So wrong, so much
From the front page of Yahoo this day — such socialist mush, one just cries. Let’s look, if we can; a sentence by sentence translation into reality from a socialist’s “envyspeak.”
The Middle Class in America Is Radically Shrinking. Here Are the Stats to Prove it – That’s the headline. So sad. So wrong.
Yahoo Editor’s note: Michael Snyder is editor of theeconomiccollapseblog.com This is the idiot who writes:
The 22 statistics detailed here prove beyond a shadow of a doubt that the middle class is being systematically wiped out of existence in America.
These do no such thing, indeed, they prove the opposite.
The rich are getting richer and the poor are getting poorer at a staggering rate. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace.
This is socialist class envy, so evident in the comments by “our leaders.”
So why are we witnessing such fundamental changes? Well, the globalism and “free trade” that our politicians and business leaders insisted would be so good for us have had some rather nasty side effects. >> Yah, and everyone got richer, leading us to the most peaceful, richest time in world history, for everyone globally.
It turns out that they didn’t tell us that the “global economy” would mean that middle class American workers would eventually have to directly compete for jobs with people on the other side of the world where there is no minimum wage and very few regulations. >> Every royalist, mercantilist and socialist since the dawn of time has said this. It is an economic nationalism that Adam Smith just wrecked as a theory. As did Fredric Bastiat, as did so many others. There he was, the king of France, pick a Louis, I don’t care, or a Charles or Phillip of Spain for that matter, and they said the same thing since Charlemagne said it. Why was any Louis talking about a global economy? Well, to them, they were global. France traded with Africa, and as far as China – ever hear of the Silk Road? Did this Snyder fellow ever hear of the Tolls of Tashkant, where the camel caravans had to stop and pay to the Sultan there a toll? Did this man not know that coins and products of the Byzantine Empire are found routinely in Viking graves of the 700s to 1000s? Did this man not know that caravans were leaving the West Coast of Africa for Cairo, and Venice from about 700 AD? Hell, the Inca traded with the Aztec, who traded with the Iriqouis. This idiot is now, NOW? Concerned with a global economy? Why does he think that that Aruba is a Dutch Island since the 1600s? What did he think was going on between Peru, Mexico and Spain since oh, say, Cortez put his foot on Montezuma’s neck, a la obama? One could go on.
Oh yeah, not to mention, people over there now make more money, so they buy our stuff, and we get to buy stuff cheaper. Terrible stuff, richer people there, and more disposable income here. Where’d that savings on price go to? Oh, taxes, that’s right.
The big global corporations have greatly benefited by exploiting third world labor pools … >> the blithering idiot, third world people left the third world, and became rich, jumping to the second and first worlds. Go look at the skyscrapers of the word, and the car dealerships, and the cell phone networks, and the internet access, if you can get your butt out of the Starbuck’s clone at the hotel pool of Nairobi or some place. This moron, “exploit” — how socialist! How stupid.
…. over the last several decades, but middle class American workers have increasingly found things to be very tough. >> Over the “last several decades”? Um, would that be when Ronald Reagan produced a 25 year boom of 4 and 5% growth for two decades. What past decades is he referring to. Hell, just a few short months ago the damn unemployment rate was 4.5% and we were warned of irrational exuberance (another trait of monarchs and socialists) and so the government raised taxes, increased regulations, and when the Democrats got into office as a Congressional Majority in 2006, well, then all hell broke loose on taxes and deficit spending.
Here are the statistics to prove it: So he says!
• 83 percent of all U.S. stocks are in the hands of 1 percent of the people. Horrors! Why, that’s down from the 99% of just a measly several decades ago. The country is awash in stock traders, day traders, mutual funds and 401()s by the millions invested in the stock market. And he’s worried just 13% of the people, up from about 1% in oh, 1950, is somehow a decline in the “last several decades.” Right Snyder. You’re spot on, brother.
• 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007. And the wonders of Democrat rule from 2007 was an increase in taxes across the board ergo, a decrease in take home paycheck, ergo, tighter money at the kitchen table. This has nothing to do with globalization whatsoever. It’s a Democratic-Socialist thing.
• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans. The top 1% of Americans are conveniently tied to Democrats by the umbilical cord, but more to the point, the top one percent couldn’t have had all that income growth in the bottom 99% didn’t do all that spending “week to week” as it were. Where does Snyder think Buffet and Gates get their money? They sell stuff. We buy stuff. Oh, the pain.
