A “For the Rich, By the Rich” Economy
By louisehartmann
There’s more evidence of a widening wealth inequality gap in America thanks to 30-plus years of Reaganomics. According to The Atlantic magazine – two-thirds of all new income in America between 2002 and 2007 went to just the top 1% of Americans. That’s 2 out of every 3 dollars in America being sucked up by the richest of the rich.
Not to mention – that the wealthiest 400 Americans – our nation’s most senior oligarchs, who own more wealth than the bottom 150 million Americans – have seen their incomes double over the last twelve years while their tax rates have been cut in half. Talk about a “for the rich, by the rich” economy. Wealth inequality in America is at levels not seen since the 1920’s – and we’re now a more unequal nation than the Ivory Coast, Pakistan, Ethiopia, and Kazakhstan according to data from the CIA Factbook.
So when the entire American middle class disappears, then can we all accept that Reagan’s vision of America – and the direction that the current Republican Party has this nation headed – will lead us all toward ruin?
Comments
#2
I truly think this was Harriman's Union Pacific vision for America, enabled by Congress, then and now, enacted through BBH, GHW & Co., Prescott Bush, the Pepsi National City assassination of JFK, then front men like Nixon, then Reagan. PSB was even too corrupt for Nixon, I believe.
Plus, Reagan likely had the onset of Alzheimer's during his reign and was just still good at reading scripts. He didn't have any plans for anything, much less economics.
Why Robert Kennedy ever thought William Averill Harriman was a friend is completely baffling.
Now it's Bush, Bush, Bush and always will be- why do we keep blaming an addle-brained Hollywood actor for what has happened to the world?
It's the Barretts, Bonds, and Ewings- the Balls - the Flemings and those lawyer cats what has us in their jaws.
They are all in the same Trust Company with the 700 Princes of Liechtenstein, The Windsors, and hidden Treuhands.
In my next blog post I will publish the data showing the taxpayer identification relationship of Prescott Bush d. 1972, Prescott Bush d. 2010, with Frank H. Kryder d. 1966, The Venice Bank of Nokomis, Barnett Bank of Tampa, and The St. Joe Company, slated to be renamed The Old Black St. Joe Company, when the earth has been redeemed.
XXXXX
#3
Other countries protecting their economies using tariff taxes on United States products. I don't know where to finding that information on the internet. People who listen to the right wing propaganda don't believe this is happening because they claim if this is happening there would be trade wars.
Is there proof that other countries are charging tariffs is happening and a chart showing how much all other countries are charge extra tax/tariffs on US imports to keep their people buying their domestic products?
#4
I'd like to see a list of names and addresses of these 400 Americans... Perhaps some of the rest of us could gather at their front doors to ask them why they need so much when so many don't have enough...
#5
Hi:
When Reagan came to office the Laffer Curve (Wiki) was presented. At that time the marginal tax rate (the rate for the next dollar of income) for the wealthy was in the 80% to 90% range. The idea then was that by lowering the marginal tax rate for the wealthy the government would collect more taxes. It worked. Note there's no tickle down in this theory, it works based just on the Laffer Curve.
But today the marginal tax rate is very low, i.e. we are on the left of the Laffer Curve and so raising the marginal tax rate will generate more income (not lower it like the young Republicans think since they have not heard of the Laffer Curve) and stimulate the economy.
For a Laffer Curve plot see: http://www.end2partygovernment.com/#TaxRate
Have Fun,
Brooke
#6
You could probably find a list of the country"s wealthiest on the internet. The startrib publishes this oln a regular basis--on their business pages. Or you could look up ALEC and find out who its members are. Koch brothers a big one.
#7
I'm convinced they want us all living in cardboard boxes.
I mean, look at what's happening now after the Hurricane where the party which has always been for the rich is demanding balancing the budget on the backs of these natural disaster victims. Meanwhile, they've taken $$$$ from renewable energy. They need infrastructure spending ANYWAY what a great opportunity to not play politics with people's lives.
I'm watching a smug Texas senator on Al Sharpton telling Al, once again, that the federal budget is like a family's budget.
I'm sure people are falling for it.
