The Daily Walk with Love
REPUBLISHED AS VITAL TO AMERICA’S ECONOMIC FUTURE:
The reasons why a poorly conceived policy involving increasing inequality,
rampant greed, moving jobs overseas, and those Republican
catch-phrases “trickle-down” and hypercapitalism and the tax
policies which support this are leading America down a garden path
which leads to a fool’s paradise of high stock prices, misery
among the lower half of Americans, increasingly insupportable deficits,
and eventual economic collapse. Overall reasons for
the collapse are discussed below.
November 15, 2017
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Why Big Deficits, Inequality, “Trickle Down,”
Greed & Hypercapitalism As Well As Sociological
Problems Are Leading Us Into Economic Collapse (updated)
America Faces a Perfect Storm of Factors
All Pointing at Economic Collapse
(and most of them are our own fault)
The Daily Walk with Love, updated November 15, 2017, by Paul Evans. Featured photograph courtesy of YouTube, included photograph courtesy of INFOWARS. Video is Park Avenue money, power and the American dream: Why Poverty, Earthbound and YouTube – 59:03.
For your musical enjoyment as well as some interesting commentary about Microsoft and artificial intelligence, I suggest ♫ Information Society – Land Of The Blind ♫, The Daily Walk with Love, October 4, 2017, by Paul Evans.
In my article, “Inequality and The American Dream, I commented:
The CIA, Trump & Co. will not be pleased with me republishing this article, but actually, neither will the Russians. So be it, this is an important article. Between 1950 and 1970, the tax rate for the uppermost income bracket was 93 percent, while the economy grew steadily each year at four percent a year. What has brought America into the position of economic jeopardy she finds herself in? It is the unmitigated greed of the super-rich, and THIS is actually the weapon the Communists have used against us to set us up to be in a position where we are at risk of a terrible stock market crash and devaluation of the dollar. In other words the Communists, conspiracy or no, have used our own greed as a weapon against our future greatness and prosperity. “Trickle down” and “hypercapitalism” only serve to hurt the common man and put us much deeper in debt (and ultimately — quite soon if nothing is done — this will destroy our economy altogether). Severe inequality is the greatest single weapon our enemies have against America, and this must be realized in the highest circles.
Maybe it’s time for a strong, moral Third Party — I used to think perhaps the Reform Party — to be organised and supported. Maybe it’s time we explored more socialistic ideas such as those of Bernie Sanders. Neither the Democrats nor the Republicans as now constituted represent the hopes and dreams of ordinary Americans and the common man, and God know we’re suffering too much as it is. In 1980 the upper one percent of Americans made 27 times more than did the lower 50 percent of us. Now the top one percent makes 80 times more than does the lower 50 percent of us. This is not tolerable. We should stop being so scared of that heretofore taboo word “socialism.” If nothing else, for god’s sake nationalize the banks! If not now, when?
I believe that, overall, the overweening greed of the elite is the single biggest reason America’s greatness and its economic health are at such risk. Some of the “other reasons” would not be nearly so bad if our leaders, our laws and Congress, and the rich themselves were not so terribly greedy and corrupt. However examined outside of this factor is the difficult-to-fix fact that we have more and more people on drugs and in street gangs, more and more people on disability, more and more people entering the senior population, and fewer and fewer people supporting them. I believe that of these latter factors, drugs, gangs and the numbers of people on disability would not be that bad a problem if our nation had not become one focused on greed and corrupt ways of getting rich or richer. (This is the general interpretation of these issues which economic liberals make, while conservatives tend to concentrate on the idea that changing America’s values could better fix them. Perhaps we need to work in both directions.) But the problem of our increasing senior population is a difficult problem without easy solutions.
