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!

19 Responses to “If It Ain’t Broke…Break It!”

  1. Beneath The Tin Foil Hat March 7, 2013 at 4:48 pm #

    Reblogged this on Beneath the Tin Foil Hat and commented:
    I couldn’t have said this any better. Great post!

  2. alesiablogs March 7, 2013 at 4:50 pm #

    It does not seem to make sense does it? I am no economist so I do not even try to figure it out. This is a very complicated issue. You always bring good light on your subjects.

  3. Tyler Roberts March 7, 2013 at 5:07 pm #

    You make a good point, but using history as my guide, the economy we have here is a result or our nation embracing socialism. The world is full of examples, so I dont need to list them here, but socialism always brings about two outcomes. Rich eletes and a higher level of unemploment and under-employed. Of course that is the plan of socialism – or as I like to call it, modern day slavery. Enslaving a class of people, making them dependent upon government services guarantees the eletes will be returned to office. By returning the same people to office those with the money are guaranteed their success will continue because if their ventures fail they will be bailed out (GM, big banks, etc.) while the rest of us suffer.

    But, this is what the people voted for so who am I to question it. It’s just that when you get what you vote for you have nothing to complain about. Modern day slavery seems to be all the rage with the masses.

  4. honeydidyouseethat? March 7, 2013 at 5:15 pm #

    😦 Maybe stricter regulations like Canada has? Use our medical health system as a guide?

  5. RAB March 7, 2013 at 5:18 pm #

    They don’t even seem all that nervous about the “sequester,” which is going to cost a lot more jobs. Small price to pay to keep our plutocrats plutocratic, I guess!

  6. onnovocks March 7, 2013 at 5:34 pm #

    Has anyone considered that the tax breaks should come with a condition? An investor looks for the highest return, so would I. If in exchange for a tax break the condition would be to invest locally in industry, that tax break may benefit more than just the investor. Wall Street does not reflect Main Street, rather, Wall Street consumes Main Street, at least that is what it looks like to me. Explain to me how a bankrupt company (kmart) buys a not- bankrupt company (sears)?????….anyone?….hello….
    If 1+1= other than 2, some one is lying. Derivatives!

  7. mumsthewordintheuk March 7, 2013 at 7:18 pm #

    The same in the UK and the very large national and international companies are not paying their corporation taxes while we are suffering under the governments austerity measures. Don’t even get me started on the Bankers!

  8. heavenhappens March 7, 2013 at 9:25 pm #

    Hear hear agree with every word and they say that in the UK the interest rate is still 0.5% so how come credit cards charge 21% etc etc?

  9. A Voice March 7, 2013 at 9:52 pm #

    The spirit behind this is why I wrote the poetry collection Damage Over Time.

    It’s never been more clear that the United States of America needs to fundamentally change. Capitalism is sustainable but -and this is just as popular as some of the other things I’ve said before, I’m sure, and I believe it to be just as true- this particular form of capitalism certainly is not. After all, if the very citizens of the country are not in any real way looked at as citizens, instead as mere consumers and tools, can we even legitimately be a country? Is not the enrichment (education, health, protection) of the citizenry the very base of being legitimately considered a country?

    What a fuck story.

  10. Jae March 7, 2013 at 10:55 pm #

    Capitalism works. Mercantilism doesn’t. What’s the difference? Mercantilism is big businesses making deals with the government, usually to drive their competition out of business with big brother’s help. We haven’t been practicing true capitalism in America for quite some time. The majority of the D’s and the R’s are only interested in lining their pockets.

    Think all companies should pay their fair share? What about G.E. (the chief executive of which Obama named to head his Council on Jobs and Competitiveness)? According to the NYT, they don’t actually pay any taxes. I can’t remember Obama calling them out as greedy and not paying their fare share. Does he mean only companies he doesn’t like?

    http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=1&_r=3&ref=business&

    The system you hate is also being kept in tact by democrats, just with companies they favor vs. the companies Bush and establishment republicans favored. I don’t mind finger pointing, let’s just make sure it gets pointed at the cronies in Washington screwing us over and not mistaken for the free market. Besides, if you are insinuating that big business has control over the government, then wouldn’t it be worse to turn more control of the economy over to the government (which is being controlled by big business in the first place)? I agree that we shouldn’t be bailing out Wall Street and we shouldn’t be giving any special favors out to any businesses. The rules should be the same for everyone, big or small.