Meanwhile, the rich get richer. The gov, the corporations are robbing US in broad daylight and getting away with it
PS: we wouldn't be in debt if we hadn't bailed out the banks and Bernanke hadn't printed off the rest of our economy and sent it to central banks all over the world under the cloak of TARP. What a great name, HUH?
#8
I think the longer this goes on - the more likely we the people will revolt. That may be what the Oligarchs want - a revolution - because that seems the only way we're going to get through to these people. London is the latest city to revolt for this exact reason - are we next?
#9
Thom,
I'm a 1968 MSU Alumni Hippi from E. Lansing and thought you'd appreciate this rant of mine....
It is incredible here in Florida we have over 60 Minor Political Parties, almost all are Extreme Conservative! Along with the Tea Party are included the American Wealthy Persons Political Party, the American Multi-Milllionaires Political Party, the American Billionaires Political Party, the American Economic Elites Political Party, and separate American Corporate parties for the CEO's, CFO's and COO's of this country. Oh in addition, every Christian religion also has its own party. But as far as I can figure, only one Liberal/Progressive part exists, the Green Party of Florida, Inc. and if you type in these letters in your search engine you you get a landscaping company! No wonderer Progressive/Liberals in this state have no place to gather and become a counter influence to the madness in this State and Country!
Check it out: http://election.dos.state.fl/candidates/parties.shtml
Go with it Guy!
Ron Bernt
#10
My dear husband died in 2010 I have been deeply sad. Now we find Wall St- banks- AIG- Goldman Fed boys scammed us ,duped us, sold us out more than we knew .The Giant Fox GOP mouthpiece rules cable news. CNN is not best in News any longer. Far from it. I am very depressed I'm thinking whats the use anymore ? Lobbyists who used to work for our Gov't are now making millions working to screw and scam us. Why is that even legal. ? Why can reps vote their own raises at 1 am without our appoval ? What became of Public Service ? GOP Tea baggers- huge Corps, Robber Barons like Dick Armey / Kochs / Rove / Limbaughs / big OIL run the US - economy - US courts- run our lawsmakers . Goldman trained 90 % of the Fed guys Is that why they took such good care of Goldman Sachs and AIG who owed Goldman billions or the Paulson 700 billion TARP joke on taxpayers with . NO safe guards for our money. Home owners lose homes & jobs . Wall ST- big powerful banks like Chase & Bank of America etc & AIG get huge rewards for being crooks- using unethical business practices . S & P gets away with fraud aka labeling JUNK MORTGAGES AS TRIPLE AAA .Reagan Bush GOP Deregulation made that ' legal ' and thats a fact .
#11
Frankly, our social, political, and financial environment reminds me of Britain, where for generations the people have been hypnotized into saying, "God save the queen/king," even though the queen/king never says, "God save the people of Britain." Even though the British royalty has NEVER said, "You starving people can fish in the royal rivers and hunt for deer in the royal forests." No, the British royalty has always said, "We couldn't care less that you and your families are starving. You stay off of our millions of acres of royal property that we neve ruse, or we will kill you or send you to Australia." God save the queen? Why?
What happened- both in Britain and in America- is that the hyper-wealthy realized that it's easier to maintain control over a population by hypnosis than by force. Convince the public that they love and respect the people who are abusing their trust, stealing their money and houses, defrauding them, overcharging them, and in pretty much every other way totally abusing their trust. But the evening news- which coincidentally is owned by extremely wealthy people- keeps informing us that we love and respect the people who are driving Ameica into a ditch.
And the most foolish middle class and poor Americans say things like, "Free market! Why, any of us could become that rich if we just put our minds to it." Yeah, sure they could get that rich. If they were willing to totally abandon their ethics and morals, which is exactly what it takes to get that rich.
#12
The Twain Report
All The News That Mark Twain Says He Would Report If He Was Alive Today
Special Emergency Edition, 8-29-11
Anonymous sources close to Dick Cheney told the Twain Report today that Cheney, who has for some time suffered visible neurological symptoms, some time ago realized that his time on earth was drawing to a close, and when he realized it, he sneered, "You know, my only regret is that I don't have time to go duck hunting with every American."
Driven by his distress over this perceived failure, Cheney decided to write what he called, "My unauthorized autobiography, which will make people's heads expode."
