Who's Afraid of Socialism?
- Thread starter georgephillip
- Start date
francoHFW
Diamond Member
Don't change the channel whatever you do, super duper. LOL
francoHFW
Diamond Member
People with common sense being brainwash functional GOP morons LOL who needs facts or science? Go tell them that in California and get lynched or burned at the stake LOL or most places on the coastlines and places like Spain Greece Italy and California turning into deserts as we speak.
francoHFW
Diamond Member
Totally Misquoted by dupes of course...
georgephillip
Diamond Member
- Thread starter
- #406
If you don't like fraud...A majority of consumers making more money would be paying down their historic levels of debt not adding to them.Why is consumer debt continuing to rise?
10 Years Later: How Has America's Consumer Debt Changed Since the Financial Crisis? -- The Motley Fool
Why is consumer debt continuing to rise?
Because we have more consumers making more money in a larger economy.
Who gets rich from that?
https://deanbaker.net/images/stories/documents/Rigged.pdf (P. 53)
"4) The financial industry is able to take advantage of consumers through complex and deceptive contracts. At one time many debit card issuers charged large overdraft fees without telling customers they faced these charges.
"Though this practice has since been banned by the Federal Reserve Board (customers must now opt for overdraft coverage, knowing the fees they face), there are many other areas where the industry imposes terms that most consumers would likely not agree to if they understood them.
"5) Tax shelters have long been a mechanism for corporations and wealthy individuals to escape tax liability. But often overlooked is the tax shelter industry itself, where the individuals and corporations that engineer the tax shelters receive large rents.
"This is a major source of profits for the private equity industry, which has great expertise in gaming the tax code.
"Before getting into more detail on these sources of rent and possible remedies, it is worth pointing out that many of the people who have gotten extremely rich in the last four decades have been in the financial sector.
"If their fortunes corresponded to great benefits they provided to the economy there would be little grounds for complaint, but for most of the very rich people in finance, this does not seem to be the case."
"If their fortunes corresponded to great benefits they provided to the economy there would be little grounds for complaint, but for most of the very rich people in finance, this does not seem to be the case."
If you don't like the financial sector, feel free not to use their services.
Unlike under Communism, you're free to choose, eh comrade?
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Rustic
Diamond Member
- Oct 3, 2015
- 58,769
- 5,899
- 1,940
- Banned
- #408
LolIf you don't like fraud...
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Keep your socialism to yourselves, the rest of us want nothing to do with it. It does not require our participation...
francoHFW
Diamond Member
You got nothing, Super stupor. Putin is pure s***.
francoHFW
Diamond Member
You don't know what it is, brainwash functional moron.LolIf you don't like fraud...
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Keep your socialism to yourselves, the rest of us want nothing to do with it. It does not require our participation...
georgephillip
Diamond Member
- Thread starter
- #411
I'm usually among the last to know.
If government was responsible for creating limited liability, is there anyway to change that policy without using government?
Rustic
Diamond Member
- Oct 3, 2015
- 58,769
- 5,899
- 1,940
- Banned
- #412
Socialism... no thanksYou don't know what it is, brainwash functional moron.LolIf you don't like fraud...
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Keep your socialism to yourselves, the rest of us want nothing to do with it. It does not require our participation...
I guess not - you'd need to repeal it somehow. So what?
francoHFW
Diamond Member
yep let's keep going with the GOP giveaway to the rich and screwing you and everyone else, super dupe.LolIf you don't like fraud...
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Keep your socialism to yourselves, the rest of us want nothing to do with it. It does not require our participation...
The Demise of the American Middle Class In Numbers.
Over the past 35 years the American dream has gradually disappeared. The process was slow, so most people didn’t notice. They just worked a few more hours, borrowed a little more and cut back on non-essentials. But looking at the numbers and comparing them over long time periods, it is obvious that things have changed drastically. Here are the details:
1. WORKERS PRODUCE MORE BUT THE GAINS GO TO BUSINESS.
Over the past 63 years worker productivity has grown by 2.0% per year.