  11. samsorbo March 7, 2013 at 11:27 pm #

    Wow, I’m very impressed by so many of your readers, who understand that: 1. Capitalism is the only system for a free society, 2. We don’t have that anymore – even less than before Obama stepped in, and 3. Clearly, you see the system Obama embraces for America is failing faster then a car on empty. So we agree on that. But as your previous repost if the video of disparate wealth was completely wrong about Socialism (everyone equal – no! The gov’t gets all the money!) you are misguided here. Please look at history. US created most wealth ever for everyone. China didn’t – everything they make is from us! Look at the worlds poor, and see the disparity there, between countries without capitalism and us.

    • gpicone March 8, 2013 at 1:56 am #

      Apparently the U,S. has borrowed the most wealth ever for everyone too…

      We owe China $1.16 trillion and, according to the Treasury Department. Japan holds nearly as much, at $1.12 trillion. Dozens of other nations, including Brazil, Russia, Taiwan, Switzerland and the United Kingdom hold trillions more…some of these countries are on your most poor list.

      Isn’t something wrong with the greatest country ever when it owes money to some of the poorest countries ever including the former “Evil Empire?” and “Red” communist China?
      How long will/can credit card capitalism survive?

  12. humanTriumphant March 8, 2013 at 12:47 am #

    Well, we surely aren’t meeting in the “middle,” are we?

  13. barbarastanley March 8, 2013 at 2:41 am #

    Great article. I believe everything is going just as Obama would like it. He gets wealthier, America goes broke and ceases to be the greatest nation on earth.

    • A Voice March 8, 2013 at 3:17 am #

      I usually don’t engage other people’s comments. Usually. This one raised an eyebrow. If you find this offensive…I can’t apologise. This isn’t a personal attack, I simply have the general tendency to speak directly.

      How can you possibly come to hold these beliefs?

      -Everything isn’t going as the President would like it and this is made clear even if you’re watching the shouting on FOX News;
      -There is no clear conflict of interest present in the current state of affairs that would indicate that the President is getting wealthier from any of these policies, irrespective of whether or not they have been in effect before he took office or were implemented with his approval;
      -America has been ‘broke’ for quite some time and that biggest break came before the President took office;
      -America has not been the greatest nation on earth for a very, VERY long time. You can’t be a great nation while treating your citizenry as little more then tools for commercial enterprise, with no real care for the enrichment of the citizenry as though they are truly a national resource and beings with inherent worth and value.

      Whatever you may feel about this issue, it’s clear that you aren’t thinking about this issue. In the future, please, comment with something that indicates that you’ve actually thought about the issue. The more people merely opine the less room there is for real conversation and the clarification of thoughts.

  14. therebornmanifesto March 13, 2013 at 12:01 pm #

    I would say the problems we are seeing are not a result of failed Reaganomics, but rather the horrible mix of a capitalistic mainstream America and thus, economy, and a socialistic government that is trying to force a new type of economy on us. The wealth and prosperity that was achieved during the Reagan years and thereafter up until the Dems got control of the Congress should show us that it does indeed work. Socialism being thrown into the mix however, tends to seriously make a mess of things.

    • gpicone March 13, 2013 at 3:36 pm #

      Did you live during the Reagan years? They sucked! 18% mortgages and people being fired left and right from jobs. Nobody raised our country’s debt, debt ceiling and deficit like President Reagan did plus Two bills passed in 1982 and 1984 together “constituted the biggest tax increase ever enacted during peacetime,” and don’t forget illegal wars and trading arms for hostages. Talk about Socialism! Where were you?

  15. Judith Atwood March 14, 2013 at 1:57 am #

    I’m entertained by the plethora of similar ideas to repair or replace this economice system. Do any of you boycott Sears or KMart? How about GM? And how many have money invested in a company or fund that tracks its wealth and loss by the stock market? I hope anyone who has an IRA or a mutual fund realizes they are part of the problem, regardless of how they feel. If we take our money out of the banks and the market, and bury it in the back yard for awhile, yes, we’ll suffer, but shortly the larger banks and corporations will lose steam, and we can begin anew to create a more fair and equal financial economy for us all. Think I’m joking?

Trackbacks/Pingbacks

  1. If It Ain’t Broke…Break It! | elroyjones - March 13, 2013

    […] If It Ain’t Broke…Break It!. courtesy of ipledgeafallegiance […]

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