That few know about, thanks to a billionaire/government controlled corporate media.
Are not the following words depressingly true?
The Institute for Policy Studies has just released a new analysis showing that since the start of the Covid-19 “pandemic” in mid-March and the subsequent transfer upwards of $5 trillion to the wealthy and largest corporations through the Cares Act, approved 96-0 in the U.S. Senate, 650 U.S. billionaires have gained over a trillion dollars in eight months as the America people have suffered an economic catastrophe. This shift upward of massive wealth under Trump is similar to Obama’s massive 2009 bailout of the banks on the backs of American workers. Both were justified through feats of legerdemain by both political parties, accomplices in the fleecing of regular people, many of whom continue to support the politicians that screw them while telling them they care.
If the Democrats and the Republicans are at war as is often claimed, it is only over who gets the larger part of the spoils. Trump and Biden work for the same bosses, those I call the Umbrella People (those who own and run the country through their intelligence/military/media operatives), who produce and direct the movie that keeps so many Americans on the edge of their seats in the hope that their chosen good guy wins in the end.
The Past Lives On: The Elite Strategy To Divide and Conquer – Edward Curtin
Obama didn't bail out the banks in 2008 - W did that.
The great transfer isn’t from capitalism, it is from government. Subsidies, wealth transfers from government laws, that is the reason for the transfer.
Capitalism has never existed without government.
Markets, money, and corporations are all state creations.
Capitalism generates the money that bribes corrupt politicians for the politically constructed laws and institutions that structure economic activity in this society. Reforming government starts with replacing capitalism.
Yep, the government created the problem. By officials taking bribes. The political system is broke, we need to rid our selves of the two corrupt parties.
You are even dumber than you seem. The government didn't creat this problem by taking bribes. The government created this problem by refusing to raise the minimum wage for 40 years, and by changing the tax codes to reward wealth, not work.
This transfer of wealth started under Ronald Reagan with the first round of Republican tax cuts, increasing deficits and leading to the biggest stock market crash since 1929. Even Reagan realized that his tax cuts were an abject failure: Poverty increased, wages stagnated, and unemployment increased. The exact opposite of what Reagan said would happen.
But the rich got richer, so instead of heeding the lessons learned, Republicans continued to wash, rinse and repeat the strategy, until we arrive at a place where all wealth and the income derived from all labour, goes straight to the top, and working Americans are lining up for Thanksgiving Dinner fixings from their local food bank.
You've arrived at a place where Amazon, the most profitable company in America, pays no taxes. Even worse, the company expects the residents of the cities where they are locating to pony up billions of dollars in freebies from their property taxes, to pay for infrastructure to accommodate their needs. All the while, you idiots on the right rail against "free stuff" for the poorest people in America.
With only 9 raises in 40 years, working Americans have fallen from a place of home ownership, and post-secondary education for their children, to waiting in food lines for boxes of charity, and a lifetime of student debt for their children.
It is time to restructure the tax code so that American workers - the people who create the wealth that the whole structure has been built upon, get none of it, and are now dependent on government handouts.
Republicans railed against Roosevelt's "New Deal", but it created and sustained the American Middle Class, until Republicans dismantled it and the union movement upon which it depended to keep workers from being exploited, under Reagan, and resumed the kinds of fiscal policies that lead directly to the Great Depression. There have now been three crashes of the US economy under successive Republican Presidents.
Republicans have rolled back more than a century of progress for the American worker since the Great Depression. Wages as a percentage of costs, are at their lowest levels since the Guilded Age, and still Republicans continue to convince working Americans that it's all the fault of the evil Democrats.
The OP says this is a scandal that the mainstream media never mentions. It is EXACTLY the scandal that the mainstream media has been railing against since W crashed the economy in 2008. It is EXACTLY the scandal that the Occupy Wall Streeet movement, which you mocked, railed against.
Obama was prevented by Mitch McConnell and the Republican House from enacting the kind of tax and labour reforms necessary to rebalance wage distribution, starting with a $15 per hour minimum wage. 80% of the nations wealth should not be flowing to the top. In countries with a healthy and thriving middle class, and upward mobility, that figure is less than 50% (Norway) and in some instances, less than 40% (Canada). The rich still get rich, but there are no "trillionaires".
Nor should there be.
reason.com
