Where is the Money? Who Is Getting It?
- From: periodistalibre@xxxxxxx
- Date: Mon, 25 Jun 2007 19:26:08 -0700
Published 06/11/07 by Tom Rafter -
The Government tells us our economy is wonderful. GDP (Gross Domestic
Product) continues to increase. This is widely regarded as the
infallible indicator of the economic health of the country.
But a recent study found that men in their 30's are earning less then
their fathers did a generation before. The on-going 18 month study is
being researched by a diverse group of think tanks from all over the
ideological spectrum including the Brookings Institute, the Heritage
Foundation, and Pew Charitable Trusts. Men in their 30's were
selected for the study because their income status is considered a
reliable lifetime economic indicator.
The study found that in 2004 men in their 30's had a median income of
$35,000 down from a median of $40,000 in 1974. American family
economic growth has also started to slow; families that experienced a
32% growth in income during 1964-1994, only saw a 9% growth from
1974-2004, the study said. It also concluded that productivity has
outpaced income growth since the 1970's.
Where are all the dollar bills today? Where do they go when the
productivity increases but salaries decrease? Where do they go when
the national debt continues to expand and American families see slowed
income growth?
The American Dream is based on the idea of each generation living
better than the previous one, but with rising debts, decreasing income
and not an end to the problem in sight, the dream for the average man
in his 30's is out of reach. People should start looking towards the
income of the majority of American's to gauge economic growth rather
than abstract GDP figures.
America is producing more billionaires and millionaires than ever
before, while the middle class, the driving force that made America
the world's greatest and most envied country is dramatically
shrinking. What is happening with all the wealth and assets - much of
which resides in ownership of our major companies?
With capital gains tax, now at only 15%, the lowest ever, our best and
often largest companies owned by us are being sold mostly to foreign
owners. There is no compulsion on the part of the sellers to reinvest
this money in productive endeavors. As a consequence, our wealthy
former owners are getting richer and paying comparatively little in
taxes and many living a hedonistic lifestyle with private jets, boats,
and luxurious homes while these American companies are being sold to
foreign ownership with the money foreign companies have earned thru
their balance of trade surpluses with the United States.
We have sold over 14,500 of our best companies to foreign interests
since 1980 (See the list of companies sold at www.economyincrisis.org).
Our whole country now is rapidly falling into foreign ownership and
control where the future profits, the technologies, and the taxes will
all reside. Now whole industries are controlled by foreign interests
including the movies, our thought and culture providing media, book
publishing, steel, autos, electronics, cement and others (See the list
of these industries at www.economyincrisis.org).
We are quickly reverting to our former colonial status but instead of
being owned and controlled only by England, we will be owned and
controlled by Japan, China, England and a host of other countries. Our
past successes and reputation has blinded us to what is inevitably and
quickly approaching, a de-industrialized America with few better jobs
remaining and the rest will be primarily in services (waiters, hotels,
hospitals, taxi drivers, jails, etc.). These conditions will create a
very restive population that will spawn massive social problems that
we may find difficult to cope with.
Major changes must soon take place or we will be faced with conditions
we can't imagine, which will be disastrous for the country, with an
evaporating middle class, and will even be bad for the billionaires
when our then devalued money will buy less than anyone could envision.
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