• 36 percent of Americans say that they don’t contribute anything to retirement savings. How could they? Their extra cash was taxed away from them in the form of higher Socialist Security taxes, and taxes of all sorts. That $50 a week they had been putting away done went to the Robert F. Byrd Memorial Klan Center is West Nowhere West Virginia. All those earmarks, all that interest on the debt, from taxes, and insidiously, from inflation, taken away from private savings accounts.
• A staggering 43 percent of Americans have less than $10,000 saved up for retirement. A staggering 43% have been kept poor by the actions of the government in either preventing business growth, hindering employment, and taxing what pittance is left. Other than that, not so bad for the Democrats.
• 24 percent of American workers say that they have postponed their planned retirement age in the past year.
This is the fault of globalization? Not a word of the Obama Transformation! Not a peep. The idiot.
• Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
Welcome to Obamanomics, putz.
• Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
The rise in housing costs is a direct result in government property taxes, mortgage fees and taxes, rules, laws, and zoning, and personal income taxes, and oddly demand, for they couldn’t build fast enough, as so many people got so well off they were buying houses like hotcakes. Now the price is going down, and not only are folks freaking, but the housing costs are going down. What a market! Now for only Freddie and Fannie to disappear, to really make the market go good.
• For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
Oh, sure, the glories of foreclosure on the one hand, and the increase in housing ownership on the other. Pushed by the government itself. So now, more people own more houses than ever before.
• In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
Pure socialist envy. So what? I don’t care if Bill Gates makes a trillion. So long as I can write this bitter screed on my laptop and post it to the net. And still, what relation to globalization? None. And what relation to crony capitalism of a fascist sort by our dear government?
• As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
This hasn’t changed much in decades, sure, up and down, but it’s sort of an irrelevant figure, particularly if we don’t know how they define “liquid financial assets.” On the other hand, all those homes and all the doodads, gadgets and stuff of unliquid wealth – my my, terrible indeed.
• The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
I can’t imagine a period in time when this wan’t probably true. And again so what? The percent looks horrible, it always did. But the wealth that 1% represents is larger than the economy of any other country on earth. And so many of those bottom are immigrants, which are always on the low side for wealth ownership. Perhaps Snyder thinks that the 12,000,000 illegals, surely in the bottom 50%, are holders of great wealth. And of the tens of millions of underemployed, are they not included?
• Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
Not only is this socialist envy, once again, for I don’t care how much they make, but how could they have made it if the Wall Street firms weren’t doing a gangbuster business? From what pile of money would these bonuses be paid if not from the money the firms earned in the booming economy we experienced for the past several decades, until the Democrats got back in power in 2006-2008?
• In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
This is the fault of globalization? This is a break down in the middle class? I thought these guys were the middle class – isn’t that what they tell us, the bureaucrats? And where does this 60% come from? Oh, yah, the taxpayer made all the poorer for the privilege of administration.
• The top 1 percent of U.S. households own nearly twice as much of America’s corporate wealth as they did just 15 years ago.
So? That means either they had the money to buy up corporations, which they had to have earned from the overall prosperity of the general population, or they, like Steve Jobs himself, just created beaucoup wealth for themselves. It’s just irrelevant, though, to our prosperity as a nation that some small percentage owns so much. We all benefit from whatever it is they do, or they wouldn’t have earned the money from their efforts to become rich.
• In America today, the average time needed to find a job has risen to a record 35.2 weeks.
Welcome to Obamanomics, something just not mentioned anywhere here, and nothing to do with globalization.
• More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.
Some good percentage of those 40% are youths, of which there are so many that they make up some 40% of the population. All teens start at low paying jobs. Or mothers back in the work force after a decade or two out. And not to mention, those poor folks screwed out of their pensions by congressional action, and the absolute ponzi scheme of socialist security, which gives a good 30% of the people a meager existence, instead of letting them save that money for themselves and getting two or three times their current “benefit” in interest alone. Not to mention the stripping of taxes does to one’s “often very low paying.” And by the way, it’s the Feds who set the minimum wage, though raising it just leads to unemployment.
• or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
Welcome to Obamanomics, once again, unmentioned. Thanks Snyder. And globalization? Of what relationship here?
• This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
Which means that the poor Chinese, as reported elsewhere, are losing jobs to the getting-rich Cambodians. For those poor Cambodians used to make just 22 cents a week, if they were lucky, now it’s an hour. And that shirt they make is so cheap, I can get it for $7 in the US. Not to mention that tens of thousands of ship builders are kept employed building new freighters at a rate they can’t keep up with orders, because of the perils of globalization as the Chinese who used to make 86 cents a week if they weren’t shot for the glorious revolution. They work cheap. Good. They’ll get rich. And oddly, Snyder doesn’t mention the fact that presidential calls for all Americans to be college educated hardly fits with keeping folks down at the textile mill.
