Forum Post: Latest report. Income for richest 1 percent way up. Income for lower 99 percent down. What a shock. Who would have guessed.
Posted 12 years ago on Oct. 21, 2011, 11:33 p.m. EST by Mcc
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MIAMI (CBSMiami.com) – Florida is touting the new jobs it created Friday after a positive unemployment report. But based on numbers from all W-2’s filed in the country, the wages simply aren’t keeping up.
According to the Social Security Administration, 50 percent of U.S. workers made less than $26,364 in 2010. In addition, those making less than $200,000, or 99 percent of Americans, saw their earnings fall by $4.5 billion collectively.
The sobering numbers were a far cry from what was going on for the richest one percent of Americans.
The incomes of the top one percent of the wage scale in the U.S. rose in 2010; and their collective wage earnings jumped by $120 billion.
In addition, those earning at least $1 million a year in wages, which is roughly 93,000 Americans, reported payroll income jumped 22 percent from 2009.
Overall, the economy has shed 5.2 million jobs since the start of the Great Recession in 2007. It’s the worst economic downturn since the Great Depression in the 1930’s.
Another word about the first Great Depression. It really was a perfect storm. Caused almost entirely by greed. First, there was unprecedented economic growth. There was a massive building spree. There was a growing sense of optimism and materialism. There was a growing obsession for celebrities. The American people became spoiled, foolish, naive, brainwashed, and love-sick. They were bombarded with ads for one product or service after another. Encouraged to spend all of their money as if it were going out of style. Obscene profits were hoarded at the top. All of this represented a MASSIVE transfer of wealth from poor to rich. Executives, entrepreneurs, developers, celebrities, and share holders. By 1929, America's wealthiest 1 percent had accumulated around 40% of all United States wealth. The upper class held around 30%. The middle and lower classes were left to share the rest. When the majority finally ran low on money to spend, profits declined and the stock market crashed. Of course, the rich threw a fit and started cutting jobs. They would stop at nothing to maintain their disgusting profit margins and ill-gotten obscene levels of wealth as long as possible. The small business owners did what they felt necessary to survive. They cut more jobs. The losses were felt primarily by the little guy. This created a domino effect. The middle class shrunk drastically and the lower class expanded. With less wealth in reserve and active circulation, banks failed by the hundreds. More jobs were cut. Unemployment reached 25% in 1933. The worst year of the Great Depression. Those who were employed had to settle for much lower wages. Millions went cold and hungry. The recovery involved a massive infusion of new currency, a World War, and higher taxes on the rich. With so many men in the service, so many women on the production line, and those higher taxes to help pay for it, the lions share of United States wealth was gradually transfered back to the middle class. This redistribution of wealth continued until the mid seventies. This was the recovery. A massive redistribution of wealth.
Then it began to concentrate all over again. Here we are 35 years later. The richest one percent now own well over 40 percent of all US wealth. The lower 90 percent own less than 10 percent of all US wealth. This is true even after taxes, welfare, financial aid, and charity. It is the underlying cause. No redistribution. No recovery.
The government won't step in and do what's necessary. Not this time. It's up to us. Support small business more and big business less. Support the little guy more and the big guy less. It's tricky but not impossible.
No redistribution. No recovery.
All the charts you'd ever want to see that illustrate your points:
http://www.businessinsider.com/what-wall-street-protesters-are-so-angry-about-2011-10?op=1
God damn it. You die hard winner take all bloodthirsty capitalists and filthy rich pigs absolutely refuse to understand the following: First, that record high charges in health care, energy, and finance also mean record high profits and record high dividends. 1/2 of which are paid to the richest one percent. This causes more hardship and more concentration of wealth. At the same time, more financial aid in the form of welfare, Medicare, and Medicaid becomes necessary. Especially with those record high charges and profits. As even more wealth is concentrated, the lower majority go into debt and lose their relative buying power. This results in less demand, layoffs, and higher unemployment. This results in even more legitimate need for financial aid, a slower economy, less revenue, and higher national debt. It's a downward cycle tied directly to the relentless concentration of wealth.
I'm not making excuses for those who sit on the couch, make no attempt to find work, and sponge off the government. I'm not calling for a welfare state. But God damn it. You die hard conservatives and filthy rich pigs need to stop being such cowards, open your god damn eyes, and finally admit that there is a downside as more and more wealth becomes concentrated.
The richest one percent now own well over 40 percent of all United States wealth. The lower 90 percent now own less than 10 percent of all United States wealth. This is true even after you account for all taxes, charity, and financial aid. This equation becomes more obscene when you account for nearly two trillion in consumer debt which is owed primarily by the lower 90 percent. Mark my words: this equation will get worse.
THERE IS A DOWNSIDE AS YOU GET RICHER AND RICHER!
