republican Party must defend America’s working and middle class against “concentrated corporate power” and the monopolization of entire sectors of the United States’ economy, Sen. Josh Hawley (R-MO) says.

In an interview on The Realignment podcast, Hawley said that “long gone are the days where” American workers can depend on big business to look out for their needs and the needs of their communities.
Instead, Hawley explained that increasing “concentrated corporate power” of whole sectors of the American economy — specifically among Silicon Valley’s giant tech conglomerates — is at the expense of working and middle class Americans.
“One of the things Republicans need to recover today is a defense of an open, free-market, of a fair healthy competing market and the length between that and Democratic citizenship,” Hawley said, and continued:
At the end of the day, we are trying to support and sustain here a great democracy. We’re not trying to make a select group of people rich. They’ve already done that. The tech billionaires are already billionaires, they don’t need any more help from government. I’m not interested in trying to help them further. I’m interested in trying to help sustain the great middle of this country that makes our democracy run and that’s the most important challenge of this day.
“You have these businesses who for years now have said ‘Well, we’re based in the United States, but we’re not actually an American company, we’re a global company,'” Hawley said. “And you know, what has driven profits for some of our biggest multinational corporations? It’s been … moving jobs overseas where it’s cheaper … moving your profits out of this country so you don’t have to pay any taxes.”
“I think that we have here at the same time that our economy has become more concentrated, we have bigger and bigger corporations that control more and more of our key sectors, those same corporations see themselves as less and less American and frankly they are less committed to American workers and American communities,” Hawley continued. “That’s turned out to be a problem which is one of the reasons we need to restore good, healthy, robust competition in this country that’s going to push up wages, that’s going to bring jobs back to the middle parts of this country, and most importantly, to the middle and working class of this country.”

While multinational corporations monopolize industries, Hawley said the GOP must defend working and middle class Americans and that big business interests should not come before the needs of American communities:
A free market is one where you can enter it, where there are new ideas, and also by the way, where people can start a small family business, you shouldn’t have to be gigantic in order to succeed in this country. Most people don’t want to start a tech company. [Americans] maybe want to work in their family’s business, which may be some corner shop in a small town … they want to be able to make a living and then give that to their kids or give their kids an option to do that. [Emphasis added]
The problem with corporate concentration is that it tends to kill all of that. The worst thing about corporate concentration is that it inevitably believes to a partnership with big government. Big business and big government always get together, always. And that is exactly what has happened now with the tech sector, for instance, and arguably many other sectors where you have this alliance between big government and big business … whatever you call it, it’s a problem and it’s something we need to address. [Emphasis added]
Hawley blasted the free trade-at-all-costs doctrine that has dominated the Republican and Democrat Party establishments for decades, crediting the globalist economic model with hollowing “out entire industries, entire supply chains” and sending them to China, among other countries.
“The thing is in this country is that not only do we not make very much stuff anymore, we don’t even make the machines that make the stuff,” Hawley said. “The entire supply chain up and down has gone overseas, and a lot of it to China, and this is a result of policies over some decades now.”
As Breitbart News reported, Hawley detailed in the interview how Republicans like former President George H.W. Bush’s ‘New World Order’ agenda and Democrats have helped to create a corporatist economy that disproportionately benefits the nation’s richest executives and donor class.
The billionaire class, the top 0.01 percent of earners, has enjoyed more than 15 times as much wage growth as the bottom 90 percent since 1979. That economy has been reinforced with federal rules that largely benefits the wealthiest of wealthiest earners. A study released last month revealed that the richest Americans are, in fact, paying a lower tax rate than all other Americans.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder

Enough Is Enough’: Josh Hawley Calls for Sanctions on Mexican Cartels

AP Photo/Susan Walsh
 6 Nov 2019220
3:30

Sen. Josh Hawley (R-MO) said Wednesday that “enough is enough” and called on the U.S. government to sanction Mexican officials and cartel members complicit in trafficking meth and killing Americans.

Hawley called for harsh retribution against the Mexican cartels complicit in ambushing and murdering nine American women and children near the New Mexico border.
In the wake of the attack on Americans, as well as the Mexican cartels’ complicity in Missouri’s meth crisis, the Missouri conservative called for the U.S. government to sanction the cartel members who are “openly slaughtering American citizens.”
“With Mexico, enough is enough. US government should impose sanctions on Mexican officials, including freezing assets, who won’t confront cartels,” Hawley tweeted Wednesday. “Cartels are flooding MO [Missouri] w/ meth, trafficking children, & openly slaughtering American citizens. And Mexico looks the other way.”
Hawley said that just over the last 14 days, there had been over 40 drug overdoses coming from drugs across America’s southern border.
Hawley continued, “In SW Mo last two weeks alone, over 40 drug overdoses & multiple deaths from drugs coming across [the] southern border. Story is the same all over the state. Cartels increasingly call the shots in Mexico, and for our own security, we cannot allow this to continue.”

