REVOLT: One corrupt party or the other

REVOLT: One corrupt party or the other
By Christopher R Rice

The year was 1982 and America was the largest creditor nation on earth. By 2005, the U.S. was the largest debtor nation on earth. In 1980, the national debt had yet to eclipse the $1 trillion mark and had accumulated around $850 billion during the first 204 years of this republic. By 2007 or 24 years later, our debt had risen to more than $7 trillion and continues straight up. Today, China alone purchases in excess of $1 billion per day of our debt. Japan owns billion and billions of U.S. debt instruments as do the Arabs and so on. But, these are reasonable countries and I believe that they would understand that we are broke and just forgive all of those billions; right after we gave them California and Yellowstone Park. So far, I have been talking about funded debt. Unfunded debt is $99.2 trillion at current levels…and rising hourly. This is the debt that we owe to ourselves in the way of Medicare, Social Security, government retirements and so on. In other words, promises that can’t be kept and so they won’t. As a reminder, the unfunded debt is greater than the total wealth of all American households. Many people want to blame one administration or another because that’s easy.

It isn’t true,

The U.S. policy (includes tax policy, financial deregulation, trade policy, anti-labor policy, and much more.) for the past 30 years has been aggressively dedicated to shifting income share away from the poor and middle class and into the pockets of the already rich.

During an era in which the rich were getting richer anyway, we deliberately set out to reduce their tax burdens so that they could become even richer.

Our system is rigged. Unfair. Did you honestly think Washington was going to let it all fail—and for good? After all, who’s backing Fannie Mae (
FNMA) and Freddie Mac (FMCC), which are almost single-handedly backing the resurgent mortgage market? Who pumped more than $2 trillion into suppressing interest rates to record lows?

The Dow would be 20 percent to 30 percent lower, absent the Fed’s finger on the scale. You cannot, understate its impact on corporate earnings. Voters believed that Trump was an outsider bent on fixing things but Trump has only succeeded in making the rich richer and the poor poorer.
Chronic unemployment borders on permanence. Real medium household wealth is at a decade low. Equity abandonment hit historic levels well into last year. After the Big Six’s second-most-profitable year on the books, their investors are primed to enjoy more than $40 billion in dividend increases.

Wall Street has disproportionately benefited from the largesse of economic policymakers, from easy TARP terms to a long-stretch of largely free consumer deposits. Corporate profits are breaking records, thanks in no small part to the Federal Reserve—the wealthiest bank in the world.

• In 2010, the top hedge fund manager
earned as much in one HOUR as the average (median) family earned in 47 YEARS.

• The top 25 hedge fund managers in 2010
earned as much as 658,000 entry level teachers.

• In 1970 the top 100 CEOs made $40 for every dollar earned by the average worker.  By 2006, the CEOs
received $1,723 for every worker dollar.

As the administration and Congress argue over cuts in social programs, inequality in America grows more extreme each day. Even the great financial crash didn’t derail this trend. The richest 400 Americans, for example,
increased their wealth by 54 percent between 2005 and 2010, while the median middle-class family saw its wealth decline by 35 percent.

None of this is accidental

It’s not the result of mysterious global forces, or technology, or China, or structural problems concerning the skills and education of our workforce. 

Rather, it is the direct result of policy choices made by Democrats and Republicans alike.

The bailouts resurrected high finance and the inequality it inevitably spawns.

Instead of putting our foot back on the neck of finance, we’re talking about slashing social programs. Rather than dramatically increasing taxes on the super-rich through a wealth tax, we’re debating how to slash Social Security and Medicare benefits.

We live in a time when elected politicians ignore the needs of their constituents; where the judiciary and police institutions will not uphold the rights of citizens; where the media are afraid to report the truth; where lawlessness abounds and ordinary people are left unprotected and defenseless against the rapacity of a few. The answer to our dilemma is for people of courage to actively help each other. Only if we unite can we succeed. That is the only way. There is no other way. People, get up, stand up! ORGANIZE!

Republicans, Democrats, Independents and non-voters UNITE.
When the government/politicians fail to protect the citizens from gangs, child molesters and corporate greed, there is a simple strategy/formula for removing them:
  1. Shut the government down through protests, rallies and general strikes.
  2. Force every member of Congress and the White House to resign.
  3. Hold new elections without corporate financing.
  4. Abolish laws that created this inequality.
You and I can double our wages, pay half what we currently pay in taxes and balance the federal and state budgets by eliminating the corrupt system we now live in. Revolution restores justice and liberty while voting has only served to ensure the continuation of one corrupt party or the other.
Or…continue impotently complaining.

Read more: Revolution by the numbers 


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