But after 1980, workers received a smaller share every year. Labor’s share of income (1992 = 100%):
1950 = 101%
1960 = 105%
1970 = 105%
1980 = 105% – Reagan
1990 = 100%
2000 = 96%
2007 = 92%
A 13% drop since 1980
2. THE TOP 10% GET A LARGER SHARE.
Share of National Income going to Top 10%:
1950 = 35%
1960 = 34%
1970 = 34%
1980 = 34% – Reagan
1990 = 40%
2000 = 47%
2007 = 50%
An increase of 16% since Reagan.
3. WORKERS COMPENSATED FOR THE LOSS OF INCOME BY SPENDING THEIR SAVINGS.
The savings Rose up to Reagan and fell during and after.
1950 = 6.0%
1960 = 7.0%
1970 = 8.5%
1980 = 10.0% – Reagan
1982 = 11.2% – Peak
1990 = 7.0%
2000 = 2.0%
2006 = -1.1% (Negative = withdrawing from savings)
A 12.3% drop after Reagan.
4. WORKERS ALSO BORROWED TO MAKE UP FOR THE LOSS.
Household Debt as percentage of GDP:
1965 = 46%
1970 = 45%
1980 = 50% – Reagan
1990 = 61%
2000 = 69%
2007 = 95%
Links:
1 = ftp://ftp.bls.gov/pub/special.requests/pf/totalf1.txt
1 = https://www.clevelandfed.org/Research/PolicyDis/No7Nov04.pdf
1 = Clipboard01.jpg (image)
2 – http://www.whitehouse.gov/omb/blog/09/04/27/CongratulationstoEmmanuelSaez/
3 = http://www.demos.org/inequality/images/charts/uspersonalsaving_thumb.gif
3 = http://www.bea.gov/national/nipaweb...able=58&Freq=Qtr&FirstYear=2008&LastYear=2010
4 = http://www.prudentbear.com/index.php/household-sector-debt-of-gdp
4 = The Fed - Financial Accounts of the United States - Z.1 - Current Releasea
Last edited:
Rustic
Diamond Member
- Oct 3, 2015
- 58,769
- 5,899
- 1,940
- Banned
- #416
Lolyep let's keep going with the GOP giveaway to the rich and screwing you and everyone else, super dupe.LolIf you don't like fraud...
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Keep your socialism to yourselves, the rest of us want nothing to do with it. It does not require our participation...
The Demise of the American Middle Class In Numbers.
Over the past 35 years the American dream has gradually disappeared. The process was slow, so most people didn’t notice. They just worked a few more hours, borrowed a little more and cut back on non-essentials. But looking at the numbers and comparing them over long time periods, it is obvious that things have changed drastically. Here are the details:
1. WORKERS PRODUCE MORE BUT THE GAINS GO TO BUSINESS.
Over the past 63 years worker productivity has grown by 2.0% per year.
But after 1980, workers received a smaller share every year. Labor’s share of income (1992 = 100%):
1950 = 101%
1960 = 105%
1970 = 105%
1980 = 105% – Reagan
1990 = 100%
2000 = 96%
2007 = 92%
A 13% drop since 1980
2. THE TOP 10% GET A LARGER SHARE.
Share of National Income going to Top 10%:
1950 = 35%
1960 = 34%
1970 = 34%
1980 = 34% – Reagan
1990 = 40%
2000 = 47%
2007 = 50%
An increase of 16% since Reagan.
3. WORKERS COMPENSATED FOR THE LOSS OF INCOME BY SPENDING THEIR SAVINGS.
The savings Rose up to Reagan and fell during and after.
1950 = 6.0%
1960 = 7.0%
1970 = 8.5%
1980 = 10.0% – Reagan
1982 = 11.2% – Peak
1990 = 7.0%
2000 = 2.0%
2006 = -1.1% (Negative = withdrawing from savings)
A 12.3% drop after Reagan.