 · 6h

With Mexico, enough is enough. US government should impose sanctions on Mexican officials, including freezing assets, who won’t confront cartels. Cartels are flooding MO w/ meth, trafficking children, & openly slaughtering American citizens. And Mexico looks the other way

In SW Mo last two weeks alone, over 40 drug overdoses & multiple deaths from drugs coming across southern border. Story is the same all over the state. Cartels increasingly call the shots in Mexico, and for our own security, we cannot allow this to continue


Hawley spent much of his August recess traveling across rural Missouri, learning what matters to the average Missourian.


This AM I had the great privilege of meeting Brittany Tune, a nurse, a mother of two, a follower of God, and a remarkable woman. Born & raised in rural Shannon Co., she has raised two kids on her own while putting herself through nursing school & dedicating her life to others




Brittany says meth is hammering this community. She has many friends & family members who have been touched by this epidemic. She worries about what it means for her own kids, ages 15 & 10. It’s much worse now than when she was growing up, she says





In an interview with Breitbart News in September, Hawley said that meth coming from Mexico is destroying local Missouri communities.
“Come with me to any town, any town in the state of Missouri of any size, and I will show you communities that are drowning in meth, drowning in it. It is literally killing people; it is destroying families it is destroying schools and whole communities,” he said.
“Missouri is a border state,” Hawley said, adding that “we have to got to secure the border to stop the meth” and “stop the flow of illegal immigration.”
Hawley’s remarks about the Mexican cartel attack on Americans mirrors that of President Donald Trump, who said Tuesday that the United States was ready for war against the drug cartels.
“This is the time for Mexico, with the help of the United States, to wage WAR on the drug cartels and wipe them off the face of the earth,” the president tweeted.
Trump has campaigned on cracking down on violence on the southern border as well as handling the drug cartels.
During an exclusive interview with Breitbart News, Trump said he is “very seriously” thinking of designating the drug cartels as foreign terrorist organizations (FTOs).
“It’s psychological, but it’s also economic,” Trump told Breitbart News in March. “As terrorists — as terrorist organizations, the answer is yes. They are.”
Sen. Steve Daines (R-MT) told Breitbart News in May that he would back Trump’s potential designation of the Mexican cartels as FTOs and that seizing cartel leader El Chapo’s assets would build the wall and make the cartels pay for it. In a similar manner to Missouri, Daines told Breitbart News about how Montana has been ravaged by meth from Mexican cartels.
Daines said that by seizing “billions” of El Chapo’s assets, it “would absolutely fulfill President Trump’s promise to build the wall and make Mexico pay for it. In this case, it would be a Mexican cartel paying for it would be an excellent idea.”
Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.



Economists: America’s Elite Pay Lower Tax Rate Than All Other Americans

The wealthiest Americans are paying a lower tax rate than all other Americans, groundbreaking analysis from a pair of economists reveals.

For the first time on record, the wealthiest 400 Americans in 2018 paid a lower tax rate than all of the income groups in the United States, research highlighted by the New York Times from University of California, Berkeley, economists Emmanuel Saez and Gabriel Zucman finds.
The analysis concludes that the country’s top economic elite are paying lower federal, state, and local tax rates than the nation’s working and middle class. Overall, these top 400 wealthy Americans paid just a 23 percent tax rate, which the Times‘ op-ed columnist David Leonhardt notes is a combined tax payment of “less than one-quarter of their total income.”
This 23 percent tax rate for the rich means their rate has been slashed by 47 percentage points since 1950 when their tax rate was 70 percent.
(Screenshot via the New York Times)
The analysis finds that the 23 percent tax rate for the wealthiest Americans is less than every other income group in the U.S. — including those earning working and middle-class incomes, as a Times graphic shows.
Leonhardt writes:
For middle-class and poor families, the picture is different. Federal income taxes have also declined modestly for these families, but they haven’t benefited much if at all from the decline in the corporate tax or estate taxAnd they now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. Over all, their taxes have remained fairly flat. [Emphasis added]
The report comes as Americans increasingly see a growing divide between the rich and working class, as the Pew Research Center has found.
Sen. Josh Hawley (R-MO), the leading economic nationalist in the Senate, has warned against the Left-Right coalition’s consensus on open trade, open markets, and open borders, a plan that he has called an economy that works solely for the elite.
“The same consensus says that we need to pursue and embrace economic globalization and economic integration at all costs — open markets, open borders, open trade, open everything no matter whether it’s actually good for American national security or for American workers or for American families or for American principles … this is the elite consensus that has governed our politics for too long and what it has produced is a politics of elite ambition,” Hawley said in an August speech in the Senate.
That increasing worry of rapid income inequality is only further justified by economic research showing a rise in servant-class jobs, strong economic recovery for elite zip codes but not for working-class regions, and skyrocketing wage growth for the billionaire class at 15 times the rate of other Americans.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.

