The Rich Love High Unemployment

[georgephillip]

Another article slamming the Obama Administration. Buyers remorse is at an all-time high.

If the Republicans had a dog that could hunt, Barry's one and done.

The Republicans can't be counted on for anything these days. Obama has been a total screw-up and yet there's still a good chance that he might win in 2012. It reminds me of the 2004 election when all the Democrats had was John Kerry.

It does seem like the Republican's strongest candidates are waiting for 2016.

Ready for Bush vs Gore 2.0?

? vs Biden??

Hillary???

 

[Mr Natural]

So the rich people like high unemployment because somehow they profit off no one being able to buy their services or products?

Depends on the industry.

But in a nutshell..the highest cost to most industries..is labor.

EXACTLY!

So what do those industries do when hit with higher taxes?

Either move overseas or cut LABOR.

Corporate taxes could be cut to absolute zero and that would do nothing to change the fact that foreign workers will work for a fraction of their American counterparts.

 

[georgephillip]

Oh get this!

The rich want a bad economy because it produces lower taxes!

Yeah, you weren't around in the 70s were you?

I remember high interest rates in the 70s.
I'm a little fuzzy on '70s tax rates.

Today, the rich have discovered how to increase their wealth regardless of whether the economy is "good" or "bad" for everyone else.

Why are you instinctively on their side?

I am "instinctively" on the side of the free market.

Not you tax and grab lefties who think the answer to everything is confiscatory tax rates, and a nanny state planned economy.

It never works, and the people who get hurt the worst ARE THE POOR AND MIDDLE CLASS LIKE ME!

Of course the rich figure out a way to survive regardless what bozo is in the Whitehouse.

DO YOU BLAME THEM?

Hell, if I had the dough, I would too, AND SO WOULD YOU!

Don't tell me otherwise. Noam Chomsky is the biggest communist out there and he puts his money in all kinds of tax shelters.

It's not the rich that get hurt with your schemes, IT'S PEOPLE LIKE ME!

That's who I'm "instinctively' defending!

What if there is no "free" market?

Do you really think conservatives don't require a nanny too?

"Political debates in the United States are routinely framed as a battle between conservatives who favor market outcomes, whatever they may be, against liberals who prefer government intervention to ensure that families have decent standards-of-living.

"This description of the two poles is inaccurate; both conservatives and liberals want government intervention. The difference between them is the goal of government intervention, and the fact that conservatives are smart enough to conceal their dependence on the government.

"Conservatives want to use the government to distribute income upward to higher paid workers, business owners, and investors.

"They support the establishment of rules and structures that have this effect.

"First and foremost, conservatives support nanny state policies that have the effect of increasing the supply of less-skilled workers (thereby lowering their wages), while at the same time restricting the supply of more highly educated professional employees (thereby raising their wages)."

The Conservative Nanny State

btw, Chomsky's an Anarchist who has probably earned millions over his career.
He could have earned a billion on Wall Street.
He's not your enemy.
Obama is, and so is every Republican in creation,

 

[beowolfe]

So the rich people like high unemployment because somehow they profit off no one being able to buy their services or products?

So, are you denying that they profited?

 

[Toro]

"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...

"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.

"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:

"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.

"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.

"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"

"Out of work Americans deserve more than unemployment checks - they deserve dividends.

"The rich would never have recovered without them."

Why the Rich Love High Unemployment | Truthout

This is absolutely silly. The rich want low unemployment, not high unemployment. The rich are reliant on asset prices, not income. High unemployment means a stagnant economy and a stagnant economy is bad for asset prices. Low unemployment usually means a strong economy, which is much better for asset prices.

 

[teapartysamurai]

"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...

"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.

"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:

"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.

"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.

"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"

"Out of work Americans deserve more than unemployment checks - they deserve dividends.

"The rich would never have recovered without them."

Why the Rich Love High Unemployment | Truthout

This is absolutely silly. The rich want low unemployment, not high unemployment. The rich are reliant on asset prices, not income. High unemployment means a stagnant economy and a stagnant economy is bad for asset prices. Low unemployment usually means a strong economy, which is much better for asset prices.

Harld Camping is right. The world is just about to end.

Because I just agreed with Toro!

 

[georgephillip]

The honest wealthy get even wealthier serving a vibrant well paid middle class.

That is one of the reasons that the American Capital class got so wealthy to begin with. They served customers who had money to buy their goods.

But certainly we can all point to policies that served SOME WEALTHY (certainly not the entire capitalist class) that tend to have made the US middle class (adn the nation as a whole) less affluent.

My point here is that there are good people serving to benefit this nation in ALL classes of society.

