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thinkahol *

Record profits and record unemployment: Nothing's trickling down - CSMonitor.com - 0 views

www.csmonitor.com/...yment-Nothing-s-trickling-down

profits and record unemployment: Nothing's trickling down - CSMonitor.com

shared by thinkahol * on 08 Mar 11 - No Cached
  • thinkahol * on 08 Mar 11
     
    The Big Money economy is booming. According to a new Commerce Department report, third-quarter profits of American businesses rose at an annual record-breaking $1.659 trillion - besting even the boom year of 2006 (in nominal dollars). Profits have soared for seven consecutive quarters now, matching or beating their fastest pace in history. Executive pay is linked to profits, so top pay is soaring as well. Higher profits are also translating into the nice gains in the stock market, which is a boon to everyone with lots of financial assets. And Wall Street is back. Bonuses on the Street are expected to rise about 5 percent this year, according to a survey by compensation consultants Johnson Associates Inc. But nothing is trickling down to the Average Worker economy. Job growth is still anemic. At October's rate of only 50,000 new private-sector jobs, unemployment won't get down to pre-recession levels for twenty years. And almost half of October's new jobs were in temporary help.
Jennifer Fagala

Keeping you in the Know: Senate Votes To Debate Health Care - 0 views

sayingitanyway.wordpress.com/...debate-health-care-reform-bill

diigo politics GOP Obama Insurance Reform Democrat Republican HealthCare Debate Poor Propoganda Lies

shared by Jennifer Fagala on 22 Nov 09 - Cached
  • Jennifer Fagala on 22 Nov 09
     
    To the GOP everything can be solved by lower taxes and more corporate incentives. And yes, the upper middle class and the elite wealthy all benefit nicely… but it DOES NOT TRICKLE DOWN! The poor are still getting poorer, the lower middle class is still struggling along with the poor to hold jobs and keep health insurance.
thinkahol *

Corporate Cash Con - NYTimes.com - 0 views

www.nytimes.com/...04krugman.html

Corporate Cash Con - NYTimes.com

shared by thinkahol * on 07 Jul 11 - No Cached
  • thinkahol * on 07 Jul 11
     
    Of tax cuts, tax holidays and trickle-down.
Bakari Chavanu

Robert Reich: David Brooks is Dead Wrong About Inequality | Alternet - 0 views

www.alternet.org/...ks-dead-wrong-about-inequality

shared by Bakari Chavanu on 22 Jan 14 - No Cached
  • Such is the case with his New York Times  column last Friday, arguing that we should be focusing on the “interrelated social problems of the poor” rather than on inequality, and that the two are fundamentally distinct.
    • Bakari Chavanu
      Bakari Chavanu on 22 Jan 14
       
      It's the old blame the poor argument.
  • Once the middle class has exhausted all its coping mechanisms – wives and mothers surging into paid work (as they did in the 1970s and 1980s), longer working hours (which characterized the 1990s), and deep indebtedness (2002 to 2008) – the inevitable result is fewer jobs and slow growth, as we continue to experience.
  • Third, America’s shrinking middle class also hobbles upward mobility. Not only is there less money for good schools, job training, and social services, but the poor face a more difficult challenge moving upward because the income ladder is far longer than it used to be, and its middle rungs have disappeared.
  • ...1 more annotation...
  • o the contrary, as wealth has accumulated at the top, Washington has reduced taxes on the wealthy, expanded tax loopholes that disproportionately benefit the rich, deregulated Wall Street, and provided ever larger subsidies, bailouts, and tax breaks for large corporations. The only things that have trickled down to the middle and poor besides fewer jobs and smaller paychecks are public services that are increasingly inadequate because they’re starved for money.
Bakari Chavanu

Amazon.com: Tear Down This Myth: How the Reagan Legacy Has Distorted Our Politics and H... - 0 views

www.amazon.com/...ref=kinw_dp_ke

shared by Bakari Chavanu on 03 Oct 09 - No Cached
  • Two books have been recently published which attempt to present an alternative perspective on the Reagan presidency. One, William Kleinecht's The Man Who Sold the World: Ronald Reagan and the Betrayal of Main Street America, is revisionist polemic and does more to enrage than enlighten. Will Bunch's Tear Down this Myth, however, is a fair and balanced (to borrow a phrase popular with right-wingers) look at the Reagan presidency. Far from polemic, and often complimentary to President Reagan, Bunch attempts to reveal the presidency of Ronald Reagan as it was experienced by those during the era. Many of the negative reviews appearing on Amazon are obviously written by those who didn't read the book. As I've said before, Amazon needs to look more carefully at reviews before publishing them. This is not a chat board.
  • But Reagan made mistakes which have been glossed over: including the stationing of Marines in Lebanon and providing aid to Saddam Hussein. The Iran-Contra scandal, which nearly sank his presidency, has been almost forgotten. And the spiraling deficits of the 1980s (repeated 20 years later) proved that the Laffer Curve, which was the cornerstone of Reaganomics, had no basis in actual fact.
  • Bunch reminds us that Reagan was not particularly popular during most of his presidency, and that many Americans had good reason to wonder whether the country was in competent hands. Bunch runs over the Iran-Contra scandal, which came close to ending up in Reagan's impeachment. Far from being a thrifty government downsizer, he added $2 trillion to the national debt and grew the government. Bunch also reminds us that Reagan was the original "cut and run" artist, pulling US troops out of a failed mission in Lebanon within weeks after 241 Marines were killed there in a terrorist attack. We are reminded that Reagan's overtures to Iran to free hostages only resulted in more Americans being taken, and that his economic plans sowed the seeds of deregulation and greed that we are still reaping.
  • ...2 more annotations...
  • We also see Reagan, the man who hated committing troops to war, who was a pragmatist economist who raised taxes when his trickle down theories did not working and whose personal diplomacy with the Soviets came close to riding the world of nuclear weapons.
  • I personally have long thought that the invasion of tiny Grenada, coming close on the heels of the Marine barracks disaster, was meant to distract the public from Reagan's ineptitude.
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