Yang: ‘Return to the
Obama Years’ Not Enough for Biden — They Were Left Behind in Those Years,’
‘They’re Pissed Off’
Late Tuesday on CNN, former Democratic presidential hopeful
Andrew Yang, now a CNN contributor, warned that his old opponent, former Vice
President Joe Biden could not defeat Trump with just a pledge to return to the
years of former President Barack Obama alone.
According to Yang, it needed to start with an understanding of
what problems facing the country led to Trump’s presidency.
“Donald Trump needs to be defeated,” he explained. “Forty-two
percent of my supporters said they would not support the Democratic nominee in
the general, in large part because when I ran, I ran for the problems that
predated Trump. Like, Donald Trump would never be our president today if things
were going well for a lot of people around the country. Bernie Sanders would
not have almost been the nominee last time if things were going well for people
around the country. So even as Joe Biden saying, ‘Hey, we need to defeat Donald
Trump,’ he also has to say, ‘Look, things have not been working for millions of
Americans, and after we defeat Donald Trump,’ we need to get deep into these
problems, get our hands dirty and solve them. This can’t be a, ‘Hey, I’m better
than Trump’ race. It has to be, ‘Hey. I understand how Trump became our
president.'”
Yang told a CNN panel people were left behind in the Obama-Biden
years, and they were not happy about it. He called on Biden to recognize that
situation and address it, which he said would better his chances in the 2020
general election.
“I think he’s been talking about restoring a culture, tone and a
soul of the country,” Yang added. “I was talking about putting more money in
Americans’ hands because I saw we decimated entire ways of life in Michigan,
Ohio, Pennsylvania, Wisconsin. And because I was talking in those terms about
the real problems these people have experienced, again, 42% of my supporters
were not going to support the Democratic nominee. I’m hoping that we can get
some of those people to support Joe. But it would be helpful if Joe
acknowledged it because one of the weaknesses of saying, ‘Hey, return to Obama
years’ is that there are many Americans who were getting behind in those years,
too, and they’re pissed off. And so, if you say, I’m going to revert, that
loses to that group of people. There are so many Americans who just don’t think
their institutions are working for him at all, and Joe Biden’s’s weakness is he
represents those institutions. I’m endorsing Joe. We need Joe to beat Trump.
But we’ll have a much better chance of that if Joe recognizes that our
institutions have been failing many Americans for a long time.”
Obama’s State
of Delusion ... OR JUST ANOTHER "Hope & Change" HOAX?
22 January
2015
”The
delusional character of Obama’s State of the Union
address on
Tuesday—presenting an America of rising living
standards and
a booming economy, capped by his declaration
that the
“shadow of crisis has passed”—is perhaps matched
only in its presentation
by the media and supporters of the
Democratic
Party.”
http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html
“The general
tone was set by the New York Times in its lead editorial on Wednesday, which
described the speech as a “simple, dramatic message about economic fairness,
about the fact that the well-off—the top earners, the big banks, Silicon
Valley—have done just great, while middle and working classes remain dead in
the water.”
OBAMANOMICS:
The report
observes that while the wealth of the world’s 80 richest people doubled between
2009 and 2014, the wealth of the poorest half of the world’s population (3.5
billion people) was lower in 2014 than it was in 2009.
http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html
In 2010, it
took 388 billionaires to match the wealth of the bottom half of the earth’s
population; by 2013, the figure had fallen to just 92 billionaires. It fell to
80 in 2014.
THE OBAMA
ASSAULT ON THE AMERICAN MIDDLE-CLASS
“The goal of
the Obama administration, working with the Republicans and local governments,
is to roll back the living conditions of the vast majority of the population to
levels not seen since the 19th century, prior to the advent of the eight-hour
day, child labor laws, comprehensive public education, pensions, health
benefits, workplace health and safety regulations, etc.”
http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html
“In response
to the ruthless assault of the financial oligarchy, spearheaded by Obama, the
working class must advance, no less ruthlessly, its own policy.”
