Forum Post: End Socialism for rich corporations
Posted 13 years ago on Nov. 2, 2011, 11:55 p.m. EST by abmebratu
(349)
from Washington, DC
This content is user submitted and not an official statement
In America we have socialism for big banks and the military industrial complex. Yet for you and I we have to deal with "free-market" conditions, which are not so forgiving, think about your student loan. While our corrupt government minimizes the risk taken by big business by handing our bailouts, subsidies, and tax cuts, people losing their homes get nothing in return. This system of pillage is inherently unsustainable. It must come to an end. OWS seeks the same playing field. If wall street and the S&P500 get a bailout or a subsidy, we the people also diverse a little slack. level the playing field. Stop state sponsored unfettered capitalism.
Socialise losses, prvatize profits! It's the American way. Ps its not state sponsored unfettered capitalism, that's a contradiction in terms. It's distorted capitalism, by sponsorship of the state
The most profitable industries in the world (energy, healthcare, finance) have been given billions in government handouts and tax breaks. Meanwhile, they keep raising charges causing hardship for millions. With all those massive handouts, tax breaks, and obscene charges, profits rise to record high levels. Millions in bonuses are paid to the executives. With record high profits, record high dividends are paid. 40% of all dividends in the United States are paid to the richest one percent. The bottom 90 percent of Americans share about 10 percent (that's ten percent) of all dividends. The rest are paid to the top 5 percent and foreign investors. All of this causes a gradual concentration of wealth and income. This results in a net loss for the lower majority who find it more and more difficult to cover the record high cost of living, which again, is directly proportional to record high profits for the rich. As more and more people struggle to make ends meet, more and more financial aid becomes necessary. Most of which goes right back to the health care industry through Medicare, Medicaid, and a very expensive prescription drug plan. This increases government spending. This has been happening for 30 years now. During the same time, tax rates have been lowered drastically for the richest one percent. Especially those who profit from investments. These people pay only 15 percent on capital gains income. As even more wealth concentrates, the lower majority find it more difficult to sustain there share of the consumer driven economy. Demand drops as more and more people go broke. Layoffs results. Unemployment rises. This results in less revenue and more government debt.
Massive subsidies and tax breaks for Wall Street, massive tax breaks for the super rich, heavy concentration of wealth, record high charges along with record high profits and record high cost of living, more hardship for the lower majority, more government spending in the form of financial aid to compensate, more concentration of wealth, less demand, layoffs and unemployment. All of this results in slower economy and less tax revenue. At the same time more and more financial aid becomes necessary. It's a horrible downward cycle which gradually pushes the national debt higher and higher. The other big factors are the wars in the Middle East.
This post is not intended to excuse those who sit on the couch collecting welfare, make no attempt to find work, or squease out kids they can't provide for.
End socialism for the rich. Level the playing field. That's what we need.
Umm you want to end socialism for the rich but then you want to stop unfettered capitalism? Which is it? You perfectly describe the problem when you say we have to deal with the "free market" but at the disadvantage of having to pay for the losses of the big players in the market because the government socializes their losses but their profits remain private. All this while the private citizen has private losses and pays for socialized debt through their profits (wages). It sounds to me like you want true free markets. The level playing field for all.
what we have is state sponsored capitalism. Yes, it's also unfettered because the big dogs do whatever they want to do. They even go as far as twisting the arms of government for what they want.
Absolutely it's state sponsored and crony run. I wouldn't say it was unfettered because if you try to open a business and do as you please you will run into some huge roadblocks. They big guys who write the regulation might have the run of the place because they bought it but unfettered it's not. If it were unfettered the playing field would be level.