What a time to be an oligarch! Folks, there is no way we can have economic prosperity in this country when the top 1% has all of the money. The middle class is basically being destroyed right in front of our very eyes. Consumption economies die when the consumers have no money to consume! Here is the reality that America has realized: If you are not part of the 1% club in this country you are nothing but a victimized pawn as the elite continue to line their pockets with our nation’s income. (Source)
“There are two ways to conquer and enslave a nation. One is by sword. The other is by debt.” — John Adams
It has now become evident to a critical mass that the Republican and Democratic parties, along with all three branches of our government, have been bought off by a well-organized Economic Elite who are tactically destroying our way of life. The harsh truth is that 99 percent of the U.S. population no longer has political representation. The U.S. economy, government and tax system is now blatantly rigged against us. (Source)
- Many states are running record deficits and barreling toward economic disaster, raising the likelihood of higher taxes, more government layoffs and deep cuts in services
- In 2000, American families paid 7% of our income on food and fuel. We now pay 20%
- We have over 50 million people who need to use food stamps to eat, and about 50 percent of U.S. children will use food stamps to eat at some point in their childhoods
- If we include “involuntary part-time” and “discouraged workers” — the unemployment rate is over 20%
- Personal bankruptcies are up 32% in 2009 from 2008, medical bankruptcies are responsible for over 60% of them, and over 75% of the medical bankruptcies filed are from people who have health care insurance
- 25% of current mortgages underwater (i.e., the home is worth less than the mortgage) and 13 million U.S. families, or about 11% of all US households, are expected to lose their home by 2014. [Deutsche Bank’s forecast is even worse: “The percentage of ‘underwater’ loans may rise to 48 percent, or 25 million homes“]
- 2009 was a record-breaking year for Wall Street bonuses, as firms issued $150 billion to their executives (i.e., a gift of over $1000 from every US household)–these bonuses are a direct result of our tax dollars
- The economic top one percent of the population now owns over 70% of all financial assets, an all time record.
From: The Economic Elite Have Engineered an Extraordinary Coup, Threatening the Very Existence of the Middle Class (Source)
Increased taxes, reduced benefits: U.S. state and local governments, in terms of their share of the economy, are more than 50% larger than the federal government. Local government has a huge impact on the overall economy. Since state governments can’t run operational deficits, we’ll see tremendous fiscal tightening, and that restraint — whether it’s tax increases or civil servants being furloughed or services being cut — will slow growth. It will also significantly offset the policy stimulus measures coming out of Washington. (Source)
What will State budget cuts in social services mean to the middle class? Here’s an example:
911, What Credit Card Will You Be Using? In Tracy, CA, the first thing the 911 operator wants to know is your 911 account number (a $48 annual fee lets you have unlimited medical emergency calls) or how you are going to pay the $300 fee it takes to get the emergency service on a one-time basis. (Source)
Watch & Learn: Moody’s has joined S&P in warning Greece that if it does not drastically reduce its budget deficits by cutting social services, public payrolls and pension costs, it will suffer a multi-step cut in its bond ratings, making the bankers ever richer at the country’s expense. Of course this sort of banker blackmail would never work in the USA. (Source)
Lol! Even casino gambling is crashing: “The state Gaming Control Board today released its “Gaming Abstract” for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.” (Source)
Maybe Americans now have less money to throw away.
Who could have known?