US median income has plunged,
inequality has grown in Obama “recovery”
The yearly income
of a typical US household dropped by a massive 12 percent, or $6,400, in the
six years between 2007 and 2013. This is just one of the findings of the 2013
Federal Reserve Survey of Consumer Finances released Thursday, which documents
a sharp decline in working class living standards and a further concentration
of wealth in the hands of the rich and the super-rich.
New Federal
Reserve report
US median income
has plunged, inequality has grown in Obama “recovery”
The yearly income
of a typical US household dropped by a massive 12 percent, or $6,400, in the
six years between 2007 and 2013. This is just one of the findings of the 2013
Federal Reserve Survey of Consumer Finances released Thursday, which documents
a sharp decline in working class living standards and a further concentration
of wealth in the hands of the rich and the super-rich.
The report makes
clear that the drop in a typical household’s income was not merely the result
of what is referred to as the 2008 recession, which officially lasted only 18
months, through June 2009. Much of the decline in workers’ incomes occurred
during the so-called “economic recovery” presided over by the Obama
administration.
In the three years
between 2010 and 2013, the annual income of a typical household actually fell
by 5 percent.
The Fed report
exposes as a fraud the efforts of the Obama administration to present itself as
a defender of the “middle class”. It has systematically pursued policies to
redistribute wealth from the bottom to the very top of the income ladder. These
include the multi-trillion-dollar bailout of the banks, near-zero interest
rates to drive up the stock market, and austerity measures and wage cutting to lift
corporate profits and CEO pay to record highs.
The Federal
Reserve data, based on in-person interviews, show a far larger decline in the
median income of American households than indicated by earlier figures from the
Census Bureau’s Current Population Survey.
In line with the
figures on household income, the report shows an ever-growing concentration of
wealth among the richest households. The Fed’s summary of its data notes that
“the wealth share of the top 3 percent climbed from 44.8 percent in 1989 to
51.8 percent in 2007 and 54.4 percent in 2013,” while the wealth of the “next 7
highest percent of families changed very little.”
The report states
that “the rising wealth share of the top 3 percent of families is mirrored by
the declining share of wealth held by the bottom 90 percent,” which fell from 33.2
percent in 1989 to 24.7 percent in 2013.
The ongoing
impoverishment of the population is an indictment of capitalism. There has been
no genuine recovery from the Wall Street crash of 2008, only a further
plundering of the economy by the financial aristocracy. The crisis precipitated
by the rapacious, criminal practices of the bankers and hedge fund speculators
has been used to restructure the economy to the benefit of the rich at the
expense of everyone else.
Decent-paying jobs
have been wiped out and replaced by low-wage, part-time and temporary jobs,
with little or no benefits. Pensions and health benefits have come under savage
attack, as seen in the bankruptcy of Detroit.
Not surprisingly,
the Fed report has been buried by the American media, confined to the inside
pages of the major newspapers.
Measured in 2013
dollars, a typical household received an income of $53,100 in 2007. By 2010,
this had fallen to $49,000. It hit $46,700 by 2013. At the same time, the
average income for the wealthiest tenth of families grew by ten percent.
While median
income fell between 2010 and 2013, mean (average) income grew, from $84,100 to
$87,200. The report noted that, “the decline in median income coupled with the
rise in mean income is consistent with a widening income distribution during
this period.”
For the poorest
households, the drop in income has been even more dramatic. Among the bottom
quarter of households, mean income fell a full 10 percent between 2010 and
2013.
The report reveals
other aspects of the social crisis. The share of young families burdened by
education debt nearly doubled, from 22.4 percent to 38.8 percent, between 2001
and 2013. The share of young families with more than $100,000 in debt has grown
nearly tenfold, from 0.6 percent to 5.6 percent.
