There is a new report out today(http://lifeinc.com/_news/2013/04/23/1788268-rich-got-richer-during-the-recovery) that should come as no surprise to many, the ‘rich got richer’. For the rich, the good news just keeps on comin’. Is anyone thrown off guard by this bit of news at all? I ask because on previous posts, I have already been stating this. Who knows, maybe they took the hint from me although I’m certainly no economist or expert on the stock market. I just tell it like I see it.
For many Americans, there has been no recovery and no recovery is likely forthcoming as they’ve not had anything to ‘recover’. Having lived all their lives in abject poverty, it would be pretty amazing to recover riches they’ve never had. The estimated 49.7 million Americans living in poverty have no skin in the ‘rich got richer’ game. They do not have a stock portfolio to keep track of. They can barely put food on the table, keep a stable roof over their head and pay medical expenses. Having this bit of ‘news’ about how the rich got richer is a slap in the face to those who are working and who helped to make this happen, the rich getting richer, that is. You see, with the low wages that corporations pay their workers, thus cutting their bottom line, the rich can afford to get richer. Without having to hire any new workers due to working a skeleton crew until they become actual skeletons is beneficial to costcutting. This has been the scenario for decades. It’s just gotten worse. Not to forget, cheaper foreign labor. No need to adhere to labor laws here in the U.S. when you can ship the jobs overseas and cut out benefits, performance raises and bonuses. After all, bonuses(in millions) are for corporate executives of companies too big to fail when their companies got bailed out by the rank and file taxpaying American citizens. Lest we forget, here’s a bit of a recap:
The American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to executives in the same business unit that brought the company to the brink of collapse last year.
The payments to A.I.G.’s financial products unit are in addition to $121 million in previously scheduled bonuses for the company’s senior executives
And here we have Wall Street engaging in fraud but since the companies were too big too fail, what’s a little fraud? Now, getting caught with a dime bag of weed, that’s a whole different ballgame altogether! It’s best to engage in ‘white collar crime’. Let me tell you! You get richer and a free ‘never go to jail’ pass.
Ted Kaufman: Wall Street Prosecutions Never Made a Priority
Well, we found out there were loads and loads of people that did things to feather their own nests.
So, who just can’t wait to hear this good news for the rich? The homeless person looking for shelter tonight? Or the hungry person turned away at a soup kitchen? How about the unemployed person who has exhausted their unemployment benefits and just received an eviction notice? And what about the person who needs a $50,000 medical procedure that is not covered by insurance? Or maybe, the person who just filed bankruptcy due to a medical bill that they just couldn’t pay?
Yes, the rich get richer and the poor get…well…they get to continue to be poor. Bottoms up! Or is that ‘trickle down’?