Thursday, December 1, 2011

IT’S GOOD TO BE THE 0.1% « The Burning Platform

Not only was there a cut in the corporate tax rate, but there was no corresponding cut in spending, sending the deficit skyrocketing on an upward trajectory which has only sped up since Reagan.

Corporations pay only 5% of the tax burden today, compared to 50% before Reagan took office.

As companies made more money due to borrowed federal dollars, they paid less in taxes, and who benefited? The one percent made up of corporate executives who saw their total compensation increase by 300% over the past two decades and the 1/10 of 1% who earn 50 percent of capital gains.

While the middle class saw there wages stagnate between 1970 and 2010. All of that tax reduction and corresponding deficit spending accrued to the top 1 percent. Effectively, the US Govt borrowed money, gave it to the rich and bought the votes of the FSA.

It sucks to be citizen of the world these days, that is, if your intention is to work and provide for your family. Unemployment is at near records highs, it could go to 50%, the number of families receiving food assistance and living near or below the poverty line is rising. Families are living in their cars. Is this all by choice? I don’t think so.

The Tea Party and OWS are protesting the same injustice, wealth and income disparity. How to fight and win is the difficult thing to figure. Trust in God is the key, and for now, I’m watching and waiting.

We would have been better off without bailouts and stimulus. Neither has created jobs. A eurozone collapse would bring China and western economies down with it, albeit only temporarily. Derivatives exposure is supposedly 100 times greater than in 2008, but bailing out the Euro is equivalent to the 2008 bailout of US Banks. It didn’t work, 3 years later the banks are still broke. It can’t and won’t work for Europe. What it will accomplish is a bankster takeover in Europe similar to what happened in Mexico. Their sights will then be firmly on the US. It didn’t work in 2008, it won’t work in 2011, and i’ll be damned if I’m going to give up my soveriegnty to a squiggly bankster named Blankfien, not in this lifetime. Police states are easy to deal with, at least then you know who is the enemy. Banks showing up at your house with a foreclosure notice, accompanied by a sheriff bought and paid for, is a little tougher to deal with.

The big reset needs to start in Europe.

IT’S GOOD TO BE THE 0.1% « The Burning Platform

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