These statistics
reflect both a historic and insoluble crisis of the profit system and the
brutal policies of the American ruling class, which is carrying out a
relentless assault on working people and preparing to go even further by dismantling
bedrock social programs such as Medicare and Social Security. The data
undercuts the endless talk of “partisan gridlock” in Washington and the media
presentation of a political system paralyzed by irreconcilable differences
between the Democratic and Republican parties.
There has, in
fact, been a seamless continuity between the Bush and Obama administrations in
the pursuit of reactionary policies of war abroad and class war at home. The
two parties have worked hand in glove to make the working class pay for the
crisis of the capitalist system.
The Federal
Reserve has itself played a critical role in the growth of social inequality in
the US. The bailout of the banks, estimated at $7 trillion, has been followed
by six years of virtually free money for the banks.
Every facet of
American life is dominated by the immense concentration of wealth at the very
top of society. The grotesque levels of wealth amassed by the parasites and
criminals who dominate American business, and the flaunting of their fortunes
before tens of millions struggling to pay their bills and keep from falling
into destitution, are fueling the growth of social anger. This anger will
increasingly be directed against the entire economic and political system.
The figures
released by the Fed reflect a society riven by class divisions that must
inevitably trigger social upheavals. The explosive state of social relations is
itself a major factor in the endless recourse by the Obama administration to
military aggression and war, which serve to deflect internal tensions outward.
The growth of
inequality likewise underlies the relentless attack on democratic rights in the
US, including the massive domestic spying exposed by Edward Snowden and the use
of militarized police to crack down on social opposition, as seen most recently
in Ferguson, Missouri.
XXXXXXXXXXXXXXX
THE OBAMA devastation of America (wall street's poster boy
for corruption)
THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S
CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND
OCCUPATION OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter
destruction of America!
Year-low US job growth in August
By Andre Damon
6 September 2014
The US economy added fewer jobs last month than any other
month this the year, according to the latest US jobs report, published Friday
by the Labor Department.
US employers added 142,000 jobs in August, far lower than
the average of more than 200,00 for the prior twelve months, and below the
230,000 that had been forecast by economists.
In addition to the worse-than-expected statistics for
August, the report revised down estimates for job growth in earlier months by
28,000.
Stocks rallied at the dismal jobs report, reflecting the
perverse relationship between the real economy and the financial markets, which
interpret any worsening of the economic situation as a signal that the Federal
Reserve will be reluctant to raise interest rates and slow its “Quantitative
easing” asset purchases.
The S&P 500 hit a new record Friday, closing up by 10
points, or 0.5 percent, to 2,007. The NASDAQ also rose by .45 percent, to
4,582, and the Dow Jones industrial average rose by 0.4 percent, to 17,137.
While the stock market sets record after record, fueled by
zero-interest rate policies and cash infusions from the world’s central banks,
the real economy and conditions for working people show no signs of
improvement.
The unemployment rate fell to 6.1 percent, as 268,000
people gave up looking for jobs and left the workforce. The number of such
“missing workers” grew to 5.91 million last month, according to figures from
the Economic Policy Institute.
The labor force participation rate fell to 62.8 percent,
its lowest level in three-and-a-half decades, as the number of adults not in
the labor force hit a new record.
Wages were flat over the previous twelve months, with a 2.1
percent nominal wage increase wiped out by a 2 percent inflation rate over the
same period.
While there were zero jobs added in manufacturing, the
economy added 112,000 jobs in the service sector, which pays significantly
lower median wages than goods-producing industries. The healthcare sector added
42,000 jobs, while bars and restaurants added 21,500.
Temporary help services added 13,000 jobs. Earlier this
month, the National Employment Law Project (NELP) reported that both the number
of people working for labor contractors and the percentage of the workforce
employed by such companies have hit record highs.
New Federal Reserve report
US median income has plunged, inequality has grown in Obama
“recovery”
By Andre Damon
6 September 2014
The yearly income of a typical US household dropped by a
massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is
just one of the findings of the 2013 Federal Reserve Survey of Consumer
Finances released Thursday, which documents a sharp decline in working class
living standards and a further concentration of wealth in the hands of the rich
and the super-rich.