A wave of terror washed over Twain Report employees Sunday, when they heard that their heads might have exploded. Then a wave of relief washed over them when the editor-in-chief checked them all and pronounced their heads to be as-yet unexploded. Unfortunately, his subsequent admission that he was only pretending to be a doctor, sent shock waves through the employees as they frantically pulled out pocket mirrors, ran to bathrooms, and asked for feedback from each other, hoping to determine whether their heads had exploded. The more fiscally perspicacious among them phoned their insurance agents to see whether their policies cover exploding heads.
The White House is urging all citizens to remain in their houses until it can be determined whether the heads of all Americans are going to explode, or only the heads of certain select portions of the population. Mr. Cheney has not yet revealed whether the exploding of heads will extend to other countries.
Halliburton and KBR have signed a $50 trillion dollar no-bid contract to clean up the exploded heads, with a clause that assures them of payment even if no one's head explodes.
#13
This is what President Hayes had to say:
Rutherford B. Hayes (19th U.S. President), from his personal diary, year not provided (between 1881-1891) December 4 Sunday. “In church it occurred to me that it is time for the public to hear that the giant evil and danger in this country, the danger which transcends all others, is the vast wealth owned or controlled by a few persons. Money is power. In Congress, in state legislatures, in city councils, in the courts, in the political conventions, in the press, in the pulpit, in the circles of the educated and the talented, its influence is growing greater and greater. Excessive wealth in the hands of the few means extreme poverty, ignorance, vice, and wretchedness as the lot of the many… Henry George is strong when he portrays the rottenness of the present system. We are, to say the least, not yet ready for his remedy.
Not much has changes but now we have mostly forgotten the remedy proposed by Henry George. We should have adoped George's remedy a hundred years ago. But it is not too late.
This is what Henry George said:
“What has destroyed every previous civilization has been the tendency to the unequal distribution of wealth and power”
Henry George
#14
ALEC and the 30 yr. plan for Republicans and super wealthy is working. The reason is when Democrats or Obama say or do something they are asked to justify everything in detail while the Republicans are given a free pass by the media to say what they want without ever having to justify or prove anything factual. The Democrats continue to do a terrible job of acting like they care and this is the toughest to swallow. The average Joe is begging for someone to stand up and defend their rights. Once again it is being left up to the little guy to save himself. What I fear most is a repeat of 2010 when the Republicans won a landslide majority simply because they showed up and voted. The Democrats did not show up, especially the younger voters and the minorities. People may learn too late not to expect someone else to do the right thing but to stand up and demand that average citizens have rights equal to the privileged few. Otherwise it will not happen. This country is very close to being taken over by the wealthy and corporate America. In the final analysis, if the little guy doesn't stand up and vote the Republicans out in 2012 the country as we know it will no longer exist. We need 100 more Thom Hartmann's.
#15
Imagine what it would be like to have a sufficiently left, progressive, etc Prez :
-- willing to back the largest corporate tax increase in history -- as Reagan did.
-- that protected the environment at least as well as Reagan did -- for instance, more old-growth forest was cut during the first four years of Clinton/Gore (with "Green Al" [sic] as the go-to guy on environmental matters) than in TWELVE years of Reagan/GHWB...and O-bomb-a's love of "Clean Coal," BigNukes, drillbabydrill, fracking, etc, makes him a worthy successor to Clinton/CheneyBush.
-- willing to withdraw troops from overseas deployments in response to less than 300 deaths (Lebanon) -- as Reagan did.
-- who suppported increasing capital gains taxes to the rates under Reagan.
-- who supported returning the police state to its extent under Reagan -- repealing all its expansions under Clinton, Bush43, and O-bomb-a.
Wow! Such a Prez would be SO much better than what we have now! A measurably lesser evil! Unfortunately...neither of the factions of the Ruling Class Party will nominate anyone with such tendencies.
#16
A revolution is not too far fetched. When we STOP expending our energies on blognets and redirect this energy onto the streets is when the rich and politicos will shiver where they stand.
But, now, that the churches are hedging their hell, fire, and brimstone into the political arena, is another way we can bring the deficits down . . . time to start taxing them big time!
#17
Thom,
This is a speech I will give at the office of Rep. Jason Altmire (cong. Dist 4 PA) at 4 PM today with about 300 people present.
