Papantonio: A New Economic Collapse IS Coming

[GoLeft TV]

The Occupy Wall Street movement didn’t erupt out of a sudden dislike and distrust of Wall Street bankers. Sociologists had been predicting a massive public backlash for a long time due to the rising inequality between the haves and the have nots. They’ve even developed formulas that show when inequality hits a certain point, public backlash is inevitable. And we could be heading into another era of extreme inequality.

Ring of Fire's Mike Papantonio and author David DeGraw discuss what’s happening.

[dotymed]

1. As a life long democrat,

I know that America must try Democratic Socialism.
Capitalism has failed the vast majority of Americans.
Capitalism is not supposed to be a "political party" yet it is.
We can be Democrats and Socialists. That would level the playing field.
As it is, the wealthy have destroyed the chances for "the American Dream" and are purposefully crashing our economy on a regular basis.
By doing so, they ensure that unless you are wealthy, you are subservient.
Look at the prices for groceries, they have risen exponentially yet the common person earns less than ever before. All of this while America's wealth is at its peak.
Our big problem seems to be our 2 "viable political party" structure. Even most people here refuse to consider politicians unless they have a (D) behind their names. We have done this for decades and we keep getting the same result....Everything goes to the wealthy, even though most of the wealthy of both parties are the economic burden (not American job creators, especially living wage jobs).

[whereisjustice]

2. America, a kinder gentler fascism.

Roosevelt saw World War II as an extension of the deeper battle against “economic slavery,” wealth inequality and the .01% who prevailed in the 1920s and led the nation into the Great Depression. Here’s another excerpt from his 1944 State of the Union address:

“We are united in determination that this war shall not be followed by another interim which leads to new disaster… that we shall not repeat the excesses of the wild twenties… if history were to repeat itself and we were to return to the so-called ‘normalcy’ of the 1920?s — then it is certain that even though we shall have conquered our enemies on the battlefields abroad, we shall have yielded to the spirit of Fascism here at home….”

When looking at the unprecedented level of wealth inequality in today’s society, it is obvious that “the spirit of Fascism” has prevailed. Instead of increased productivity and wealth being a very good thing for overall society, the shortsighted greed of the .01% has systematically taken the increase in wealth for themselves, robbing everyone else of a life of liberty, economic security and freedom.

The .01% aristocracy is exactly what the first American Revolution was against. It was Thomas Jefferson’s understanding of the aristocracy’s ability to consolidate wealth and subvert government that led him to believe that every generation required its own revolution. Here are two prophetic quotes from Jefferson:

“Our country is now taking so steady a course as to show by what road it will pass to destruction, to wit: by consolidation of power first, and then corruption, its necessary consequence.”

“I hope we shall take warning from the example and crush in its birth the aristocracy of our monied corporations which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country.”

In discussing “the spirit of the people” and the need to “nourish and perpetuate that spirit,” Jefferson also said, “I am not among those who fear the people. They, and not the rich, are our dependence for continued freedom. And to preserve their independence, we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude.”

http://daviddegraw.org/peak-inequality-the-01-and-the-impoverishment-of-society/

And for the shills who pimp for more corporate control over our lives, there isn't a hell hot enough to roast your twisted souls.

[Warpy]

3. Since the bulk of paper wealth has been hoovered up by so few

maybe it's time to figure out how to make that kind of money rrelevant.

It's time to figure out the difference between wealth and money.

[adirondacker]

4. +26 trillion! nt.

[Pharaoh]

17. What does one TRILLION dollars look like?

http://www.pagetutor.com/trillion/index.html

[adirondacker]

19. I've seen a similar graphic, but I like yours better. Thanks!

[chervilant]

5. Anyone who alleges that our economy is improving

is selling a lie. A global collapse is almost a certainty (depending on how successfully the corporate megalomaniacs can continue to keep this house of cards from blowing apart).

I am 58 years old and I am bankrupt. Because of a medical emergency, I now owe more money than I'll ever be able to accumulate. After six years of un- or under-employment, I have finally found a job, and it pays a pittance. I tell my friends I am the poorest I've ever been, but I'm the happiest (I've managed to relocate to a very rural area, and have started a bio-intensive garden).

As I've said before: bankers always, always, always, always, always, always, always, always, always, always, always -- have I said always enough? -- ALWAYS get their money.