Census Says U.S. Income Inequality Grew ‘Significantly’ in 2018

 

(Bloomberg) -- Income inequality in America widened “significantly” last year, according to a U.S. Census Bureau report published Thursday.
A measure of inequality known as the Gini index rose to 0.485 from 0.482 in 2017, according to the bureau’s survey of household finances. The measure compares incomes at the top and bottom of the distribution, and a score of 0 is perfect equality.
The 2018 reading is the first to incorporate
the impact of President Donald Trump’s end-
2017 tax bill, which was reckoned by many
economists to be skewed in favor of the
wealthy.
But the distribution of income and wealth in the U.S. has been worsening for decades, making America the most unequal country in the developed world. The trend, which has persisted through recessions and recoveries, and under administrations of both parties, has put inequality at the center of U.S. politics.
Leading candidates for the 2020 Democratic presidential nomination, including senators Elizabeth Warren and Bernie Sanders, are promising to rectify the tilt toward the rich with measures such as taxes on wealth or financial transactions.
Just five states -- California, Connecticut, Florida, Louisiana and New York, plus the District of Columbia and Puerto Rico -- had Gini indexes higher than the national level, while the reading was lower in 36 states.

 

 


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.
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.
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 95 percent white and just two percent black.
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.
Follow John Nolte on Twitter @NolteNCFollow his Facebook Page here.


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.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.

 

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.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder

 

 

 

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.
Graph from the Economic Policy Institute
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.”

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.






INCOME PLUMMETS UNDER OBAMA AND HIS WALL STREET CRONIES

collapse of household income in the US… STILL BILLIONS IN WELFARE HANDED TO ILLEGALS… they already get our jobs and are voting for more!


INCOME PLUMMETS UNDER OBAMA… most jobs go to illegals.

AS HIS CRONY BANKSTERS CONTINUE TO LOOT, INCOMES PLUMMET FOR AMERICANS (LEGALS).

GOOD TIME FOR AMNESTY FOR MILLIONS OF LOOTING MEXICANS?

MORE HERE:

http://mexicanoccupation.blogspot.com/2014/09/and-still-democrat-party-wants-millions.html

“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.”
  
"During the month, some 432,000 people in the US gave up looking for a job." EVEN AS JEB BUSH, HILLARY CLINTON and BERNIE SANDERS PREACH AMNESTY! AMNESTY! AMNESTY!

"The American phenomenon of record stock values fueling an ever greater concentration of wealth at the very top of society, while the economy is starved of productive investment, the social infrastructure crumbles, and working class living standards are driven down by entrenched unemployment, wage-cutting and government austerity policies, is part of a broader global process."


HILLARY CLINTON'S BIGGEST DONORS ARE OBAMA'S CRIMINAL CRONY 

BANKSTERS!

"A defining expression of this crisis is the dominance of financial speculation and parasitism, to the point where a narrow international financial aristocracy plunders society’s resources in order to further enrich itself."

Federal Reserve documents stagnant state of US economy

Federal Reserve documents stagnant state of US economy

By Barry Grey
21 July 2015
The US Federal Reserve Board last week released its semiannual Monetary Policy Report to Congress, providing an assessment of the state of the American economy and outlining the central bank’s monetary policy going forward. The report, along with Fed Chair Janet Yellen’s testimony before both the House of Representatives and the Senate, as well as a speech by Yellen the previous week in Cleveland, present a grim picture of the reality behind the official talk of economic “recovery.”
In her prepared remarks to Congress last Wednesday and Thursday, Yellen said, “Looking forward, prospects are favorable for further improvement in the US labor market and the economy more broadly.”

She reiterated her assurances that while the Fed would likely begin to raise its benchmark federal funds interest rate later this year from the 0.0 to 0.25 percent level it has maintained since shortly after the 2008 financial crash, it would do so only slowly and gradually, keeping short-term rates well below historically normal levels for an indefinite period.

This was an expected, but nevertheless welcome, signal to the American financial elite, which has enjoyed a spectacular rise in corporate profits, stock values and personal wealth since 2009 thanks to the flood of virtually free money provided by the Fed.

"But as Yellen’s remarks and the Fed report indicate, the explosion of asset values and wealth accumulation at the very top of the economic ladder has occurred alongside an intractable and continuing slump in the real economy."