The report makes clear that the drop in a typical
household’s income was not merely the result of what is referred to as the 2008
recession, which officially lasted only 18 months, through June 2009. Much of
the decline in workers’ incomes occurred during the so-called “economic
recovery” presided over by the Obama administration.
In the three years between 2010 and 2013, the annual income
of a typical household actually fell by 5 percent.
The Fed report exposes as a fraud the efforts of the Obama
administration to present itself as a defender of the “middle class”. It has
systematically pursued policies to redistribute wealth from the bottom to the
very top of the income ladder. These include the multi-trillion-dollar bailout
of the banks, near-zero interest rates to drive up the stock market, and
austerity measures and wage cutting to lift corporate profits and CEO pay to
record highs.
The Federal Reserve data, based on in-person interviews,
show a far larger decline in the median income of American households than
indicated by earlier figures from the Census Bureau’s Current Population
Survey.
In line with the figures on household income, the report
shows an ever-growing concentration of wealth among the richest households. The
Fed’s summary of its data notes that “the wealth share of the top 3 percent
climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in
2013,” while the wealth of the “next 7 highest percent of families changed very
little.”
The report states that “the rising wealth share of the top
3 percent of families is mirrored by the declining share of wealth held by the
bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in
2013.
The ongoing impoverishment of the population is an
indictment of capitalism. There has been no genuine recovery from the Wall
Street crash of 2008, only a further plundering of the economy by the financial
aristocracy. The crisis precipitated by the rapacious, criminal practices of
the bankers and hedge fund speculators has been used to restructure the economy
to the benefit of the rich at the expense of everyone else.
Decent-paying jobs have been wiped out and replaced by
low-wage, part-time and temporary jobs, with little or no benefits. Pensions
and health benefits have come under savage attack, as seen in the bankruptcy of
Detroit.
Not surprisingly, the Fed report has been buried by the
American media, confined to the inside pages of the major newspapers.
Measured in 2013 dollars, a typical household received an
income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700
by 2013. At the same time, the average income for the wealthiest tenth of
families grew by ten percent.
While median income fell between 2010 and 2013, mean
(average) income grew, from $84,100 to $87,200. The report noted that, “the
decline in median income coupled with the rise in mean income is consistent
with a widening income distribution during this period.”
For the poorest households, the drop in income has been
even more dramatic. Among the bottom quarter of households, mean income fell a
full 10 percent between 2010 and 2013.
The report reveals other aspects of the social crisis. The
share of young families burdened by education debt nearly doubled, from 22.4
percent to 38.8 percent, between 2001 and 2013. The share of young families
with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to
5.6 percent.
These statistics reflect both a historic and insoluble
crisis of the profit system and the brutal policies of the American ruling
class, which is carrying out a relentless assault on working people and
preparing to go even further by dismantling bedrock social programs such as
Medicare and Social Security. The data undercuts the endless talk of “partisan
gridlock” in Washington and the media presentation of a political system
paralyzed by irreconcilable differences between the Democratic and Republican
parties.
There has, in fact, been a seamless continuity between the
Bush and Obama administrations in the pursuit of reactionary policies of war
abroad and class war at home. The two parties have worked hand in glove to make
the working class pay for the crisis of the capitalist system.
The Federal Reserve has itself played a critical role in
the growth of social inequality in the US. The bailout of the banks, estimated
at $7 trillion, has been followed by six years of virtually free money for the
banks.
Every facet of American life is dominated by the immense
concentration of wealth at the very top of society. The grotesque levels of
wealth amassed by the parasites and criminals who dominate American business,
and the flaunting of their fortunes before tens of millions struggling to pay
their bills and keep from falling into destitution, are fueling the growth of
social anger. This anger will increasingly be directed against the entire
economic and political system.