But, not from me. And not from the millions of others of us who cannot find jobs, and cannot even feed ourselves.

[geretogo]

6. Grow a garden , get out of debt and put all your savings in a credit union or under your

mattress . I have . The criminal Rethugs are dead set on killing off this economy after
they steal the Senate . All in the name of LIBERTY .

[Veilex]

7. David DeGraw - “This guy has done nothing at all to alleviate the suffering…”

How many times does it have to be said that congress not only has the power of the purse, but also makes law...not Obama?

[cantbeserious]

8. Not Quite - What About The Bully Pulpit - Obama Has Paid Lip Service To The Problem - He Also Led

The charge to destroy the Occupy movement camps across the country.

[Veilex]

9. Other than the bully pulpit...

Which only has power insofar as possibly influencing public opinion...and that, largely, only if there is a lack of opposing efforts...
What, exactly, would you propose he do?

[cantbeserious]

11. He Could Start By Apologizing For Occupy Wall Street - That Would Send A Profoundly Strong Message

eom

[Veilex]

12. So then, you have no answer other than to keep using the bully pulpit?

You'll have to forgive me, but Obama hasn't had the greatest track-record with effectiveness in using the bully pulpit...and certainly not for lack of trying.

[cantbeserious]

13. As I Said - It Would Be A Start For Obama To State His Mistakes

eom

[Veilex]

14. Is that it?

I'm not saying that it wouldn't be good for Obama to apologize, assuming he did as you say. However, that's a far cry from affecting quantifiable change to eliminate suffering of the impoverished.

So, let us say that Obama decides that you're right... and he does apologize... what then?

[cantbeserious]

15. What Are Your Ideas

eom

[Veilex]

16. That is a deflection... but I'll bite.

I'd like to see congressional action on the issue. As I said before, congress holds the purse strings and makes the laws.
I understand that as it stands right now, we face an uphill battle... possibly even a virtually impossible battle, with the current makeup of congress... however, that, unfortunately, is where significant change can come from. I don't see much in the way of alternatives... but I'm always happy to entertain other people's thoughts on it.

[cantbeserious]

10. David Degraw Interview With Thom Hartman - Starts At 30:51

[whereisjustice]

18. labor day kick

This post should have hundreds of recs on labor day from a political website for a political party that claims to represent the working class. Instead the class war festers as a failure of leadership and failure to acknowledge that the Democratic Party is failing to deliver representation to working families in America, something we've become accustomed to from Republicans. Corporations and the rich, on the other hand, are very well represented by BOTH political parties.

Unemployment & Underemployment

Other than the deceptive poverty rate, unemployment is much worse than the 6% that the government reports. The 6% rate does not include part-time workers who need full-time work, long-term unemployed people who have not been able to find work for over six months, and “discouraged workers” who do not consistently look for work. When you account for those groups, as the Bureau of Labor Statistics (BLS) did until 1994, the real unemployment rate is currently 23.2%.

For an example of how deceptive government unemployment reporting is, the BLS June 2014 jobs report decreased the unemployment rate and was portrayed in the mainstream media as a very positive result with 288k jobs added. However, in June, 523k full-time jobs were eliminated, and 800k part-time jobs were added, providing the illusion of job growth and a reduction in the government’s unemployment rate. Due to this trend, there are now over 7.5 million underemployed workers who are “part-time for economic reasons” because they have had their hours cut and/or cannot find full-time employment. None of these people are counted in the official government unemployment total.

Since 2007, well-paying paying jobs have become rare and low-paying full-time, part-time and temporary jobs have replaced them. This has also been a downside of the new healthcare law, as companies are cutting back full-time employment so they don’t have to pay for workers’ healthcare. In total, 50% of jobs created over the past three years are “low-paying,” mostly in retail, food service or temporary help. Low-paying jobs pay 80% or less of median wages.

The bottom line, in a nation of 318.6 million people, with a working age population of 213 million people, there are now only 118 million full-time jobs and 28 million part-time jobs, according to the BLS. However, also according to the BLS, there are currently only 106.6 million full-time workers. In other words, it is impossible for half of the working age population to get a full-time job. On top of that, of the current 118 million full-time jobs, 47% of them generate annual salaries below $35k per year.

http://daviddegraw.org/peak-inequality-the-01-and-the-impoverishment-of-society/