This is how the U.S. economy works much of the time - the wealthy make most of the big economic mistakes but the hard working middle class ends up paying for them. This time around is no exception. The financial crisis of the past several years was caused by Wall Street, but they got bailed out and relatively few of them lost their jobs. However, even though middle class and working class Americans were not the ones who made the mess, they are paying for it dearly. This is especially true when it comes to unemployment. While it is true that jobs are being lost on every level of American society, the reality is that unemployment is hitting Americans on the lowest end of the income scale the hardest.
Just check out the chart below. The ten percent of Americans that have the lowest household incomes have an unemployment rate of over 30 percent, while the ten percent of Americans that have the highest household incomes have an unemployment rate just about 3 percent....
Does this seem right to you?
After all, we were promised that we needed to bail out Wall Street so that they could help "Main Street".
But that didn't happen, did it?
Instead, it appears that previously bailed out corporations are going back to their old ways of paying out ridiculous bonuses.
For example, the CEO of General Motors is in line to get a $9 million pay package.
What in the world?
A company that was so flat broke that it would have likely collapsed without U.S. government intervention is handing out 9 million bucks to the CEO?
Something is very, very wrong.
And the truth is that working class Americans are getting pissed off.
For example, one Ohio man actually decided to bulldoze his own home rather than let the bank take it in foreclosure proceedings.
Now that is an incredibly destructive and vindictive act, but it just shows how angry some people are getting.
Many working class and middle class Americans feel powerless as the politicians and the wealthy recklessly destroy the U.S. economy.
Just consider the following chart. The U.S. government has massively increased spending at a time when revenues are decreasing sharply. Does this look like a "recovery" to you?....
The truth is that the U.S. national debt is wildly out of control. In 2010, the U.S. government is projected to issue almost as much new debt as the rest of the governments of the world combined.
In fact, it is anticipated that the U.S. national debt will climb to an unprecedented 200 percent of GDP by 2038 without a fundamental change in course.
Is this kind of reckless financial mismanagement going to cause an economic collapse?
Of course.
And Americans are starting to wake up and realize this.
In a recent ABC News poll, 87 percent of Americans said that they are concerned about the U.S. national debt.
In a new CNN/Opinion Research Corp. survey, 86 percent of Americans believe that the U.S. system of government is broken.
And it is broken.
So is it still possible to repair it?
Feel free to leave a comment with your opinion....
Another concise, lucid, if not, gloomy, dispatch. In total agreement, the bills are really starting to pile up, and I really don’t believe our elites know what to do outside of spend more to keep the whole thing from crashing down.
They’re opting out. Everything that’s going on right now is the privatization of national assets and the socializing of private liabilities.
Warren Buffett said that the elite have waged war on the middle class and won.
It might have always been as simple as class warfare. But the disconnect came when the government dumped out the working class’ war chest and rang up trillions of debt. Over our objections. Politicians think the working class see them as ineffective. That is wishful thinking. Instead the working class see them as self absorbed, greedy, and elite pandering idiots who have bankrupted us. Farewell and adieu to you this fall, my spanish ladies…
But the wealthy make the “mistakes” with the active collusion and conspiracy of the governing class, which the middle class elects! The middle class are not inactive participants in their own victimization, since they buy in to these social engineering pie-in-the-sky programs. There is endless gullibility out there. Like a gambler at a craps table whose pile of dollars is gone and is now using house chips, they continue to roll the dice as the croupier (financial industry) and casino owners (government) cheer them on.
The issue is jobs have been destroyed in the consumer capital of the world. If the consumers can’t consume the machine stops unless someone strts to consume. But consume with what? The masses of the world have been robbed by the elite with the aid of crooked government officials who have misused the public trust. Most of all shame on us for not taking an interest in our country and its direction. The problems have been brewing for a long time and they are beyond repair. We are on the verge of a crisis of Apocalyptic proportions. Our society is much more fragile than we care to believe and we could be thrown into the dark ages very quickly. Be prepared because it is going to get very ugly very soon. http://www.newamerica-now.blogspot.com
Looks like the pump is primed for some real shenanigans. When you have “86 percent of Americans believe that the U.S. system of government is broken” and massive debt in a country where the people are used to a high standard of life…we have many of the factors that brought Hitler to power in Germany. The people are mad and some one is going to take the blame and whoever the finger lands on is going to really get it, even if it’s just a scapegoat.
Well, I can think of one way the poor don’t have to pay for those mistakes.
There is a strategy for fighting a foreclosure called “Produce the Note”. It’s a little simplistic to call it that, but it works. Basically, you challenge the foreclosing party’s standing to foreclose. Due to the enormously complicated realtionship between all the parties involved in the mortgage bundling, no one can foreclose.
So doesn’t it seem to follow that if no one has standing to foreclose, no one is able to deliver clear title once the mortgage obligation is complete?
Think about that a moment.
For more information, go to http://www.chinkinthearmor.net.
The question you asked at the end is can it be repaired? The answer is yes, but there are two key changes that are required and it’s not stop the cronyism and collusion; those are symptoms that will be fixed once the major problems are corrected.
1. Americans need to be willing to accept politicians with unpopular answers. If we only accept politicians that tell us everything is going to be great, we’re the best and the dollar will never crash, we might as well pack it in and make the deal with China while we can still maintain some of our wealth.
2. We must terminate the welfare state; welfare is a black hole that eventually consumes all wealth. Give a man a fish, he eats for a day and then is back the next day for his fish. And, heaven forbid you tell him you’re not going to give him a fish anymore, he will respond violently against you. If there’s a lot of people you’ve given fish to over the years and you’re gonna stop, you’d best be prepared to run….fast, which is what I see the top 1% of our wealthiest people preparing to do.
People need to get it right. The economy is going south because the people in Washington wish for it to… Think congress, these are the one’s that started sub prime nonsence…These folks been in Washington tooo long. Also, these long time congress men have been trying for ever to turn us in to the socialest states of America. After all our VP said he would like us to be more like the nanny states of Europe. Think new type of slavery..Just let them pass the health bill and it will start more taxes,all kinds of health and safety regs that run your life, remember they are smarter that us working folks and we can not take care of our self..Think new type of slavery…You work for the government because your taxes will go even higher. Spread the wealth around give it to the people that do not earn it and guess what they will lay around and pump up the next generation of wefare babies. In 1963 while working door to door I ran across familes that were already 3 generation welfare..They most likely 10 generation by now. Also, they have a lot of time to do criminal things like drugs, stealing so on ..Tom S
Is anyone surprized…..we the sheeple are toast….why are we letting them roast us alive like this without doing anything but sniviling about it on bloggs.
What are we going to do? Become a service economy as both manufacturing and skilled labor is going to China, India and who knows what other countries our corporations have sold out to. Many if us will never return to the standard of living like we did in the 1990′s. We go to war and build expensive military systems even well a war cannot be won my might alone. We were lied to, we were lent money many of us cannot pay back and now that we bailed out Wall Street they are going to line their pockets and recover their millions long before they will allow money to trickle down to you and me. We fight amongs ourselves and a majority of American have no idea how the wold economy works. I think we may see a total economic collaspe which will be rebuilt from the ground up