The figures released by the Fed reflect a society riven by
class divisions that must inevitably trigger social upheavals. The explosive
state of social relations is itself a major factor in the endless recourse by
the Obama administration to military aggression and war, which serve to deflect
internal tensions outward.
The growth of inequality likewise underlies the relentless
attack on democratic rights in the US, including the massive domestic spying
exposed by Edward Snowden and the use of militarized police to crack down on
social opposition, as seen most recently in Ferguson, Missouri.
THE OBAMA devastation of America (wall street's poster boy
for corruption)
THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S
CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND
OCCUPATION OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter
destruction of America!
http://mexicanoccupation.blogspot.com/2014/09/crony-capitalism-serving-banksters-that.html
By John Eidson
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.
Gerardo
Mora/Getty Images
JOHN NOLTE
31
Oct 2019 113
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 @NolteNC . Follow
his Facebook Page here .
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
https://www.breitbart.com/politics/2018/12/10/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 million by 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 study found 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’
http://mexicanoccupation.blogspot.com/2015/04/charity-navigator-clinton-foundation.htm l
Millionaires projected to own 46 percent of
global private wealth by 2019
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.
http://mexicanoccupation.blogspot.com/2014/10/how-barack-obama-and-his-crony.html
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.
http://mexicanoccupation.blogspot.com/2015/06/-morris-how-bill-clinton-duped.html
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
http://mexicanoccupation.blogspot.com/2015/06/hillary-clinton-successor-to-hope-and.html
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!
http://mexicanoccupation.blogspot.com/2015/06/sen-bernie-sanders-americas-only-answer.html
“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.
http://mexicanoccupation.blogspot.com/2014/12/obamanomics-at-work-depressed-wages-and.html
“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.
http://www.rasmussenreports.com/public_content/most_recent_videos/2013_03/megan_mcardle_discusses_how_america_s_elites_are_rigging_the_rules
http://mexicanoccupation.blogspot.com/2013/03/obamas-wall-street-and-looting-of.html
PATRICK BUCHANAN: OBAMA’S ASSAULT ON
AMERICA BEGINS AT OUR BORDERS
http://mexicanoccupation.blogspot.com/2015/06/patrick-j-buchanan-when-obama-turned.html
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!
http://mexicanoccupation.blogspot.com/2013/09/obamas-crony-capitalism-last-week-obama.html
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
http://mexicanoccupation.blogspot.com/2013/05/pritzker-obama-adds-to-his-harem-of.html
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?
http://mexicanoccupation.blogspot.com/2015/05/patrick-buchanan-when-obama-bankrupted.html
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.
http://mexicanoccupation.blogspot.com/2014/12/obamanomics-at-work-depressed-wages-and.html
“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.
http://www.rasmussenreports.com/public_content/most_recent_videos/2013_03/megan_mcardle_discusses_how_america_s_elites_are_rigging_the_rules
http://mexicanoccupation.blogspot.com/2013/03/obamas-wall-street-and-looting-of.html
POLL: MOST
INCOMPETENT AND DISHONEST PRESIDENT SINCE…. Well, isn’t Obama merely Bush’s
THIRD and FOURTH TERMS??
http://mexicanoccupation.blogspot.com/2014/07/poll-obama-worst-president-since-wwii.html
OBAMA’S
CRONY CAPITALISM
A NATION
RULED BY CRIMINAL WALL STREET BANKSTERS AND OBAMA DONORS
http://mexicanoccupation.blogspot.com/2013/05/pritzker-obama-adds-to-his-harem-of.html
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?
http://mexicanoccupation.blogspot.com/2015/05/patrick-buchanan-when-obama-bankrupted.html
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.
http://mexicanoccupation.blogspot.com/2015/06/obama-clintonomics-at-work-millionaires.html
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!
http://mexicanoccupation.blogspot.com/2014/09/soaring-poverty-in-america-good-time-to.html
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.