And there are villians and swindlers in every class, too.

Are we underestimating the changes to our economy brought about by the rise of the FIRE sector?

Capitalists that produce useful goods and services depend on a middle class with money in their pockets.

Casino capitalists apparently couldn't care less as long as the state stands ready to cover all gambling losses.

Today's villains and swindlers certainly seem to own congress, the White House and SCOTUS.

 

[georgephillip]

Depends on the industry.

But in a nutshell..the highest cost to most industries..is labor.

EXACTLY!

So what do those industries do when hit with higher taxes?

Either move overseas or cut LABOR.

Corporate taxes could be cut to absolute zero and that would do nothing to change the fact that foreign workers will work for a fraction of their American counterparts.

"According to the conservative nanny state mythology (both the creationist and intelligent design variants), corporations were set on the earth at the same time as humans. They peacefully co-existed in the state of nature until the government stepped in and tried to interfere with the natural order by doing things like regulating and taxing corporations.

"The nanny state conservatives want the government to step back and allow corporations a freer hand to do what comes naturally: make profits.

"They rant about the threat posed by government regulation, and even worse 'double taxation' — the fact that corporate profits are taxed when corporations earn the money, and then also taxed when they are paid out as dividends to shareholders.

"The mythology may be moving, emotionally and politically, but it suffers both as a historical account and in its logic.

"To get a realistic view of the relationship between the government, corporations, and society, it’s necessary to discard the conservative nanny state mythology about the origins of corporations and apply a little common sense.

"However painful it may be to the nanny state conservatives, a serious discussion must begin with a basic truth: the corporation does not exist in a free market, it is a creation of the government."

The Conservative Nanny State

 

[georgephillip]

"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...

"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.

"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:

"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.

"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.

"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"

"Out of work Americans deserve more than unemployment checks - they deserve dividends.

"The rich would never have recovered without them."

Why the Rich Love High Unemployment | Truthout

This is absolutely silly. The rich want low unemployment, not high unemployment. The rich are reliant on asset prices, not income. High unemployment means a stagnant economy and a stagnant economy is bad for asset prices. Low unemployment usually means a strong economy, which is much better for asset prices.

The rich also have a fear of inflation and upward pressure on wages.
They also have the Federal Reserve to set interest rates to control the pressure.

Do you think it's accurate to say "(m)ost people probably do not realize that the Federal Reserve Board, an agency of the government, intervenes in the economy to prevent it from creating too many jobs"?

Dean Baker:

"But there is even more to the story.

"When the Fed hits the brakes to slow job growth, it is not doctors, lawyers, and CEOs who end up without jobs. The people who lose are those in the middle and the bottom — sales clerks, factory workers, custodians, and dishwashers.

"These are the workers who don’t get hired or get laid off when the economy slows or goes into a recession.

4 These numbers can found in the 'Get Detailed Statistics' section of the Bureau of Labor Statistics website.

"The unemployment rate for everyone rises when the economy goes into a downturn, but unemployment rises most for those with the least education.

The Conservative Nanny State

 

[Rodack]

Isnt Obama and most of the Democrat elite in congress Rich?


Are you saying that Democrats love unemployment because they get to buy votes with other people's money?


Then you would be right on

 

[theHawk]

"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...

"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.

"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:

"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.

"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.

"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"

"Out of work Americans deserve more than unemployment checks - they deserve dividends.

"The rich would never have recovered without them."

Why the Rich Love High Unemployment | Truthout

The rich love high unemployment because they love being taxed to pay for welfare and unemployment benefits.

 

[georgephillip]

"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...

"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.

"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:

"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.

"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.

"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"

"Out of work Americans deserve more than unemployment checks - they deserve dividends.

"The rich would never have recovered without them."

Why the Rich Love High Unemployment | Truthout

This is absolutely silly. The rich want low unemployment, not high unemployment. The rich are reliant on asset prices, not income. High unemployment means a stagnant economy and a stagnant economy is bad for asset prices. Low unemployment usually means a strong economy, which is much better for asset prices.

Harld Camping is right. The world is just about to end.

Because I just agreed with Toro!

Which will end first, the world or the Great Recession?

"According to a recent CNN poll (12/2010), three out of four Americans believe the recession is not over. Unemployment has not been this high for this long in most Americans’ lifetime. By every measure, the U.S. economy is failing to recover from the Great Recession.

"Every measure except one.

"In the last 18-20 months, corporate profits climbed at the fastest pace on record. Non-financial companies are reporting the highest free cash flow (profits after dividends and capital expenditures) in a half-century.

