Powell and FED killing off the vanishing middle class and now they are squeezing the working class

 

The Once Great American Middle Class has stood meekly by (like drones) while the New Nobility strip them of $50 trillion from the middle and working classes. As the RAND report documents, that over $50 trillion has been siphoned from labor and the lower 90% of the workforce to the New Elite-Nobility and their technocrat lackeys who own the vast majority of the capital (see the report) So the $64,000 question that begs to be answered is “Why has the Once Great American Middle Class pathetically and submissively accepted their new role as debt-slaves and powerless peasants in this new Nonfeudal Economy ruled by the elite, most wealthy and corporations and Wall-Street thugs/financiers all of who have been assisted significantly by the FED’s free flowing massive money printing that get mostly directed to them; this has led to a massive wave of soaring wealth inequality! These new-age robber barons share with today's high-tech monopolists a huge strategy of encouraging folks to see immense inequality as a tragic but unavoidable consequence of the new age of present-day capitalism and technological change. Today, far too many Americans accept grotesque accumulations of wealth and power as normal. The bottom 90% of the U.S. economy has been decapitalized: and massive debt has been substituted for capital. Capital flows into the centralized top tier 10% (mostly the top 1%) which owns and profits from the rising Tsunami wave of debt that has been keeping the bottom 90% afloat for the past 20-30 years. Ninety to ninety five percent of Americans have been reduced to debt-slaves and needy peasants who now rely on casinos and pure speculative luck to get ahead: (playing the stock market has also been a mainstay for speculation as well) hoping their over-valued mortgaged home doubles in value, even as the entire value.

Lately there has been incessant hype and rhetoric about rebuilding America’s infrastructure and the Green New Deal, but the first several question must always be: who will pay for it and to whose benefit? How much of the spending will actually be devoted to changing the rising imbalances between the haves and the have-nots {will be little if any], the rich who profit from rising debt and the ever more decapitalized debt-slave who are further impoverished by escalating debt! Unfortunately, the vanishing middle class has timidly and meekly accepted the claims of the New Nobility that the $50 trillion transfer of wealth was inevitable and beyond anyone’s likely intervention. But once the stock market and housing casinos collapse again, the last bridge to getting ahead [the high-risk gambling in stocks and real estate] will fall into the cesspool abyss, and the middle class will have to face their servitude and powerlessness and accept that they are prisoner of debt a fate hey helped to purpurate.

Central Banker and government responses to the Covid-19 pandemic have done little for the poor and working class or vanishing middle class Americans and continue to disproportionately enrich the elite and most wealthy wealthy. Further evidence of how the FED's wealth transference flawed policies have worked, the Institute for Policy studies and Americans For Tax Fairness, who this past week issued a press release noting that 10 months into the Covid-19 crisis, America's billionaires have seen their wealth rise over 40%, or $1.14 trillion; they used March 18^th as a starting point for the Covid-19 pandemic, their release offered up similar stunning numbers to those that I have been writing about for over 5-months now. Not much has changed for America’s billionaires in the midst of the great crisis except the incessant inflation of their wealth. What was astounding was they the combined fortune of the nation’s 660 billionaires as of January 18^th, 2021 topped $4.1 trillion, up a staggering ~40% from their collective net worth of just under $3 trillion on March 18^th, 2020 wow, what a huge amount of gains upon which they will pay little to no taxes on. This a staggering number as at $4.1 trillion, the total wealth of America’s 660 billionaires is 66% higher than the $2.4 trillion in total wealth held by the bottom 50% of the population over 165,000,000 Americans, the report cited (no wealth disparity there right 😊). 

Trying to argue for tax changes, the report stated that that the $1.1+ trillion wealth gain by 660 U.S. billionaires since March 2020 could pay for all of the nee4ded relief for working families contained in Biden’s proposed $1.9 trillion pandemic rescue package, which includes $1,400 in direct payments to individuals, $400-a-week supplement enhancement to unemployment benefits, and an expanded child tax credit (will the top 660 billionaires donate their new found wind-fall to the most neediest Americana “HELL-NO” they demand and desire even more wealth!!) This it is a stunning visualization of exactly how much wealth has been funneled to the top 1% under the guise of Pandemic bailouts and debt-enslavement of main street as many ordinary Americans have not fared as well as these billionaires during the pandemic, the report notes:

Ø  Over 25 million have fallen ill with the virus and more than 421,000 have died from it. [Johns Hopkins Coronavirus Resource Center]

Ø  Collective work income of rank-and-file private-sector employees (all hours worked times the hourly wages of the entire bottom 82% of the workforce) declined by 1% in real terms from mid-March to mid-December, according to Bureau of Labor Statistics data.

• Ø  Over 73 million lost work between March 21^st and December 26^th, 2020.
• Ø  A staggering 16.4 million were collecting unemployment on January 2^nd, 2021.
• Ø  Nearly 100,000 businesses have permanently closed their doors.
• Ø  Over 12 million workers have likely lost their employer-sponsored health insurance during the pandemic as of August 26^th, 2020 according to the Economic Policy Institute
• Ø  Over 29 million adults reported between December 9^th and 21^st that their household had not had enough food in the past week.
• Ø  Over 14 million adults: over 20% of renters reported in December being behind in their rent. [CBPP]

You get the picture right, the rich get richer while the poor, working class and vanishing middle class get scraps at best and have to go deeper in debt! The Billionaires are reaping massive wealth gains during the pandemic; as a majority benefit from having their competitors shut down and or they have been controlling technologies and services we are all dependent on now (stay at home service and telecommunication service) during this crisis and this unprecedented time; and these same greedy folks believed that they should be taxed less?