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Tuesday, May 31, 2011

American income inequality ignorance

Welcome to Ameristan, courtesy of the last several administrations, where:

1. Congress is the acquisition of the major corporations which fund election campaigns.

2. The rule of law has crumbled; the protections under the Bill of Rights and Constitution exist no more for ordinary US citizens. With the extension of the Patriot Act, the foundation for jurisprudence has been thrown under the proverbial bus, and now - in true Code Napoleon fashion - all Americans are considered guilty until proven innocent, by a government which is terrified of their own people.

3. Jobs are allowed to be offshored, through loopholes in the corporate tax code, giving corporations the opportunity to profit from moving what were American jobs overseas, and paying very little, if any taxes, on their profits.

4. Many people who have lost those jobs are now barely surviving, scrambling to find several minimum-wage jobs to replace the decent jobs they had, and a large number of them, including our Vets,find themselves homeless.

5. The bailouts to Wall Street and the banks have stayed in Wall Street and the banks, with executives racking up enormous salaries and bonuses while US Main Street is frozen solid in a state of economic Depression.

6. The infrastructure is collapsing, but no one has the money to fix it.

“America was a country that sort of stayed together historically with great unity on the glue that we all figured if we worked hard and played by the rules we’d do better than our parents and they’d do better than their parents and our kids would do better than us,” said Max Fraad Wolff, a senior analyst at Greencrest Capital.

Economists say that is no longer the case in the United States, and tha twe’ve gone from being one of the most upwardly mobile countries in the developing world, to the least, a trend that changed course in the 1970’s. Perhaps one reason is that the amount of money made by CEO’s in this country has skyrocketed while that of minimum wage workers has actually gone down since the 1990’s.

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