Archive | 4:40 pm

If It Ain’t Broke…Break It!

7 Mar

 

It’s been almost 5 years but the stock market has finally made it all the way back to where it was when the great financial crash began way back in 2008! Yes, the Dow Jones Industrial Average has finally made it all the way back from its lowest low of 6,547.05, more than doubling to over 14,000!

But for some reason the American people haven’t made it back nearly as far since then. In fact they haven’t even begun the return journey yet! What gives? The stock market’s resurgence is obviously great news for finance but someone forgot to tell people!

We’ve gone from 31 million to 47 million citizens on food stamps since the stock market crash. That’s 15% of our population now using food stamps!

11.1 million people were out of work back in 2008. Now we have 14.8 million people looking for work…but the stock market is all better?

Less food, no work, but more money? For who?

And the news gets better…

 according to Citigroup economist Steven C. Wieting, there are more than 3 million Americans still without work who lost their jobs following the financial crisis.

And…

The National Employment Law Project found that 58 percent of all jobs created over the past two years paid $13.83 an hour or less while just 22 percent were in the “mid-wage” class of $13.84 to $21.13 an hour, even though that group lost 60 percent of the jobs during the recession.

So mid-wage jobs are being replaced with low wage jobs and we’re still 3 million jobs short.

But the financial market is feeling just fine!

I think we can finally close the book on Supply Side, Trickle Down, Reaganomics.

Cut taxes on the wealthy, bailout the richest banks when they fail and what you get in return is not greater largess from a thankful and benevolent upper class. What you get is wealthier wealthy people, banks with lots of money and hungrier poor people, and fewer and crappier jobs.

The verdict is in:

Wall Street loves America and democracy…It’s just the people they can’t stand!

GRACEFIFTEENTEN

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