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6 Ways the Rich Are Waging a Class War Against the American People

abaldwin360:

Denying the very existence of an entire class of citizens? That’s waging some very real warfare against them.

By Joshua Holland  - AlterNet

There hasn’t been any organized, explicitly class-based violence in this country for generations, so what, exactly, does “class warfare” really mean? Is it just an empty political catch-phrase?

The American Right has decided that returning the tax rate paid by the wealthiest Americans from what it was during the Bush years (which, incidentally, featured the slowest job growth under any president in our history, at 0.45 percent per year) to what they forked over during the Clinton years (when job growth happened to average 1.6 percent per year) is the epitome of class warfare. Sure, it would leave top earners with a tax rate 10 percentage points below what they were paying after Ronald Reagan’s tax cuts, but that’s the conservative definition of “eating the rich” these days.

I recently offered a less Orwellian definition, arguing that real class warfare is when those who have already achieved a good deal of prosperity pull the ladder up behind them by attacking the very things that once allowed working people to move up and join the ranks of the middle class.

But there’s another way of looking at “class war”: habitually vilifying the unfortunate; claiming that their plight is a manifestation of some personal flaw or cultural deficiency. Conservatives wage this form of class warfare virtually every day, consigning millions of people who are down on their luck to some subhuman underclass.

The six ways from The article

  • Registering the Poor to Vote is ‘UnAmerican’
  • Unemployment Benefits Have Created a ‘Nation of Slackers’
  • You Can’t Really Be Poor if You Have a Color TV!
  • Food-Stamps: ‘A Fossil That Repeats All the Errors of the War on Poverty’
  • ‘The Main Causes of Child Poverty Are Low Levels of Parental Work and the Absence of Fathers.’
  • Taxing Working People Less Than the Rich Is ‘Perverse’

[FULL STORY]

(via randomactsofchaos)

Filed under US class economy politics tax war class war editorial

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Fear is breeding fear now

What we need now is a President who will tell us there is nothing to fear but fear itself and then start another global war to pull us out of depression. (LOL)

FEAR TRADE: Rush to safety overnight pushes gold above $1,850, Treasury yields to record lows

Friday, August 19, 2011

From Bloomberg:

More than $6 trillion has been erased from the value of global equities this month on signs the U.S. recovery is stumbling, while the cost of insuring European sovereign debt is back to levels that triggered the region’s central bank to buy Italian and Spanish bonds on Aug. 8. Citigroup Inc. cut its forecasts for the world’s largest economy, while Morgan Stanley lowered targets for stock indexes in Indonesia and Singapore.

"Fear is breeding fear now," said Nader Naeimi, a Sydney- based strategist for AMP Capital Investors Ltd., which manages almost $100 billion. "There’s a total lack of confidence in policy makers’ ability to defuse the situation."

Read more: Fear is breeding fear now

Filed under economics economy fear war depression safe haven equities sovereign debt lack of confidence

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Warmongering Journalism

polyslime:

Krugman’s War Cry Won’t Avert Depression

— Posted Tuesday, 16 August 2011

By Michael Pento, Senior Economist at Euro Pacific Capital 

Paul Krugman sounded the war cry this Sunday on Fareed Zakaria’s program Global Public Square. After all, he asserted, only spending equivalent to another World War could lead us back to prosperity. That, and a healthy dose of inflation.

Krugman argued that inflation would address our debt problem by reducing our bill in current dollar terms and that the Second World War was a giant stimulus plan that actually worked. Thankfully, he added the refrain, “Hopefully we don’t need a world war to get there,” but I sensed a tinge of regret in his voice. After all, the Keynesian economist’s favorite pastime is seeing people waste their lives digging holes in the ground or sacrifice their lives in war. Both acts create economic growth according to the topsy-turvy logic of men like Krugman.

The truth is that wars are a miserable misallocation of capital and usually leave financial ruin in their wake. The US did not boom in the ’50s because we fought World War II, but because we resoundingly won. It was the byproduct of having an unscathed manufacturing base, solid infrastructure, an intact military, most of the world’s gold, and the only reserve currency.

The logical implication of Krugman’s arguments remains that working in productive employment is not at all necessary. If this is true, why not have people just save gas and stay home? The government could simply borrow and/or print money and send it to foreign countries that are dumb enough to produce goods and services for US consumption. Christina Romer, former Chair to Obama’s Council of Economic Advisors, also sided with Krugman in a commentary posted in Sunday’s New York Times finance section. In it, she pontificated on the lessons to be learned from the Great Depression, saying: “It would be a mistake to respond by reducing the deficit more sharply in the near-term. That would almost surely condemn us to a repeat of the 1937 downturn.” This misdirection demonstrates her lack of understanding of what causes economic depressions in the first place. 

Read more:  Warmongering Journalism


Filed under Paul Krugman depression politics economics economy war warmongering inflation misallocation of capital reserve currency Christina Romer Great Depression World War II