John King, USA
The latest political news and information on the most important stories affecting you.
August 31st, 2011
09:24 PM ET
Job Growth vs. Corporate Profit Growth
A lot of viewers were struck by a chart we made for our interview with GOP presidential candidate Jon Huntsman. Here it is:
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Does this chart single handedly kill the GOP long held belief that what is good for corporations, job creators, small business all code for the rich is good for the average American?
Will the Republicans continue to tout tax cuts for wealthy as some round about way to help the middle class.
Love the chart. How can you look at it and blame regulations? How can you look at it and blame social security? This chart says it all. That's where the money's gone, the ultra-wealthy.
The chart doesn't indicate which 8 quarters it measures, but a similar chart could be made contrasting pay growth (flat) with productivity growth (upward), and the trend not just over 2 years, but the last 30. This has been going on all my adult life, this plundering of the middle class.
During the Eisenhower administration the tax rate was above 70% and I believe the same for Reagan but the
reason that it worked was that in order to pay less taxes a corporation could use loops holes to invest in
their companies and in turn invest in America and pay less taxes! Now we just give them tax breaks and
refunds and loop holes that don't really invest in America. They pay max 35% but get out of that in some cases
we still give them rebates...why do anything if you are paid just to sit back reap rewards, why spend...we have
taken their incentives away! Well when we are all finished it certainly won't be the same USA that we use to have
and it WILL affect them, it will trickle up and everyone is just too stupid to see it. Corporations and the wealthy are
busy buying farmland in other countries for when there is a food shortage...they pay countries in Africa pennies
for the land while their government pushes the people off their land for hardly anything....yep the rich have earned
it...they have earned by pushing the worker around and when the worker finally gets somewhere they take it all
back and we let them. You may see me laying on the steps of congress when it get too bad, where will you be?
Obama does want to help the working class, will we help him? Tax the wealthy? Start jobs programs. I think poor
republicans and the tea party will wake up after it is too late...you are being used and when it is over and you are
deemed useless, then you will understand....Cain says that Chile has a great government...they have used
Milton Friedman's Free Market model and they have extensive proverty, they just don't count it...unemployment
when it gets too high, they just don't count it...people get in the way they just kill them. Read The Shock Doctrine –
Disaster Capitalism by Naomi Klein, the model has been done in country after country and it doesn't work except
for the wealthy and they put up a wonderful front for tourism, but look behind the buildings in the garbage dumps
at the kids looking for food, well half of them use to be the middle class before the free market took over.
Obviously corporations do not use tax breaks to create more jobs, they use them to increase their wealth. We should tax wealth rather than income. People with over Five Million Dollars in wealth should pay proportionately to eliminate the national debt. If the Reagan/Bush tax cuts were compounded annually at 6% interest, the amount would be Twelve Trillion Dollars. Our National Debt is Fourteen Trillion. Had we not given that money back to the wealthy based upon their promise to provide jobs, we would not be in debt greater than the total of all the debt of every President since Washington. This boon-doggle has got to stop. Those what got have got to give or watch our country go down the tubes. Why take from Medicare patients, Social Security recipients, postal workers, teachers, nurses, VA doctors, firemen and police when the corporations send our jobs overseas and then sit on the money?
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