Our society allows one man to make as much money in a year as 80,000 entry-level police officers or teachers. A socialist-fearing free market system in which one's worth is based on earning power has declared a single hedge fund manager more valuable than all the public school teachers in New York City. And gives him a lower tax rate than his secretary.
Why doesn't the mainstream media, the "voice of democracy," report on this? Is it the fear of (shudder) 'redistribution' of income? Is it the belief that criticisms of capitalism are anti-American? Or that we can all be rich if we just work hard enough? Are the editors just afraid of their bosses?
Our society allows one man to make as much money in a year as 80,000 entry-level police officers or teachers. A socialist-fearing free market system in which one's worth is based on earning power has declared a single hedge fund manager more valuable than all the public school teachers in New York City. And gives him a lower tax rate than his secretary.
Why doesn't the mainstream media, the "voice of democracy," report on this? Is it the fear of (shudder) 'redistribution' of income? Is it the belief that criticisms of capitalism are anti-American? Or that we can all be rich if we just work hard enough? Are the editors just afraid of their bosses?
One thing's for sure: a redistribution has already occurred. In 1980 the richest 1% got one out of every fifteen income dollars. They now get THREE out of every fifteen dollars.
If all American incomes had risen based on productivity since 1980, the richest 1% would be earning a trillion dollars LESS than they currently get every year.
A trillion dollars is seven times more than the budget deficits of all 50 states combined.
Isn't this news? Doesn't it deserve space with celebrity appearances, Congressional bickering, and Presidential pep talks? Instead of digging into the causes of budget problems, the media outlets blandly caution us that times are tough for everyone, and that fee hikes and cutbacks are inevitable.
The United States has the highest inequality rate in the developed world. 28 million Americans - almost 1 in 10 - are using food stamps. Detroit is closing schools, increasing the student-teacher ratio in high schools to 60. Camden, NJ laid off nearly half of its police and firefighters. Ohio's Ashtabula County cut its police force by more than half, and a judge suggested that the county residents arm themselves. States are removing funding for food pantries, homeless shelters, and elderly assistance. Arizona has slashed mental health spending. Think about that one.
The times haven't been tough for the CEOs, the investment bankers, the hedge fund managers, the lobbyists, the politicians, and the media. And corporations. The top 500 non-financial companies are currently holding $2 trillion in cash that could be used to create jobs and stimulate new business. Fortune Magazine reported that the 500 largest U.S. companies cut a record 821,000 jobs in 2009 while their collective profits increased to a record $391 billion.
How many Americans have learned from the mainstream news that it's legal to call hedge fund income "carried interest" instead of income, subjecting the bosses to only a 15% capital gains tax, less than their secretaries pay on their salaries? And that it's 'legal' for some CEOs to backdate their stock options to a time in the past when the price was higher. And that it's 'legal' to re-package high-risk mortgages as Triple-A securities to an unknowing public.
Where's the incentive to show both sides of an issue when unpleasant truths conflict with the goals of the media revenue stream? Money is flowing from the corporations to the politicians to the media. The Wesleyan Media Project commented after the Citizens United Supreme Court ruling, "The airwaves are being saturated with more House and Senate advertising, up 20 percent and 79 percent respectively in total airings."
Many times I've provided this information to major media outlets. Occasionally I hear back. "Thank you for your submission. We regret that we're unable to publish it."