• Approximately 21 percent of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years.
Welcome to Obamanomics, Snyder. Still oblivious to the reality. Not to mention the taxes. Not to mention the job killing measures of this administration. Not to mention that the poverty level was purposely finagled with to make there be more poor people as a justification for a trillion in stimulus and a health care disaster to come. Come Snyder, where you been?
• Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
Oh horrors, the rich get richer, and the middle class got richer. Look, the government itself says that the same 24% of the population has been poor since 1964 and LBJ’s great leap forward. Still, the poor are among us, due to the reconfiguration of the figures. Swell stat to use. So the middle class hasn’t shrunk because the poverty level went up, it’s because the rich level went up. What an idiot to not see this, Snyder.
• The top 10 percent of Americans now earn around 50 percent of our national income.
Oh horrors, so many wealth people, doing what they do. And hell, I’d say a good number of them are sports stars, living off the public trough of state supported sports (got a new stadium anyone? Who do you think pays for that billion or two?)
Giant Sucking Sound
The reality is that no matter how smart, how strong, how educated or how hard working American workers are, they just cannot compete with people who are desperate to put in 10 to 12 hour days at less than a dollar an hour on the other side of the world. After all, what corporation in their right mind is going to pay an American worker 10 times more (plus benefits) to do the same job? The world is fundamentally changing. Wealth and power are rapidly becoming concentrated at the top and the big global corporations are making massive amounts of money.
How are they making massive amounts of money if everyone is getting poorer? I just don’t get it. So many across the world are so rich that companies are making trillions.
Meanwhile, the American middle class is being systematically wiped out of existence as U.S. workers are slowly being merged into the new “global” labor pool. — Utterly absurd. I gag at the thought of anyone saying this. We’re becoming millionaires, at a whopping rate! What’s he talking about. What “global” — why even set it off as a quoted word. The global labor pool hasn’t gone up or down – everyone must work, save for the politicians sucking us dry through taxes, perventing true wealth creation.
What do most Americans have to offer in the marketplace other than their labor? Not much. The truth is that most Americans are absolutely dependent on someone else giving them a job. This is so stupid – all people throughout history are absolutely dependent on someone else giving them a job – it’s called demand. Some demand, and others are dependent on that demand. Egads, what a jerk.
But today, U.S. workers are “less attractive” than ever. Compared to the rest of the world, American workers are extremely expensive, and the government keeps passing more rules and regulations seemingly on a monthly basis that makes it even more difficult to conduct business in the United States.
Ah ha! It’s the government – why didn’t you say so hours ago Snyder.
So corporations are moving operations out of the U.S. at breathtaking speed. Since the U.S. government does not penalize them for doing so, there really is no incentive for them to stay. Right back to the mush-idiocy. The incentive is not to penalize them jerk, it’s to stop passing more rules and regulations seemingly on a monthly basis.
Oh, look, he writes more> I’m exhausted. I’m collapsing myself. So, the government at home is wrecking the place, which is the fault of globalization, and in a front page article on a major news source not a word is mentioned of this current administration. Not the name Obamanomics, or just Obama. He’s on a talking points memo of some sort I’m sure. He’s got to be. Where else could he get such mush-idiocy? Beats me, it truly does. And he blogs! Geez.
What has developed is a situation where the people at the top are doing quite well, while most Americans are finding it increasingly difficult to make it. There are now about six unemployed Americans for every new job opening in the United States, and the number of “chronically unemployed” is absolutely soaring. There simply are not nearly enough jobs for everyone.
Many of those who are able to get jobs are finding that they are making less money than they used to. In fact, an increasingly large percentage of Americans are working at low wage retail and service jobs.
But you can’t raise a family on what you make flipping burgers at McDonald’s or on what you bring in from greeting customers down at the local Wal-Mart.
The truth is that the middle class in America is dying — and once it is gone it will be incredibly difficult to rebuild.
The sadness of all those people working at retail and sevice – retailing and servicing their lives away as everyone is so filty rich that they can afford to pay both retail prices and get so many services that it takes 1000 page phone books to list them all. Oh, the poverty, the humanity.
Damn, the taxes, rules, regulations – – ay, there’s the rub.
To the TEA Party – for refreshment.
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