A word for my critics: I'm no expert but I'm no fool. I predicted this socio-economic crisis in writing 6 years ago. I'm aware of all the conservative and liberal talking points. Of course, I hate politicians. But I don't hate liberals or conservatives. I agree with both on some issues. For example: I agree that we need an adequate safety net for those in need. Not for those who sit on the couch and watch TV.I agree with tax cuts for small business. But not for Wall Street and not for those making $500,000 and up. A heavy concentration of wealth is what got us here. A gradual and partial redistribution of wealth is vital.
I don't want socialism, communism, or marxism. I want modest capitalism. A reasonable scale of income opportunity for all those willing and able to work. An adequate safety net for those in need.
A word for the rich: I have received quite a bit of negative feedback from you one percent club pigs. I must be doing something right. After all, you took time away from your money bath just for me. You might want to check your ass crack for soggy bills. In the meantime, let me just say this for the record:
You can't intimidate me. You can't embarrass me. You can't make me feel uneducated, unintelligent, or otherwise insignificant. You can't confuse me. You can't divert my attention. You can't exhaust me and you sure as hell can't break my will. I know I'm getting to you because you're here with another lame psychological trick. You're here in an attempt to shut me up. It won't work. I've had it with all of you.
I won't break any laws. I would never discredit the cause with a criminal act. But I'm telling you right now that I'm virtually impossible to stop. It's a big world and I have a lot to say. If you want to break my will, you're going to have to break my neck first.
If you pull a stunt like that, a lot of people will know what happened to me and why.
Now get out of my face. I have work to do.
You are getting a bit repetitive mcc. Get a job dude, and STFU.
That's the idea. Already have one. The answer is 'no'.
I will however, exercise my right to post the following:
Again:
We have been mislead by Reagan, Bush Sr, Clinton, Bush Jr, Obama, and nearly every other public figure. Economic growth, job creation, and actual prosperity are not necessarily a package deal. In fact, the first two are horribly misunderstood. Economic growth/loss (GDP) is little more than a measure of wealth changing hands. A transfer of currency from one party to another. The rate at which it is traded. This was up until mid ’07′ however, has never been a measure of actual prosperity. Neither has job creation. The phrase itself has been thrown around so often, and in such a generic politicali manner, that it has come to mean nothing. Of course, we need to have certain things done for the benefit of society as a whole. We need farmers, builders, manufacturers, transporters, teachers, cops, firefighters, soldiers, mechanics, sanitationi workers, doctors, managers, and visionaries. Their work is vital. I’ll even go out on a limb and say that we need politicians, attorneys, bankers, investors, and entertainers. In order to keep them productive, we must provide reasonable incentives. We need to compensate each by a fair measure for their actual contributions to society. We need to provide a reasonable scale of income opportunity for every independent adult, every provider, and share responsibility for those who have a legitimate need for aid. In order to achieve and sustain this, we must also address the cost of living and the distribution of wealth. Here, we have failed miserably. The majority have already lost their home equity, their financial security, and their relative buying power. The middle class have actually lost much of their ability to make ends meet, re-pay loans, pay taxes, and support their own economy. The lower class have gone nearly bankrupt. In all, its a multi-trillion dollar loss taken over about 30 years. Millions are under the impression that we need to create more jobs simply to provide more opportunity. as if that would solve the problem. It won’t. Not by a longshot. Jobs don’t necessarily create wealth. In fact, they almost never do. For the mostpart, they only transfer wealth from one party to another. A gain here. A loss there. Appreciation in one community. Depreciation in another. In order to create net wealth, you must harvest a new resource or make more efficient use of one. Either way you must have a reliable and ethical system in place to distribute that newly created wealth in order to benefit society as a whole and prevent a lagging downside. The ‘free market’ just doesn’t cut it. Its a farce. Many of the jobs created are nothing but filler. The promises empty. Sure, unemployment reached an all-time low under Bush. GDP reached an all-time high. But those are both shallow and misleading indicators. In order to gauge actual prosperity, you must consider the economy in human terms. As of ’08′ the average American was working more hours than the previous generation with far less equity to show for it. Consumer debt, forclosure, and bankruptcy were also at all-time highs. As of ’08′, every major American city was riddled with depressed communities, neglected neighborhoods, failing infrastructures, lost revenue, and gang activity. All of this has coincided with massive economic growth and job creation. Meanwhile, the rich have been getting richer and richer and richer even after taxes. Our nation’s wealth has been concentrated. Again, this represents a multi-trillion dollar loss taken by the majority. Its an absolute deal breaker. Bottom line: With or without economic growth or job creation, you must have a system in place to prevent too much wealth from being concentrated at the top. Unfortunately, we don’t. Our economy has become nothing but a giant game of Monopoly. The richest one percent already own nearly 1/2 of all United States wealth. More than double their share before Reagan took office. Still, they want more. They absolutely will not stop. Now, our society as a whole is in serious jeapordy. Greed kills.
Well Mcc, I hope you lose your job ASAP.