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Ezra Klein

Corporate Profits Under 'Socialist' Obama Double Reagan's -Middle Class Under Siege (VIDEO)


by: egberto

Sun Feb 17, 2013 at 00:48 PM CST

The middle class remains under siege as we continue the corporate pilfering of America. Yet the big news promoted by the mainstream media is the resignation of a pope, a disabled carnival cruise liner, the McCarthy like behavior of Senators denying a qualified veteran timely confirmation, and other frivolities. None of these stories are of immediate material value to the middle class. Yet, they were the biggest stories of the week in an economy not working for the middle class sans the President's State of The Union address that broke down into the ineptitude of a rebuttal speech; a speech that was nothing more than a rehash of rejected policies and values and a Twitter/Facebook deflecting moment.

Today America wakes up to a very depressing news story to 99% of Americans.

Bloomberg

U.S. corporations' after-tax profits have grown by 171 percent under Obama, more than under any president since World War II, and are now at their highest level relative to the size of the economy since the government began keeping records in 1947, according to data compiled by Bloomberg.

Profits are more than twice as high as their peak during President Ronald Reagan's administration and more than 50 percent greater than during the late-1990s Internet boom, measured by the size of the economy.

It is a mathematical fact that if the wealthy's income and wealth is growing at a faster rate than the wealth and income of the middle class in a virtually closed world economy, then it is being done at the expense of the middle class. In other words, the middle class is being robbed. The middle class is being pilfered. It has nothing to do with the wealthy being bad people. It is that politicians have created bad policy that have allowed an economic system of selected haves and "have nots" based on who has access to capital.

Governmental policy has allowed the hoarding of capital after the New Deal since the inception Reagan's supply side economics. No one needs to guess what has occurred. It is found readily in the charts. Now that the hoarding of capital has reached an unsustainable rate, many on the Right would have citizens believe the country is broke and that even more sacrifices are required of the middle class. This is a false premise. America is not broke. It is being pilfered from within.

This week President Obama called for an increase in the minimum wage from the poverty wage of $7.25 that would be a very small measure to raise many out of poverty as well as begin a minute march out of income inequality. Many on the Right insist on the fallacy that this would cost jobs when facts says otherwise. The media must be held accountable when they give plausibility to the verifiable lie stated by those on the right about the minimum wage causing job losses in the aggregate. In fact the increase in the minimum wage is also stimulative to the economy.

Ezra Klein showed an important graph that is not seen much on the news. He delivered a powerful piece on wages and the minimum wage.

Ezra Klein: If the Republicans don't like the minimum wage as a policy... They need an alternative... Because the market isn't fixing this on its own. And this graph isn't only about economics. This graph is about politics too. You can't have that blue line go down for much longer before people decide it is time to go to the ballot box and do something big to stop it.

His final statement has two purposes. Firstly, it is the acknowledgement that America's crony market will not fix the wage problem. Secondly, the masses will ultimately revolt if change does not occur through policy.



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TX-10 Garners National Attention


by: Matt Glazer

Fri Sep 28, 2007 at 02:54 PM CDT

The 10th Congressional District is a winnable seat.  Kuff has said so, thus, it must be true.  In the final hours of the quarter, the TX-10 is getting more national attention, and the number one way to prove a race can be won is sadly proving you can raise money early.  That's why two national bloggers are pushing their candidate in the TX-10.

As Matthew Yglesias mentioned today this race to defeat captain clear channel, Mike McCaul, is an important race in what could be another wave election.

It's not a CQ-certified competitive district and probably shouldn't be. But these are the kind of races you can win if there's a wave, and they're also the kind of races of which a wave of victories is made.

Markos wrote a fantastic write up on Wednesday showing the importance of early money and infrastructure development, and the TX-10 is an important example of how early money could change the dynamic for this race.

Why the national attention?  It appears Dan Grant is on the road talking about his plan to defeat Mike McCaul and he has seemingly won over Ezra Klein.

I've met Grant a couple of times now and have come away continually impressed. His background is in the foreign service, and he's spent time reconstructing civil society in Kosovo, Afghanistan, and Iraq. It's a background which would not only be good for his votes, but good for the Democratic Caucus, which desperately needs credible foreign policy voices whose personal expertise will enable them to stiffen spines in Congress and convince their colleagues that all national defense thinking needn't be outsourced to DC's permanent foreign policy establishment.

Grant's race, in an oddly gerrymandered district that includes Austin, Texas, is a longshot, but a winnable one. And Grant's a more interesting -- and useful -- candidate than most. If his race picks up buzz, it will focus national attention on a credible Democrat just back from Iraq whose able to loudly argue that Republicans have been deeply incompetent in conducting American foreign policy. So if you're looking for a race to pump some early cash into, Grant's a good choice.

Yglesias, Kos, and Klein all show how this is a race on the bubble and early financial support for Dan Grant or Larry Joe Doherty will make a huge difference by next November.

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