“And then there's this: Profit margins at non-financial S&P 500 companies "will climb to 8.9 percent in 2011, the highest level in at least 18 years." You got that? Wait, it gets better: "CEOs are spending more on shareholders after stockpiling cash since 2008 when the financial crisis eliminated profits." Pop quiz: What word is missing there? In the entire article, there's no mention of "jobs." That's because, as Paul Krugman points out, corporations at this point don't give a fuck about you and your lack of employment. You're "being written off," says Krugman.
You aren't even a factor anymore. And why would you need to be? The wealthy have recovered quite nicely from the recession. Shareholders in corporations are reaping profits. Rich Americans are so secure at this point in feeding off the misery of the rest of the population that there's no point in even trying to hide their actions. The legislation that's being passed by Republicans in state governments in stripping away the last vestiges of worker rights is just codifying what has already occurred: the marginalization of the American worker, or, to put it another way, the destruction of the American worker and the elevation of the American consumer, dependent on banks and cobbled together incomes to merely pay the interest on the shit that's been purchased. If it's your home, you get to pay until the wealthy can just take it away and then re-sell it to another soon-to-be failed consumer lost in a clusterfuck of financial regulations and outright fraud.
You want more evidence that you are on the menu for the rich? A study of Minnesota's income tax burden shows that the bottom 90% of income earners pay 12.3% in state and local taxes. The top 10% of earners? They pay 10.3%. In other words, you pay 20% more taxes if you are not wealthy.”
read it all at The Rude Pundit
|Speaker Boner, distressed over poor white multi-millionaires.|