In her prepared testimony to the House Financial Services Committee and the Senate Banking Committee, Yellen noted the following features of the performance of the US economy over the first six months of 2015:

* A sharp decline in the rate of economic growth as compared to 2014, including an actual contraction in the first quarter of the year.

* A substantial slackening (19 percent) in average monthly job-creation, from 260,000 last year to 210,000 thus far in 2015.

* Declines in domestic spending and industrial production.
In her July 10 speech to the City Club of Cleveland, Yellen cited an even longer list of negative indices, including:

* Growth in real gross domestic product (GDP) since the official beginning of the recovery in June, 2009 has averaged a mere 2.25 percent per year, a full one percentage point less than the average rate over the 25 years preceding what Yellen called the “Great Recession.”
* While manufacturing employment nationwide has increased by about 850,000 since the end of 2009, there are still almost 1.5 million fewer manufacturing jobs than just before the recession.

* Real GDP and industrial production both declined in the first quarter of this year. Industrial production continued to fall in April and May.

* Residential construction (despite extremely low mortgage rates by historical standards) has remained “quote soft.”

* Productivity growth has been “weak,” largely because “Business owners and managers… have not substantially increased their capital expenditures,” and “Businesses are holding large amounts of cash on their balance sheets.”

* Reflecting the general stagnation and even slump in the real economy, core inflation rose by only 1.2 percent over the past 12 months.

The Monetary Policy Report issued by the Fed includes facts that are, if anything, even more alarming, including:

* “Labor productivity in the business sector is reported to have declined in both the fourth quarter of 2014 and the first quarter of 2015.”
* “Exports fell markedly in the first quarter, held back by lackluster growth abroad.”

* “Overall construction activity remains well below its pre-recession levels.”

* “Since the recession began, the gains in… nominal compensation [workers’ wages and benefits] have fallen well short of their pre-recession averages, and growth of real compensation has fallen short of productivity growth over much of this period.”

* “Overall business investment has turned down as investment in the energy sector has plunged. Business investment fell at an annual rate of 2 percent in first quarter… Business outlays for structures outside of the energy sector also declined in the first quarter…”

The report incorporates the Fed’s projections for US economic growth, published following the June meeting of the central bank’s policy-setting Federal Open Market Committee. They include a downward revision of the projection for 2015 to 1.8 percent-2.0 percent from the March projection of 2.3 percent to 2.7 percent.

That the US economy continues to stagnate and even contract is indicated by two surveys released last week while Yellen was testifying before Congress. The Fed reported that factory production failed to increase in June for the second straight month and output in the auto sector fell 3.7 percent. The Commerce Department reported that retail sales unexpectedly fell in June, declining by 0.3 percent.
These statistics follow the employment report for June, which showed that the share of the US working-age population either employed or actively looking for work, known as the labor force participation rate, fell to 62.6 percent, its lowest level in 38 years.
 During the month, some 432,000 people in the US gave up looking for a job.

The disastrous figures on business investment are perhaps the most telling indicators of the underlying crisis of the capitalist system. The Fed report attributes the sharp decline so far this year primarily to the dramatic fall in oil prices and resulting contraction in investment and construction in the energy sector. But the plunge in oil prices is itself a symptom of a general slowdown in the world economy.
Moreover, a dramatic decline in productive investment is common to all of the major industrialized economies of Europe and North America. In its World Economic Outlook of last April, the International Monetary Fund for the first time since the 2008 financial crisis acknowledged that there was no prospect for an early return to pre-recession levels of economic growth, linking this bleak prognosis to a general and pronounced decline in productive investment.

The American phenomenon of record stock values fueling an ever greater concentration of wealth at the very top of society, while the economy is starved of productive investment, the social infrastructure crumbles, and working class living standards are driven down by entrenched unemployment, wage-cutting and government austerity policies, is part of a broader global process.
The economic crisis in the US and internationally is not simply a conjunctural downturn. It is a systemic crisis of global capitalism, centered in the US. 
A defining expression of this crisis is the dominance of financial speculation and parasitism, to the point where a narrow international financial aristocracy plunders society’s resources in order to further enrich itself.

While the economy is starved of productive investment, entirely parasitic and socially destructive activities such as stock buybacks, dividend hikes and mergers and acquisitions return to pre-crash levels and head for new heights. US corporations have spent more on stock buybacks so far this year than on factories and equipment.
The intractable nature of this crisis, within the framework of capitalism, is underscored by the IMF’s updated World Economic Outlook, released earlier this month, which projects that 2015 will be the worst year for economic growth since the height of the recession in 2009.

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