With stocks, terrible as this may seem, somewhere between 50 and 80 percent overvalued based on what they are really “worth,” the only thing which can stop a major economic collapse leading to something perhaps worse than the Great Depression would be a milder recession, which would serve as a sort of “escape valve.” I am calling on the Fed to do it’s patriotic duty and raise the discount rate enough so as to cause a fairly strong recession. Attempting to avoid this is committing financial suicide. We desperately NEED a 30-40 percent stock devaluation so that we can regain our bearings. Did you know that, right now, America’s corporations are sitting on more cash on hand than at any time in their history? True, but they are not investing this cash on hand into infrastructure, jobs or the like, they are buying stocks and companies with it, which only serves to further artificially inflate stock prices. Actually, the situation is much more grave than it was in 2007-2008. ~ Paul Evans
(New Content, includes some from the Inequality article): Hypercapitalism WILL grow the economy effectively, but it puts us further into the depths of a service economy where half of America does not even have the wherewithal to purchase consumer goods, living paycheck to paycheck. Worse, hypercapitalism, while maxing upwards the wealth of the rich and the stock prices of businesses, puts America in an ultimately insupportable position in terms of the deficits it causes, leading into the future. Thus it is ultimately unsustainable and even very destructive to our economic security. It has bifurcated the middle class, allowing a privileged group to enjoy a luxurious lifestyle while sending most of what has been the backbone of America into a perilous economic existence essentially living as poor people, paycheck to paycheck. Did you know that at this time, 50 to 75 percent of Americans live paycheck to paycheck? This means that such a family is only one major, unexpected expense, such as a major car repair, or a factory closing, away from possible homelessness or certainly major poverty.
Read Severe Inequality Is Incompatible With the American Dream, The Atlantic, Business, December 10, 2016, by Alana Semuels: “In the 1980s, the top 1 percent of adults earned 27 times more than the bottom 50 percent. Now, they earn 81 times more.” This data is from The Atlantic, a mainstream, respected magazine. Why this disparity of income? Why isn’t America more equal than this, in terms of income? It’s a POLITICAL problem with political solutions. You super-rich could fix it if you wanted to. This is too much inequality. Sure, there’s going to be some inequality, Jesus himself said there would be poor always. But America has gone from leading the world in upward mobility to being “in the middle of the pack,” about 20th among developed nations. Republicans have always pushed the myth that any American can “pull himself up by his own bootstraps.” To a certain extent, it might still barely be possible, but mostly not. It’s a myth, a lie, a talking point. What went wrong? GREED went wrong, greed caused the crisis of 2007-2008, and only the political will of all Americans directed at Congress can fix this.
“Trickle down” as a way upon which to base a tax system, so far as I can see, basically was just a theory conceived as an excuse to lower the taxes of the rich and big business. And stimuluses in large part work the same way: 40 percent of Obama’s stimulus went to tax cuts for the rich. The poor saw very little of that. According to Scientific American, the lower 40 percent of us have just 0.3 percent of the wealth, while the Walton family (who own WalMart), alone own 42 percent of the wealth of America. In what way is this representative of a Christian society, where we are our brother’s keeper and actually love our neighbor as ourselves? In 2005, according to a Goodwill report, for a family of three with both parents working full time, they would both need to make $13 an our (by 2005 standards) to live at a middle class level. As it is, most employers do not hire for or give out full time jobs, so as to not have to provide the benefits which go with that. This is NOT the America I grew up with.
If Donald Trump can’t fix this and give us more and better and better-paying jobs, soon it WILL be “all up” and the American economy will collapse. See Stockman, Soros, Paul, Others: A 40-50 Percent Market Crash is Inevitable, The Daily Walk with Love, October 3, 2017, by Paul Evans. I really wish someone would call that article to President Trump’s attention. The fact is, the real misery index (not the fake government one) makes the probable future clear, as do several economic indicators flashing red. And if the economy does collapse, it would be TWICE as bad as the great depression, so say the experts. That article makes clear that several major indicators are flashing red and stating that we are on the verge of economic collapse. But IF we fix inequality, perhaps using something along the lines of the Salt Lake City model discussed in the article on inequality, then the misery index goes down and America’s economic future looks much better, right? Why the top ten percent of us, economically, can’t see that it is in their interest to have the lower 90 percent of Americans buying consumer goods is beyond me (I mean, beyond their duty as supposedly Christian Americans). And I will just add that God hates injustice and loves the poor, it’s shot through the Bible, and he is a righteous and sometimes an angry God.
