This Labor Day, a reminder that the USA ranks worse than Russia and China on economic inequality—without immediate change, we all but ensure economic catastrophe
America has performed a pretty remarkable magic trick: corporations can form trade associations, billionaires can pool money into lobbying operations, executives can sit on boards together and nobody screams “collectivism.” But let the people loading the trucks organize so they can negotiate their paycheck and suddenly someone starts clutching Adam Smith like a rosary. Funny how collective power only becomes suspicious when the people collecting it are the ones doing the work.
I feel like I keep suggesting a general strike for most of the problems in the US, and I suspect I am right to do so. I would still prefer non-violent means to fix these ills, but at some point in the near future, that will no longer be an option.
In the meantime, buy smarter / in bulk with family, friends, and neighbors, garden more, reuse/recycle...
Thank you Joe Biden, Obama, Clinton, the DNC and all the professional politicians before them who have capitulated and sold out to get in and stay in office. None of them left poor.
I knew we were in bad shape economically but worse than right before the Depression? WOW!
Also with Trump’s continual talk and action on international tariffs this country has positioned not only itself but the world to repeat the causes of what happened during the 1930s.
And it was only WWII that got us out of it. But Trump better not hope that a massive four year war with Iran will be comparable in its long term effects because it will instead make matters worse.
Back when Reagan was president and started breaking unions I knew it would not be good for workers. I’m a retired special education teacher and always belonged to the teacher union. Unions protect workers jobs, pay, benefits and working conditions.
Having spent most of my life trying to make nickels look like quarters, I can not fathom why anyone needs a million dollars of annual income to lead a decent life. In fact, having that much money while we still have bundles of blankets in downtown doorways is indecent.
Under the current administration and economic system (if you can call it that - I prefer to call it a Kleptocracy) the bundles of blankets and tent cities will only grow exponentially. So will the concentration camps, the starvation, the malfeasance while the criminal dregs of USA society continue to thrive and thieve. Our economy is not an accident, it is the deliberate choice of predatory capitalism and inflation is a deliberate tool to continue the transfer of wealth to the brain dead elite.
Yes, the tax breaks for the uber rich have contributed to the rising national debt. But certainly this illegal and disastrous war with Iran and the skyrocketing defense budget are other factors.
Concise explanation for why the corporate bosses distracted the masses by calling International Labor Day (May 1st) "communist," and replacing it with a 3 day weekend to officially end Summer.
For me stock buybacks are the outstanding evidence of the rich paying themselves with the proceeds taken from the we the customers. The process inflates the stock value of the company in two ways, first be creating a completely artificial demand for the stock that has nothing to do with the business the company conducts and second it takes the purchased stock off the stock market instantly increasing the value of the stock that remains. It is direct pumping of stock price.
Company management, the super rich owners, CEO, etc. who hold the largest individual holdings of the stock make the buyback decision. The practice is rampant and increasing all the time. Look at the SP500, up up up it goes over the years. Here are the top buyback companies. This is a bubble generator raising stock price based on nothing.
One of the first things I learned in my Masters Program at the University of LaVerne in 1990 was that, when a company starts to buy back it's stock, it's usually in some kind of trouble, because, as you point out, it increases the value of the remaining stock. I've never heard of the CEO's etc of a company suffering when that company went under.
The next thing I learned is that, when a company is perceived to be "in trouble" and needs to raise revenue, the accepted solution is to raid the pension fund and reduce employee benefits.
Of course, if these two tactics (buy back and pension and benefit raid) preserve the company, then, who gets the praise and benefits? And who if they retain jobs at reduced benefits and wages get the shaft? Believe it or not, in our off campus, military sponsored classes, we were taught to seek other solutions, and that empowering workers often results in stronger companies.
WHERE IS THE DAD JOKE?
America has performed a pretty remarkable magic trick: corporations can form trade associations, billionaires can pool money into lobbying operations, executives can sit on boards together and nobody screams “collectivism.” But let the people loading the trucks organize so they can negotiate their paycheck and suddenly someone starts clutching Adam Smith like a rosary. Funny how collective power only becomes suspicious when the people collecting it are the ones doing the work.