4. WORKERS ALSO BORROWED TO MAKE UP FOR THE LOSS.
Household Debt as percentage of GDP:
1965 = 46%
1970 = 45%
1980 = 50% – Reagan
1990 = 61%
2000 = 69%
2007 = 95%
I’m doing just fine... without socialism
Toddsterpatriot
Diamond Member
You mean these 3 "Muslim shitholes"?Most of today's refugees are fleeing capitalism.
"The world is witnessing the highest levels of displacement on record.
"An unprecedented 65.6 million people around the world have been forced from home by conflict and persecution at the end of 2016.
"Among them are nearly 22.5 million refugees, over half of whom are under the age of 18.
"There are also 10 million stateless people, who have been denied a nationality and access to basic rights such as education, healthcare, employment and freedom of movement."
Refugees | United Nations
Most of today's refugees are fleeing capitalism.
Those 3 examples are Muslim shitholes.
"Millions of Syrians displaced
The conflict in Syria, now in its seventh year, was the world’s biggest producer of refugees (5.5 million). Humanitarian needs in Syria have increased significantly since the beginning of the crisis, with 13.5 million people in need of humanitarian assistance, including more than 6 million children. Over 400,000 people have been killed and more than 1 million injured since 2010."
Refugees | United Nations
How much money are heroic American capitalists "earning" from creating "Muslim shitholes" on the opposite side of the planet from Wall Street?
View attachment 240831
Yes, these 3 Muslim shitholes.
How much money are heroic American capitalists "earning" from creating "Muslim shitholes" on the opposite side of the planet from Wall Street?
You tell me.
In the mean time, keep these Muslims away from the civilized countries.
Pakalert Press » War Crimes in Iraq: Bush, Cheney, Rumsfeld Et Al and the Long Quest for Justice
Hillary and that black fella fucked up Syria and Libya.
georgephillip
Diamond Member
- Thread starter
- #418
Socialism... no thanksYou don't know what it is, brainwash functional moron.LolIf you don't like fraud...
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Keep your socialism to yourselves, the rest of us want nothing to do with it. It does not require our participation...
Pyramid of Capitalist System : LateStageCapitalism
francoHFW
Diamond Member
Don't worry about the country or your friends and family and everyone else. Enjoy hell! LOLLolyep let's keep going with the GOP giveaway to the rich and screwing you and everyone else, super dupe.LolIf you don't like fraud...
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Keep your socialism to yourselves, the rest of us want nothing to do with it. It does not require our participation...
The Demise of the American Middle Class In Numbers.
Over the past 35 years the American dream has gradually disappeared. The process was slow, so most people didn’t notice. They just worked a few more hours, borrowed a little more and cut back on non-essentials. But looking at the numbers and comparing them over long time periods, it is obvious that things have changed drastically. Here are the details:
1. WORKERS PRODUCE MORE BUT THE GAINS GO TO BUSINESS.
Over the past 63 years worker productivity has grown by 2.0% per year.
But after 1980, workers received a smaller share every year. Labor’s share of income (1992 = 100%):
1950 = 101%
1960 = 105%
1970 = 105%
1980 = 105% – Reagan
1990 = 100%
2000 = 96%
2007 = 92%
A 13% drop since 1980
2. THE TOP 10% GET A LARGER SHARE.
Share of National Income going to Top 10%:
1950 = 35%
1960 = 34%
1970 = 34%
1980 = 34% – Reagan
1990 = 40%
2000 = 47%
2007 = 50%
An increase of 16% since Reagan.
3. WORKERS COMPENSATED FOR THE LOSS OF INCOME BY SPENDING THEIR SAVINGS.
The savings Rose up to Reagan and fell during and after.
1950 = 6.0%
1960 = 7.0%
1970 = 8.5%
1980 = 10.0% – Reagan
1982 = 11.2% – Peak
1990 = 7.0%
2000 = 2.0%
2006 = -1.1% (Negative = withdrawing from savings)
A 12.3% drop after Reagan.