How can “the masses” buy televisions or computers or newer cars if we live paycheck to paycheck? In this way it should be understood that the American economy CANNOT really grow much unless economic inequality is addressed in a fundamental way. You cannot really base an economy on the purchases of the top ten percent. And also, the super-rich and the investment banks have raided the people’s savings accounts too. There remains (I have read) only 1/4 to 1/2 cent left in our savings accounts backing every dollar in circulation. This is known as “unleveraged debt,” and it is VERY unsafe for an economy and a society. We MUST do better. What it means is that, at the top among the most educated and privileged few, the truth about all this WAS known. They just thought that their paradise would go on forever, that the economists would figure out ways around the bumps in the road, and actually used the cycles of economic bubbles to become even richer, since the rich always know the signals and sell high and buy low. But they never cared at all about the misery they were causing in the lower half of the population.
God is not mocked, either, as the Bible says, “Oh thou that dwell on many waters, rich in treasure, wide in fame, bow unto a god of gold, thy pride of might shall be thy shame.” If only you rich folks game a damn about us regular folks at all, but it’s YOUR heads on the chopping block, this time. I am DIRECTLY saying that it is now, at this time, in the selfish interest of the rich to make the lives of the poor better, and to reduce inequality and increase upward mobility in America. Or you rich ones will be the ones to suffer. This time it’s different, our very economic survival as a nation is at stake, and a depression twice as bad as the 30s is looming. Is anyone listening?
Conservative economic pundits are now suggesting that with the likely passage of Trump’s tax reform package, his Presidency now is approaching something closer to success. That’s success? Trump’s tax reform would complete the economic destruction of America which commenced under Bill Clinton and has been carried out under four successive presidencies, almost as though planned. Meanwhile his “America First” foreign policy is more belligerent than was Obama’s “American exceptionalism.” And Trump’s first budget has worse deficit than Obama’s last one. Donald Trump talks a good game about austerity, but he is only making the economy worse. Obama, (who doubled the national debt), had a final budget deficit of $585 billion. Trump’s first main budget (according to the CBO) would have a deficit of $715 billion. (His aggrandizing of defense spending and foreign policy belligerence look an awfully lot like American exceptionalism and not any new sort of “America First.”) At the same time his tax plan (lowering tax rates for the rich and big business, without a plan as to how to get a corrupt congress to actually reform the tax system and cut out the loopholes), is an true economic disaster in the making. I frankly do not think that Congress will agree to real estate taxes with an exemption below only $500,000. Most of the affluent people’s houses in metropolitan areas cost much more than that. So therefore the deficit associated with this “tax reform” will be even worse.
Trump seems to be especially married to the bankrupt ideas of hypercapitalistic capitalism, almost as a religion. I say again, there is NO WAY to pay for the tax cuts, it is not realistic to think you can afford a major stimulus now, Trump’s plan will not heat up the economy much, and the economy is at the breaking point. We desperately need sound economic policy, like a slightly progressive fair and flat tax, and REAL tax reform. Congress is far too corrupt for that, but they are digging their own economic graves. Trump assumes his policies will grow the economy at three percent a year, but that is not the case, you CANNOT hope to have sustained economic growth based on purchases by only the top 5 or 10 percent of us. And sure as God is not mocked, the suffering and misery of the lower 50 percent of us WILL cause real economic problems, leading into the future. And the masses are increasingly fed up: just look through the various Christian militia web postings. This will not go on as before indefinitely. The (real) misery index (not the fake statistics) is the best known predictor of the economic future, and is worse than it was in 1929. And investing in stocks is now more risky than at any time except 1929 and 1999, when stocks fell 88 percent and 50 percent, respectively. There are other indicators which say the economy could easily collapse suddenly and unexpectedly, as well. Get the picture?
Let me sum all this up: The super-rich had better wake up to the truth. Right now, greed and the poverty of the lower class are the two over-riding factors working against the interests of the rich.
and the American Dream
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