"Trickle-Down" Economy is "Whizzing" U.S. Middle Class Out of Existence
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According to Limbaugh, multi-million dollar bonuses are good for the economy.
The eminent social scientist and economist Rush Limbaugh was decrying on radio the potential loss of huge bonuses by Wall Street executives and millionaire investors.
According to Mr. Limbaugh, multi-million dollar bonuses are good for the economy, especially in New York, noting that with that "extra" money these investors are able to buy luxury cars.
This gives employment to thousands of Lexus salespersons, auto mechanics, accountants, car wash personnel, etc., underpinning our economy.
I am not making this up. I heard the man say it on the radio! on his 600-station national EIB (Excellence in Broadcasting self-congratulatory network.)
Therefore, the pontificating "Rushbo" claimed, we should all support the current situation in which the rich get richer. Then perhaps a few crumbs will "trickle down" to the rest of us, the only way we peons will have any money at all because we're too stupid to make any ourselves, he theorized.
"How can poor people help build the economy?" screamed Mr. Limbaugh in a triumph of irrational conception. "What can they really contribute?
Lost in his fog of self-aggrandizing superiority is any concept of intelligence or of history. My only response to this fool would be: Who is going to buy the products of the corporations run by the American rich if no one in the U.S. has any money except the rich who make up perhaps one percent of the population?
Perhaps globalization and technology have corrupted the entire body politic as well as the right wing radio whacko "intelligentsia."
Remember, half of Congress thinks the auto industry should be allowed to fail even while they vote immense bailouts for their wealthy friends in the banking "industry."
The extreme poverty, really foolish, reasoning behind this ludicrous idea is doing just that -- creating extreme poverty.
The examples of the destructiveness of "trickle down" economics are too numerous to repeat. Consider just one: wealthy manipulators are given tax breaks to ship American jobs overseas to get rid of pesky unions, thereby putting millions of families into marginal lives of unemployment or service industry under-employment.
And this "thinking" is not new, having progressed from the Ronald Reagan Administration and having been refined by under-lords like one John Engler who set up Michigan with a failing system reeking of arrogance fitted only for the Middle Ages. (For example, don't educate people for jobs, force them to work at McDonald's or Meijer for peanuts.)
Now comes the financial guru of Massachusetts, by way of Bloomfield Hills, Michigan, one with the silly moniker of "Mitt" Romney. "Let the Auto Industry Go Bankrupt," this gloved sage urged in a column in the New York Times. This is not fantasy, either, the man actually wrote that insane thought for the entire world to read, thereby irrevocably destroying his so-called political future.
I have already written, and will repeat it here, that Mr. Mitt (think Mr. Mop of the TV commercials) would have been lucky to be maitre 'd at a Bloomfield Hills restaurant had it not been for his stalwart father, George, the titan of American Motors.
George was far ahead of the auto world with his small, fuel efficient cars. Sadly, the man was a prophet in his own land, bypassed by the gas guzzling mandarins of the "Big 3" as they headed off the economic cliff.
These conservative thinkers seem intent on convincing their "base" of the rightness of the opinions many already hold: that only the elite should be allowed to thrive. Then those paragons of financial wisdom will decide who among the serfdom will receive a few kernels of popcorn to sustain them in their pitiful hovels in the hinterlands.
Frankly, my dear, there has been nothing like this psycho-social mindset since King Louis XIV and Marie Antoinette in 17th Century France. And you all will recall their fate, I'm sure.
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ebmspang Says:
On November 30, 2008
at 11:11 PM
Interesting that Congress has asked the Big Three to come back with a plan for success before any bailout money is given. I don't recall them asking all of these banks and investment companies to do so before they threw $853 billion of our future income there way! And, by the way, they still don't have a plan yet - except to break the backs of the American public!
Although you mention that corporations were encouraged to move overseas to break unions ("wealthy manipulators are given tax breaks to ship American jobs overseas to get rid of pesky unions"), there is no doubt that the Big Three threw a lot of their lobbyist money around Washington in support of your theory as well. They sure boasted to investors that by moving overseas, they would be more profitable if they had less payroll, less regulation and less union involvement. They didn't seem to be that concerned about American jobs then! My question is, where did all of those big profits go? They certainly didn't care much about American patriotism when they moved out for more profitable pastures while leaving Michigan and other area's of the country economically bankrupt! Even as many of the common folk proudly used the mantra "Buy American" with the Big Three's blessing! And now they come crawling to Congress in their Lear jets and their tailored suits, looking for more of our money to bail them out because of their bad business practices! Oh, and by the way, since the Big Three are so proud of the fact that they are now "GLOBAL", shouldn't the rest of the "GLOBE" (and not just the American people) be asked to participate in the bailout? Contrary to popular belief, the Big Three ceased being truly American companies many years ago! If there is a bailout of the auto industry, I think one of the requirements should be for them to stay put with these jobs. or better yet, require them to move more jobs back to the good ol' US of A). Now there is an idea that would benefit us directly! I would certainly feel better about pledging my tax dollars for that! Finally, as far as Washington is concerned, I think the majority of these pandering, corporate sellouts in Congress should be rounded up and put on trial for treason! They have outright violated their oath of office by not upholding and protecting the articles of the Constitution and the sovereign well-being of WE THE PEOPLE! And while we're at it, let's tar and feather propaganda spewing elitists like Rush Limbaugh and his kind too! In today's America, I am saddened to say that you can get a million gays to organize and protest their desire to get married (with rights) but you can't get a million people to congregate in Washington and confront these disloyal, greedy cowards and demand that they start doing the will of THE AMERICAN PEOPLE again...AND NOT THE WILL OF THE GLOBAL CORPORATIONS! If our founding fathers were here today to see what is going on, they would first cry...and then, start another revolution! |
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fwelsh Says:
On December 06, 2008
at 09:41 PM
I suspect Rush Limbaugh of being a genius at picking out just what will really wind up a large portion of the American population (including me). He has to be so much smarter than he sounds to do that. Does he say what he thinks? I hope not. He has a genius in choosing topics and an exhibited talent for stupidity in his interpretation of those topics. Now, back to the 'Big Three'.
I worked for GM for twenty-eight years. During that time, I saw a great transformation in the company. In the seventies, the watchword was 'ship it'. By 2000, quality was much higher. The average assembly line job in 2000 performed almost a third more work than in those strange days of the seventies. We went to Japan to learn more about their methods. We adapted to them in a hundred ways. The industry created plants like this one http://info.detnews.com/video/index.cfm?id=1189 . The industry went through a revolution in methods, personnel and materials. Now, I get to watch Congress reveal their ignorance of these changes when they mouth criticisms that haven't changed since the seventies while the conditions that spawned them have. Legacy costs are driving GM to the wall in the United States. Legacy costs made up of survivor benefits, retirement checks and health care for hundreds of thousands. I receive those benefits, but I am amazed that any company can carry the financial load GM has. When most of the legacy costs are gone in twenty-five years, I wonder what GM will look like. If GM goes bankrupt and doesn't carry the load, I wonder what Michigan will look like! |
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