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“Overall, American families are paying an annual $6,000 subsidy to corporations that have doubled their profits and cut their taxes in half in ten years while cutting 2.9 million jobs in the U.S. and adding almost as many jobs overseas,” wrote Paul Buchheit in his recent Common Dreams blog.

So much for tax cuts and subsidies for the job creators. How long have we heard that the federal government cannot levy responsible taxes on the wealthiest Americans, because those wealthiest Americans and their corporations are the job creators, those who will lift us out of the economic ditch we are in?

Buchheit and Common Dreams have done a great service to all of us and to the country by documenting what the great 80 percent or so of us pay to widen our historic and destructive income and wealth gap, to provide welfare to the rich, farm subsidies to non-farmer land-owners while trying to cut food stamps, to watch jobs continue to hemorrhage and the economy continue to slide. Our government continues to subsidize private wealth while railing against those in crisis, because the very same wealthy class destroyed $7 trillion of American wealth with phony and reckless financial scams.

It is well documented that that 7 percent of our population owns 63 percent of the nation’s wealth, that 20 percent of our nation owns 80 percent of America’s wealth.

Meanwhile workers in the fast food industry are struggling and organizing to raise the minimum wage.

A doubling of the minimum wage would lift all of us, raising even the wages of those who hire and supervise minimum wage workers, pumping more money into our weak and struggling economy.

The concentration of wealth at the top of our economy is terrible for all of us, for our economy, for our democracy, and for America.

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Comment Preferences

  •  I.don't pay any TBTF subsidies, and (3+ / 0-)
    Recommended by:
    doc2, VClib, shrike

    unless you own TBTF bonds you don't either.  the "subsidy" is a lower interest rate on their bonds.  its borne by the bondholders, who pay less in exchange on the assumption that there will be a future bailout if necessary.

  •  Well yeah, how do you think the rich get rich? (0+ / 0-)
  •  How come this doesn't get logged more. (0+ / 0-)

    Against the blowhards who don't like the government taking their money and giving it to other people.

    That, and why aren't the idle rich pointed out more to the you don't work you don't eat crowd?

    "If this Studebaker had anymore Atomic Space-Age Style, you'd have to be an astronaut with a geiger counter!"

    by Stude Dude on Fri Sep 27, 2013 at 06:23:07 AM PDT

  •  It's good to recall the broken promise of (2+ / 0-)
    Recommended by:
    CFAmick, jan4insight

    trickle-down.  Remember, it's a three-step plan:

    1. The people make it easier for the rich to do their thing (let them pay lower taxes, remove regulations on their decision-making)

    2. The economy grows, and the rich reap the rewards.  

    3. The rich invest those rewards back into American industry, and the people reap the rewards.

    Well, after 30 years of trying, we see that this plan fails.  We held up our end of the bargain did step 1, and step 2 came quick: The economy as a whole is constantly growing, and the rich are reaping the rewards.  For instance, you know all the growth in income since the recession?  95% of it went to the rich.

    So now, step 3, right?  Well... we're still waiting for that.  It'll totally come soon, we're told.  Increasingly, though, Americans are realizing that it never will.   What happened? We gave trickle-down a shot, and it didn't live up to its promise, because we held up our end of the deal, but the rich didn't hold up theirs.

     Put simply:  The plan assumes that the rich will invest the money back into the American industry.  But if the rich get greater returns in overseas industry or a financial sector that doesn't create anything, it's good business to invest there instead.  

    The result?  The average American not only hasn't gotten richer, they've gotten poorer--- nearly everyone reading this makes less at their job than they would have 30 years ago (counting for inflation).  Despite the fact that American workers are twice as productive as they were.

    In a word: Americans make their employers twice as much as their parents did, but get paid less in return.  THAT is what's wrong with our economy, and until we fix that, the rest is window-dressing.  

    The more people have guns, the more people use guns. The more people use guns, the more people die.

    by nominalize on Fri Sep 27, 2013 at 08:21:16 AM PDT

  •  I just have to say that that (0+ / 0-)

    baby on the right hand side of the banner is really creepy.

    Sorry, please continue.

  •  Thanks so very much for the comments. (0+ / 0-)

    Stude Dude and nominalize have it right. The truth is that the we endure a capital strike, a refusal by the super rich to invest in America. It is time to raise taxes on the rich and double both the capital gains tax and the minimum wage. The "job creators" haven't created shit. Their arguments are shit. It is time for the rest of us to do what's best for the nation -- and that ain't to continue coddling the filthy rich.

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