![]() ![]() Oklahoma state senator on viral chat with Jon Stewart: ‘Not afraid of anyone. Social Security, Medicare clash comes down to what constitutes a ‘cut’ Three things to know about what critics are calling Mississippi’s ‘Jim. Supreme Court declines to hear Florida city’s challenge to atheists Zelensky pledges to ‘find the murderers’ of Ukrainian soldier executed in. Trump blasts Rupert Murdoch in early morning social media post: How can he say. ‘Horrifying’ flight diverted as some passengers vomit in 9-hour. Newsom says California will no longer do business with Walgreens Tucker Carlson shows the first of his Jan. with Brad Bannon,” airs on Periscope TV and the Progressive Voices Network. Corporate greed that trumps public need is an open invitation to continued conflict and chaos.īrad Bannon is a Democratic pollster and CEO of Bannon Communications Research. A growing middle class is essential to a stable democracy. There’s something fundamentally wrong about an economic system that rewards corporate greed and ignores the needs of poor and middle-class families. Meanwhile, profits for bankers and billionaires have run wild and fat cats and plutocrats have won one gold metal after another. Working families have been running hard for decades without the hope of even reaching for bronze. He needs the help of a new class of aggressive progressive congressional Democrats that will help and not hold back the aspirations of ordinary people.īut there’s a long way to go before the economy works well for ordinary Americans. Last year, Congress has enacted two laws, the American Rescue Act and the bipartisan Infrastructure Investment and Jobs Act, which Biden proposed to move America forward and begin the job of rebuilding an economy that collapsed under his predecessor.īiden has done a lot with little support from GOP lawmakers, as well as a few moderate Democrats. The economy has added almost 7 million jobs. Under Biden’s leadership, the nation has enjoyed a remarkable economic recovery. The proposal would have reduced subsidies for big oil companies, increased corporate taxes, cut taxes for middle-income earners, and provided much-needed help to poor people. His big and bold Build Back Better bill would have eliminated many obstacles to economic equity. President Biden wants to be a transformative chief executive, but the Senate is stuck in the mud. Inflation is especially cruel when wealthy Americans and big business aren’t paying their fair share after the big bonanza of former President Trump and congressional Republicans gifted them in 2017. But low- and middle-income families can’t cut back when all their spending is for the basic necessities of life like food for their families and gas to get back and forth to work. Wealthy people can cut back spending for luxury items when prices increase dramatically. Inflation is the cruelest tax because it causes much more pain to people at the low end of the financial totem pole than it does to the privileged at the top. The pandemic put most people in a tight financial squeeze, but it was a great year for the giant ExxonMobil which enjoyed a $ 23 billion profit last year. Gasoline prices rose dramatically by 40 percent last year, so it was hardly surprising that the oil company behemoths recorded astronomical earnings. While drivers stared in disbelief as the price at the gas pump ticked higher and higher, big oil enjoyed record profits. Gas pump sticker shock is the biggest culprit in the disparity between the fortunes of big corporations and plight of ordinary Americans. Aggressive government intervention, not laissez faire economics, is necessary to eliminate the stranglehold that Wall Street has used to choke off mobility for the poor and middle class for the last generation. We won’t enjoy a true economic recovery until consumers do as well as big business already is. The immense gap between rising corporate profits and decrease in consumer buying power is a sure sign of an economy in decline. In the last 12 months ending in January this year, real hourly wages adjusted for inflation declined by 1.7 percent.īig businesses, in sharp contrast, hit pay dirt last year with estimated profits for S&P 500 companies rising by nearly 50 percent in 2021. ![]() ![]() The dry numbers paint a vivid portrait of corporate greed and human suffering. Big business reaped big profits while hard-working Americans wept over their declining standard of living. New reports on corporate profits and inflation demonstrate the fundamental problems in the U.S. Last year was the best of times for corporate America and the worst of times for hard-working American families. ![]()
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