Thesis: The rule of the rich is a dictatorship that destroys families, communities and will destroy our nation. Jobs are for the sake of all and not just a means for the rich to further exploit us. There is not a lack of jobs to be done, but a lack of vision by the fat aristocracy. They’re afraid of losing their fat and that fear blinds them. We know and must demand jobs. For that is what makes people, workers, communities, our economy and our nation; healthy and strong!
Isaiah 10 (The Message, Eugene H. Peterson)
You Who Legislate Evil
1Doom to you who legislate evil,
who make laws that make victims—
2Laws that make misery for the poor,
that rob my destitute people of dignity,
Exploiting defenseless widows,
taking advantage of homeless children.
3What will you have to say on Judgment Day,
when Doomsday arrives out of the blue?
Who will you get to help you?
What good will your money do you?
4A sorry sight you’ll be then, huddled with the prisoners,
or just some corpses stacked in the street.
Even after all this, God is still angry,
his fist still raised, ready to hit them again.
The rich royalist of our nation who pay for the Republican fat cats are right now writing evil legislation to destroy unions, limit jobs and deny dignity to workers. What is amazing about this effort is that in their blind desire to make the rich richer they cannot see the destruction they are bringing to our nation.
They speak of deficits that have been created by refusing to tax corporations. Now of course these corporations believe taxation is theft. They don’t need roads on which to transport their goods. They don’t need workers making decent wages to buy their products. They don’t need a currency like our American monetary system to determine value. They gain nothing from the wealth of common people.
What I say is they will be in hell if they don’t have all of these things. The tax breaks for the rich, the wars for the rich, the deregulation for the rich is destroying the very sources of their wealth, and they are too blind, isolated or dumb to see the truth.
Can you believe the blindness to human need of House Majority Leader Eric (Fat Cat) Cantor who wants to hold the victims of Hurricane Irene hostage to his demand for more cuts in such things as the national labor relations board, consumer safety enforcement and to cut all together public education. God calls that evil legislation.
I live in New Castle which is in Lawrence County, PA. While 20 plus per cent of Lawrence County, Pennsylvania sits unemployed we have rotted roads, unsafe bridges, empty store fronts, increased drug usage and violent crimes. Why?
Because we cannot possibly tax corporations, fix our infrastructure or spend tax dollars for jobs, or so children can get healthcare. Instead of spending taxes in tax breaks for the rich aristocracy we need to put our nation to work and heal the sin sick soul of our nation sullied by the greed of the arrogant rich. It will be hell to pay if we do not change our ways and change our ways so government is for all people and not just the rich aristocracy making not just a million, but millions a year.
In the Bible, in the New Testament, in the book of James we are even told that getting some taxes from the filthy absurdly rich may be good for them.
James 5 (The Message, Eugene H. Peterson) Destroying Your Life from Within
1And a final word to you arrogant rich: Take some lessons in lament. You’ll need buckets for the tears when the crash comes upon you. 2Your money is corrupt and your fine clothes stink. 3Your greedy luxuries are a cancer in your gut, destroying your life from within. You thought you were piling up wealth. What you’ve piled up is judgment.
4All the workers you’ve exploited and cheated cry out for judgment. The groans of the workers you used and abused are a roar in the ears of the Master Avenger. 5You’ve looted the earth and lived it up. But all you’ll have to show for it is a fatter than usual corpse. 6In fact, what you’ve done is condemn and murder perfectly good persons, who stand there and take it.
I am a Christian pastor. I am going to speak from what I know of God right now. This is not to try to change where you are or aren’t with your faith. It is to speak what the God of Jesus wants our nation to hear.
God is angry. Maybe that is not strong enough. God is downright in any way you can imagine it, angry. Why, because segments of our leaders are worshiping at the altar of fat cats. They are so into their worship of greed that they cannot reason or be reasonable. To hell with solving unemployment, to hell with extending unemployment benefits, to hell with healthcare for the poor, they say.
Listen you greedy fat cats, listen you politicians feeding at the pig trough of greed, this is what God is saying to you, “To hell you go and in hell you will stay, because you have rotted within yourselves for the sakes of yachts and corporate jets and many houses. You have done all of this at the expense of your neighbors, the workers who gave you your wealth by their labor. You have paid billions for your lobbyists to lobby in their under table deceitful ways. And what do you really have? Nothing for by my action you will go to hell and in hell you will stay.”