4. WORKERS ALSO BORROWED TO MAKE UP FOR THE LOSS.
Household Debt as percentage of GDP:
1965 = 46%
1970 = 45%
1980 = 50% – Reagan
1990 = 61%
2000 = 69%
2007 = 95%
I’m doing just fine... without socialism
francoHFW
Diamond Member
If you and your family have an accident or get sick, you are totally screwed and will lose everything.Lolyep let's keep going with the GOP giveaway to the rich and screwing you and everyone else, super dupe.LolIf you don't like fraud...
Don't use capitalism, right Rockefeller?
Former SEC Attorney James Kidney Is Captured Regulators' Worst Nightmare
"When Eisinger’s book, The Chickenshit Club, was published the following year, it included excerpts of numerous documents on the Abacus case, including this memo from Kidney which argued that the SEC should have considered charging Paulson & Co., John Paulson, as an individual, and others for the Abacus fraud:
"'Each of them knowingly participated, as did Goldman and Tourre, in a scheme to sell a product which, in blunt but accurate terms, was designed to fail. An important part of the scheme was, of course, not to inform investors the product was designed to fail and, further, to lull them into confidence about the offering by promoting the participation of a supposed independent entity to select the underlying assets which dictated the performance of the offering.'
"'This was intentionally done to disguise the participation and veto authority of Paulson & Co. in selecting the assets. In other words, the current and possibly additional evidence suggests they should be sued for securities fraud because they are liable for securities fraud.'"
If only ABN and IKB were huge banks full of professionals who knew how to analyze securities before they bought them, this never would have happened. DERP!
MUST SEE CHART: Major Bank Fraud Adds Up To A Lot Of Silver | SilverSeek.com
"The amount of fraud taking place in the major banks throughout the world is staggering to say the least. Ironically, the only market that isn’t manipulated, is the silver market… so they say.
"To make it seem as if the regulators are on the ball, many of the major banks have been found guilty of committing one fraud or another, paying large fines and settlements."
Where's your concern for integrity?
Keep your socialism to yourselves, the rest of us want nothing to do with it. It does not require our participation...
The Demise of the American Middle Class In Numbers.
Over the past 35 years the American dream has gradually disappeared. The process was slow, so most people didn’t notice. They just worked a few more hours, borrowed a little more and cut back on non-essentials. But looking at the numbers and comparing them over long time periods, it is obvious that things have changed drastically. Here are the details:
1. WORKERS PRODUCE MORE BUT THE GAINS GO TO BUSINESS.
Over the past 63 years worker productivity has grown by 2.0% per year.
But after 1980, workers received a smaller share every year. Labor’s share of income (1992 = 100%):
1950 = 101%
1960 = 105%
1970 = 105%
1980 = 105% – Reagan
1990 = 100%
2000 = 96%
2007 = 92%
A 13% drop since 1980
2. THE TOP 10% GET A LARGER SHARE.
Share of National Income going to Top 10%:
1950 = 35%
1960 = 34%
1970 = 34%
1980 = 34% – Reagan
1990 = 40%
2000 = 47%
2007 = 50%
An increase of 16% since Reagan.
3. WORKERS COMPENSATED FOR THE LOSS OF INCOME BY SPENDING THEIR SAVINGS.
The savings Rose up to Reagan and fell during and after.
1950 = 6.0%
1960 = 7.0%
1970 = 8.5%
1980 = 10.0% – Reagan
1982 = 11.2% – Peak
1990 = 7.0%
2000 = 2.0%
2006 = -1.1% (Negative = withdrawing from savings)
A 12.3% drop after Reagan.
4. WORKERS ALSO BORROWED TO MAKE UP FOR THE LOSS.
Household Debt as percentage of GDP:
1965 = 46%
1970 = 45%
1980 = 50% – Reagan
1990 = 61%
2000 = 69%
2007 = 95%
I’m doing just fine... without socialism
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