Well, now it's official. Glennnn Beck was right: President Obama, in his Nazi-socialist-communist-America-hating-Kenyomuslim way, is wrecking capitalism. As planned, no doubt, in Bill Ayers' basement fortress:
American businesses earned profits at an annual rate of $1.659 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or noninflation-adjusted terms.The government does not adjust the numbers for inflation, in part because these corporate profits can be affected by pricing changes from all over the world and because the government does not have a price index for individual companies. The next-highest annual corporate profits level on record was in the third quarter of 2006, when they were $1.655 trillion.
Since the obvious question has been answered, what with the above, General Motors, and all, here's my remaining one, and it's to the teabaggers and their favorite (aside from birtherism, Reaganovoodoo economics, and re-writing the Constitution) theme: what is a more glaring example of "income redistribution" than what's happened over the last decade?
WASHINGTON — The recession seems to be socking Americans in the heart as well as the wallet: Marriages have hit an all-time low while pleas for food stamps have reached a record high and the gap between rich and poor has grown to its widest ever....
....Marriages have been declining for years due to rising divorce, more unmarried couples living together and increased job prospects for women. But sociologists say younger people are also now increasingly choosing to delay marriage as they struggle to find work and resist making long-term commitments.
In dollar terms, the rich are still getting richer, and the poor are falling further behind them.
The income gap between the richest and poorest Americans grew last year to its largest margin ever, a stark divide as Democrats and Republicans spar over whether to extend Bush-era tax cuts for the wealthy.
The top-earning 20 percent of Americans – those making more than $100,000 each year – received 49.4 percent of all income generated in the U.S., compared with the 3.4 percent made by the bottom 20 percent of earners, those who fell below the poverty line, according to the new figures. That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968.
At the top, the wealthiest 5 percent of Americans, who earn more than $180,000, added slightly to their annual incomes last year, the data show. Families at the $50,000 median level slipped lower.
Seriously: this is income redistribution of the most perverse sort, of the sort that leads countries to collapse. By definition, ANY tax change leads to redistribution of income; and let's agree that there's no formula which would be considered fair by everyone. Nevertheless, the current situation, deriving in large part from the Bush tax cuts, seems untenable in anything but a non-democratic society, one in which the upper crust ignores the needs of everyone else, except to the extent necessary to keep them alive and productive enough to provide the labor force they require. It's the sort of imbalance that in past times led to tumbrels, knitting, and baskets of heads.
Not now. Today, the people most adversely affected, blinded by constant news distortion, astroturfing, and the baiting of fear and hatred, are demonstrating in favor of the very kind of economic unfairness that, even in the darkest of ages, has led such people to rise up in their own defense. Now, they threaten violence in order to preserve the system that is grinding them into dust.
I mean, yeah, okay: they don't like having a black guy in the white house; they hate immigration, they're convinced the black guy is coming for their guns. But the tax thing, the health care thing, regulating banks? Really? They'd rather destroy their own futures than acknowledge the lies that Fox "news" and the RWS™ are deliberately feeding them; they'd consider an end to Obama worth the price, even if the price is the end of America.
How strange are the times in which we live. How disconnected from reality and from their own interests are those enabling the destruction to continue. Really and truly, it's absolutely remarkable, and entirely incomprehensible.