Who destroyed the Middle Class?

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Permalink Reply by Jonathan Simeone on October 15, 2012 at 1:58am

Much in this article sounds correct to me ; however, the sad truth is that too many people believe there is no real difference between the Democrats and the Republicans. I'm not a fan of the Democrats but the truth is that no regular person should ever vote for today's Republican party. Even that change won't be enough though. We need serious, fundamental changes to our political system. Unfortunately, most people are not strong enough to support what needs to happen. Most people are more concerned with getting through today than they are making tomorrow better.

Permalink Reply by Joan Denoo on October 15, 2012 at 2:17am

I agree with what you say and the need for fundamental change in our political and economic systems. However, I think voters spend a lot of time watching stupid TV and listening to war mongers, rather than finding out what is happening and why. We really do get the leadership we deserve.

I wish there were a way to make a country for people who want to give away their thinking and want to be told what to do, for whom to vote, and don't care about getting decent wages for their labor. Separate them out and form a nation of participators, of workers who want a part of the profits for their goods and services. 

I believe Obama or Romney "are two handpicked figureheads representing the same owners."

Permalink Reply by Steph S. on October 16, 2012 at 10:56am

I agree Joan - Obama and Romney are the same - represent the same owners.

Very perceptive of you Joan.

Permalink Reply by Greg LeGore on October 15, 2012 at 8:31pm

This explains the damage wrought by debt, leverage, and a tax code which rewards them rather than savings and investment:  http://www.thedailybeast.com/newsweek/2012/10/14/david-stockman-mit...

Permalink Reply by Joan Denoo on October 15, 2012 at 10:11pm

Greg, I just read the David Stockman piece. Remember him, that sweet young kid who was budget director for Ronald Reagan and was a "supply sider". I had no idea what that meant and just wondered why they didn't speak plain English. I still don't understand "supply side" because how can people make decisions about supply when we don't know anything about "demand".  I figured it was just a "build it and they will come" before the movie came out. I guess I am a "demand side" thinker. 

Anyway, his piece is remarkable. And chilling. How grown up men, maybe some women are in there that I don't know about, but how can grown up men manipulate money, as they do, and not be concerned about what happens to families and businesses and communities. He reminds me of those people who came along with a carnival selling dreams that evaporated as soon as the elephants were loaded back in the truck. Their cough medicine didn't work, their gadgets fell apart, and none of their knives cut anything, not even kitchen string. 

The article stated: "Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better."

No sidewalks or buildings, no grains or meat, no tools or machines came from his labor, nothing tangible can he claim. He left behind dregs, even dregs of coffee have value to the home gardner. He didn't even leave dregs. Just failed businesses, bankruptcies, laid off workers, and debt, while he skimmed cream off the top and hightailed it out of town, just like the carnival character who leaves behind pregnant women who have to take care of his offspring. 

Not a very good picture. So, what is the remedy when such charlatans come into our lives?   How do we keep our heads, stay calm and think of decent, responsible solutions? From such chaos comes opportunity for self-awareness and growth but at such a high price. Do you have any idea where to begin? 

Permalink Reply by Ruth Anthony-Gardner on October 16, 2012 at 12:09am

I don't agree with Ron Paul's politics, but this hits home.

Permalink Reply by Joan Denoo on October 16, 2012 at 2:29am

I, too, disagree with Paul's positions on just about everything, especially on when life begins, woman's right to choose, his homophobia, his opposition to affirmative action and civil rights and he is clearly of a "free market" position.

When I read this quote of his, I was very surprised. I agreed with all he said in that paragraph. 

Permalink Reply by Greg LeGore on October 16, 2012 at 7:35am

Joan, when I took an online 'which candidates fit your political beliefs,, it came out as Obama first and Paul second - with Paul because of my willingness to live and let live in personal behavior aspects of one's life.

Permalink Reply by Greg LeGore on October 16, 2012 at 7:42am

Joan, the supply side refers to the idea that one can cut taxes and thereby unleash sufficient creativity, work, economic activity, etc. that the tax cuts will be paid for.

A good bit of the solution is understood - consistent, appropriate regulation (a modern Glass-Steagall Act to make banks be banks only (i.e., providing credit and liquidity in the economy); tax and legal changes to put 'gambling with other people's money' on a very low societal priority (right now debt and leverage are rewarded); insist that we structure our society for resilience/robustness (break up the largest institutions and ensure none again become too big to fail); make sensible changes to SS and Medicare/Medicaid (increase benefits with wage rise, not inflation; for every year in the future, delay retirement age by 1 month). Just doing this will get rid of 2/3 of future budget deficits.  I'm getting ready for work, so don't have time to find sources right now, but check out what David Walker is presenting.