Luke 4 (The Message Eugene H. Peterson)
16He came to Nazareth where he had been reared. As he always did on the Sabbath, he went to the meeting place. When he stood up to read, 17he was handed the scroll of the prophet Isaiah. Unrolling the scroll, he found the place where it was written,
he’s chosen me to preach the Message of good news to the poor,
Sent me to announce pardon to prisoners
and recovery of sight to the blind,
To set the burdened and battered free,
19to announce, “This is God’s year to act!”
Today hear what is needed. Good news for the poor is jobs. Pardon for the prisoner out from jail is a job. How can the blind see if they do not have healthcare that comes from good jobs.
We stand here under what I believe is a divine mandate to act together in a war of love and non-violence. We stand here under a divine mandate to demand jobs and realism and an end to the nonsense and lies the fat cat aristocracy has put upon us.
The truth is we can afford job stimulation from our government. The truth is we cannot afford the pain and suffering that is unemployment. For the healing of the soul of our nation we demand jobs.
We need to organize, organize, organize. The truth is we can beat the arrogant fat cats and all their money, because God is on the side of the working people, because as working people no amount of money can steal democracy away from us. The truth is working people are the heart of this nation. Let’s get that heart beating full time! God is on our side! God will win! God is on our side! Jobs! Jobs! Jobs!
#18
You say you want a revolution....
#19
Most of us like to receive and spend money - - that's what is called a high standard of living. Right now there is too little money in circulation. The national debt has two parts: money in circulation and money in storage - - - and only the rich can affort to hoard money. The shortage of money in circulation is caused by the huge amounts held by the rich - - not just the U.S. rich - - most is held overseas. The rich get richer as the dollars pour in faster than they can spend them.
A recommended solution - - make laws to enforce spending of all income. Make all lawful spending deductable with a 100% tax on the difference between gross income and gross spending less this deductable. In other words, make everyone spend all they receive - - - the poor already do this. The spending can be on anything the taxpayer wishes - - - fine homes, food, rent, real estate, new businesses, health care - - - the idea is to keep the money moving. Aggregation of wealth in the form of physical property is ok to the extent one's income permits it. To insure a minimum standard of living a minimum deduction should be allowed - - say $100,000 - - - those whose gross income is less than that would pay no tax. Likewise, a wealthy individual who spends his entire gross income would pay no tax and be allowed to aggregate as much non-money wealth as he could afford. All of the spending generated would keep money flowing into everyone's pocket and would not encourage laziness because it would guarantee no income to anyone, just lots of jobs and freedom from taxes. It would also incentivise business for two reasons: (1) lots of customers and (2) no taxes on profits in the form of goods.
If the system was fully effective (unlikely) the Government would receive no taxes and could just go out of business unless they have something to sell that people want to buy.
I would welcome comments and criticism.
#20
Most of today's Republicans seem to say they want jobs created, the want to save social security and get Americas spending back under control. After all that is what all Republicans preach in any economy that it is a spending issue not a revenue issue.
Their actions seem to speak volumes when they prevent any course of action that would get the economy moving any creation of jobs (national infrastructure jobs) which would mean spending by the federal government. Then they are against it and seem to be able to blame the President for not doing a good job on the economy thus creating in the minds of the American public that we need another Republican in the white house and control of the senate and house.
Amazingly they have caused all the economic problems, caused the recent crisis with the debt ceiling and have been able to blame the President and the Democrats for it effectively.
This would be like giving full control to the fox over the hen house and then blaming the hens for getting eaten.
I hope that the Dems are fighting mad when they get back and start taking names and kicking some political ass otherwise all of us hens out here will be getting financially eaten.
#21
Corporations rule America. America is a Corporatocracy. Corporations write the laws in their favor, fund campaigns and political movements, and use the United States Military as their private army. Corporations control all of the media and almost every scrap of information we consume. The current campaign of discontent (the Tea Party) being ginned up in America, was started by, and is funded and organized by, corporations and their lobbyist. If you are thinking welfare for the poor can no longer be afforded than you might be surprised to know spending for corporate welfare programs outweighs spending for low-income programs by more than three to one: $167 billion to $51.7 billion. Total federal spending on a safety net for the poor costs the average taxpayer about $400 a year, while spending on corporate welfare programs costs the same taxpayer about $1400 a year.