"Profit margins at S&P 500 companies are now above 9%, approaching uncharted territory. Joseph Lavorgna, chief U.S. economist of Deutsche Bank, stresses, 'Not only are we seeing a tremendous V-shaped recovery in corporate profits, but we are in fact seeing the biggest corporate profit recovery ever.'”

The Greatest Recovery, Part I

 

[georgephillip]

Isnt Obama and most of the Democrat elite in congress Rich?


Are you saying that Democrats love unemployment because they get to buy votes with other people's money?


Then you would be right on

Democrats get most of their campaign funding from the same 1% of US voters as do Republicans.

And it's not the one percent losing their jobs, homes and pensions.

I don't see how anyone can argue that "choosing" between Democrat OR Republican changes anything Wall Street does to Main Street.

 

[KissMy]

"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...

"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.

"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:

"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.

"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.

"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"

"Out of work Americans deserve more than unemployment checks - they deserve dividends.

"The rich would never have recovered without them."

Why the Rich Love High Unemployment | Truthout

Thank You Obamacrats for making the rich richer for the last 2 years. Woo! Hoo!

 

[Rodack]

Isnt Obama and most of the Democrat elite in congress Rich?


Are you saying that Democrats love unemployment because they get to buy votes with other people's money?


Then you would be right on

Democrats get most of their campaign funding from the same 1% of US voters as do Republicans.

And it's not the one percent losing their jobs, homes and pensions.

I don't see how anyone can argue that "choosing" between Democrat OR Republican changes anything Wall Street does to Main Street.

Regan Created 21 million jobs


Obama Over---spent 6 trillion dollars and only ........ saved ..........fictiticious jobs.






I see a difference

 

[Toro]

"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...

"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.

"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:

"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.

"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.

"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"

"Out of work Americans deserve more than unemployment checks - they deserve dividends.

"The rich would never have recovered without them."

Why the Rich Love High Unemployment | Truthout

This is absolutely silly. The rich want low unemployment, not high unemployment. The rich are reliant on asset prices, not income. High unemployment means a stagnant economy and a stagnant economy is bad for asset prices. Low unemployment usually means a strong economy, which is much better for asset prices.

The rich also have a fear of inflation and upward pressure on wages.
They also have the Federal Reserve to set interest rates to control the pressure.

Do you think it's accurate to say "(m)ost people probably do not realize that the Federal Reserve Board, an agency of the government, intervenes in the economy to prevent it from creating too many jobs"?

Dean Baker:

"But there is even more to the story.

"When the Fed hits the brakes to slow job growth, it is not doctors, lawyers, and CEOs who end up without jobs. The people who lose are those in the middle and the bottom — sales clerks, factory workers, custodians, and dishwashers.

"These are the workers who don’t get hired or get laid off when the economy slows or goes into a recession.

4 These numbers can found in the 'Get Detailed Statistics' section of the Bureau of Labor Statistics website.

"The unemployment rate for everyone rises when the economy goes into a downturn, but unemployment rises most for those with the least education.

The Conservative Nanny State

The rich don't fear inflation. The rich can pay guys like me to take advantage of inflation or to avoid inflation. Inflation hurts the poor and middle class. It doesn't hurt the rich.

Besides, the Phillips Curve is bunk. And it isn't 3% or 4% inflation that is implied by the Phillips Curve that seriously hurts anyone. Its hyperinflation that does serious damage.

 

[georgephillip]

Do you see hyperinflation coming to the US anytime soon?

What would happen if every $10 bill in the country transformed into a $5 within a few weeks?

Would the rich profit from that?

 

[georgephillip]

"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...

"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.

"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:

"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.

"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.

"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"

"Out of work Americans deserve more than unemployment checks - they deserve dividends.

"The rich would never have recovered without them."

Why the Rich Love High Unemployment | Truthout

The rich love high unemployment because they love being taxed to pay for welfare and unemployment benefits.

Depends on your definition of rich.

The richest 10,000 Americans (0.01% of taxpayers) have an average income of $50,000,000 with assets averaging $350,000,000. The pay taxes at about a 20% rate compared to around 32% paid by their employees.

Their wealth has increased by 550% since 1978.

Unemployment and welfare benefits haven't.

America is 234 Years Old Today – Is It Finished? | Phil

 

[Bern80]

But certainly we can all point to policies that served SOME WEALTHY (certainly not the entire capitalist class) that tend to have made the US middle class (adn the nation as a whole) less affluent.

Like what exactly?

 

[Toro]

Do you see hyperinflation coming to the US anytime soon?

What would happen if every $10 bill in the country transformed into a $5 within a few weeks?

Would the rich profit from that?

Hyperinflation is not coming to America.