georgephillip
Diamond Member
"The riots in Greece have erupted because labor understands what most journalistic reporting shies away from confronting. Growth in real wages has slowed (and has stopped cold in the US since about 1979).
"Homeownership has been achieved at the cost of new buyers taking on a lifetime of mortgage debt."
For decades government has been shifting the tax burden from unearned income of price gains from real estate, stocks, and bonds onto the backs of labor and small businesses.
"Financial lobbyists in the US are using the Greek crisis as an object lesson to warn about the need to cut back public spending on Social Security and Medicare.
"This is the opposite of what Greek demostrators are demanding: to reverse the global tax shift off property and finance onto labor, and to give labor's financial claims for retirement pensions priority over claims by the banks to get fully paid on hundreds of billions of dollars of recklessly bad loans recently reduced to junk status."
Michael Hudson: The People or the Bankers
"Homeownership has been achieved at the cost of new buyers taking on a lifetime of mortgage debt."
For decades government has been shifting the tax burden from unearned income of price gains from real estate, stocks, and bonds onto the backs of labor and small businesses.
"Financial lobbyists in the US are using the Greek crisis as an object lesson to warn about the need to cut back public spending on Social Security and Medicare.
"This is the opposite of what Greek demostrators are demanding: to reverse the global tax shift off property and finance onto labor, and to give labor's financial claims for retirement pensions priority over claims by the banks to get fully paid on hundreds of billions of dollars of recklessly bad loans recently reduced to junk status."
Michael Hudson: The People or the Bankers