They have been fairly effective in manipulating the public into voting against their own self interest, the interest of their families, and their communities. 40 million jobs have been moved out of the country since 2000, for cheap labor markets around the globe. Who supplies most of the Jobs for illegal immigrants? Wall Street bailouts? Oil spill anyone? How about some Enron stock? Health care went up 190% on average in the last nine years. Fight Corporatocracy!
#22
Found these on whitehouse.gov. What do you think? There are others. No one brings
these up and I wonder why? Seems like something that people should know about who are concerned about the revolving door and lobbyists.
Posted on March 14, 2011 at 04:05 PM EDTType: Good Government - Open, Transparent & Accountable
President Obama has taken historic steps to close the "revolving door" that carries special interest influence in and out of the government by prohibiting former lobbyists from working on issues on which they lobbied ... branch appointees from accepting gifts from lobbyists. Second, he closes the revolving door that allows government officials to move to and from private sector jobs in ways that give that sector undue influence over government. Third, he requires ... that is directly and substantially related to my former employer or former clients, including regulations and contracts. "3. Revolving Door Ban -- Lobbyists Entering Government . If I was a registered lobbyist within the 2 years before the ...
Presidential Memorandum--Lobbyists on Agency Boards and CommissionsPosted on June 18, 2010 at 01:16 PM EDTType: Press Article, Presidential Memoranda
inauguration, I signed Executive Order 13490, which places strict limits on the ability of lobbyists to serve in Government positions related to their prior lobbying activities. Last September, we took another step to close therevolving door through which ... MEMORANDUM FOR THE HEADS OF EXECUTIVE DEPARTMENTS AND AGENCIES SUBJECT: Lobbyists on Agency Boards and Commissions My Administration is committed to reducing the undue influence of special interests that for too long has shaped the national agenda and drowned out the voices of ordinary Americans. Special interests exert this disproportionate influence, in part, by relying onlobbyists who have special access that is not available to all citizens. Although lobbyists can sometimes ...
Ending Lobbyist Appointments to Agency Boards and CommissionsPosted on June 18, 2010 at 01:34 PM EDTType: Open Government Initiative, Blog Post
or re-appoint currently-registered federal lobbyists to advisory boards or commissions. This directive formalizes an aspiration we first announced last September and that agencies have implemented successfully on a trial basis ever since. Read the Presidential Memorandum. For too long, lobbyists have wielded disproportionate influence in Washington. It’s one thing for lobbyists to represent their clients’ interests in petitions to the government, but it’s quite another, and not appropriate, for lobbyists to hold privileged positions could enable them to advocate for their clients from within the government. It was for this reason that the President took steps on his first day in office to close the revolving door through which ...
Thom's Blog Is On the Move
By webmaster
Hello All
Thom's blog in this space and moving to a new home.
Please follow us across to hartmannreport.com - this will be the only place going forward to read Thom's blog posts and articles.
Images of Thom
With His Holiness The Dalai Lama, at His home in Dharamsala, India (Synthesis Dialogues - made into a movie narrated by Harrison Ford)
Thom & Louise at a "private audience" with His Holiness Pope John Paul II at his summer palace, Castle Gandolfo, Italy
From Unequal Protection, 2nd Edition:
"Hartmann combines a remarkable piece of historical research with a brilliant literary style to tell the grand story of corporate corruption and its consequences for society with the force and readability of a great novel."
From Cracking the Code:
"No one communicates more thoughtfully or effectively on the radio airwaves than Thom Hartmann. He gets inside the arguments and helps people to think them through—to understand how to respond when they’re talking about public issues with coworkers, neighbors, and friends. This book explores some of the key perspectives behind his approach, teaching us not just how to find the facts, but to talk about what they mean in a way that people will hear."
From Unequal Protection, 2nd Edition:
"If you wonder why and when giant corporations got the power to reign supreme over us, here’s the story."
Look on the bright side. Lobbiest , media driven prop pig can, duh ! and security cost big bucks.