I feel like I keep suggesting a general strike for most of the problems in the US, and I suspect I am right to do so. I would still prefer non-violent means to fix these ills, but at some point in the near future, that will no longer be an option.
In the meantime, buy smarter / in bulk with family, friends, and neighbors, garden more, reuse/recycle...
Thank you Joe Biden, Obama, Clinton, the DNC and all the professional politicians before them who have capitulated and sold out to get in and stay in office. None of them left poor.
Thanks for putting this together. Where I live the minimum wage is over $20. It's not enough to live on.
I knew we were in bad shape economically but worse than right before the Depression? WOW!
Also with Trump’s continual talk and action on international tariffs this country has positioned not only itself but the world to repeat the causes of what happened during the 1930s.
And it was only WWII that got us out of it. But Trump better not hope that a massive four year war with Iran will be comparable in its long term effects because it will instead make matters worse.
Qasim, there's a reason most Unionists refer to "Right to Work" as "Right to Work FOR LESS."
Reagan = Piss on you economics
Back when Reagan was president and started breaking unions I knew it would not be good for workers. I’m a retired special education teacher and always belonged to the teacher union. Unions protect workers jobs, pay, benefits and working conditions.
If only even a few magat politicians could be as intelligent and care as much as you. Thank you.
Having spent most of my life trying to make nickels look like quarters, I can not fathom why anyone needs a million dollars of annual income to lead a decent life. In fact, having that much money while we still have bundles of blankets in downtown doorways is indecent.
Under the current administration and economic system (if you can call it that - I prefer to call it a Kleptocracy) the bundles of blankets and tent cities will only grow exponentially. So will the concentration camps, the starvation, the malfeasance while the criminal dregs of USA society continue to thrive and thieve. Our economy is not an accident, it is the deliberate choice of predatory capitalism and inflation is a deliberate tool to continue the transfer of wealth to the brain dead elite.
Yes, the tax breaks for the uber rich have contributed to the rising national debt. But certainly this illegal and disastrous war with Iran and the skyrocketing defense budget are other factors.
Concise explanation for why the corporate bosses distracted the masses by calling International Labor Day (May 1st) "communist," and replacing it with a 3 day weekend to officially end Summer.
Party's over, you entitled plebes. Back to work!
For me stock buybacks are the outstanding evidence of the rich paying themselves with the proceeds taken from the we the customers. The process inflates the stock value of the company in two ways, first be creating a completely artificial demand for the stock that has nothing to do with the business the company conducts and second it takes the purchased stock off the stock market instantly increasing the value of the stock that remains. It is direct pumping of stock price.
Company management, the super rich owners, CEO, etc. who hold the largest individual holdings of the stock make the buyback decision. The practice is rampant and increasing all the time. Look at the SP500, up up up it goes over the years. Here are the top buyback companies. This is a bubble generator raising stock price based on nothing.
Apple (way out in front)
Microsoft
Alphabet
NVidia
Meta
J.P. Morgan (remember too big to fail?)
ExxonMobil
Chevron
Bank of America
(and many many more)
Clif,
One of the first things I learned in my Masters Program at the University of LaVerne in 1990 was that, when a company starts to buy back it's stock, it's usually in some kind of trouble, because, as you point out, it increases the value of the remaining stock. I've never heard of the CEO's etc of a company suffering when that company went under.
The next thing I learned is that, when a company is perceived to be "in trouble" and needs to raise revenue, the accepted solution is to raid the pension fund and reduce employee benefits.
Of course, if these two tactics (buy back and pension and benefit raid) preserve the company, then, who gets the praise and benefits? And who if they retain jobs at reduced benefits and wages get the shaft? Believe it or not, in our off campus, military sponsored classes, we were taught to seek other solutions, and that empowering workers often results in stronger companies.
Something has got to give. AI arriving to take jobs (though Mark Zuckerberg says it will provide millions of jobs) might be the last straw.
When a situation like what happened in France in 1789 comes to us, I won't be sad.
Well said and absolutely true Qasim. Thank you for sharing.