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Wealthy Are Cashing in Huge, While Workers' Salaries Keep Shrinking

Rapier

Well-Known Member
V.I.P.
http://www.alternet.org/economy/147492/wealthy_are_cashing_in_huge,_while_workers%27_salaries_keep_shrinking
Holy crap Batman?

This a bad bad thing. How can we get a decent wage back from the super rich?

July 10, 2010 |




Times are tough for workers in the U.S. where a recession has a stranglehold on much of the economy, but life is perfectly rosy for those at the top.

The riches of the wealthiest North Americans grew by double digits in 2009, primarily from interest their money earned when it was invested in the stock market and elsewhere, according to a report by the Boston Consulting Group.

Millionaires in the U.S. and Canada saw their wealth increase 15 percent in 2009, to a total of 4.6 trillion dollars, the report found.

Worldwide, 11 million - or less than 1 percent of all households - were millionaires in 2009. They owned about 38 percent of the world's wealth or 111 trillion dollars, up from about 36 percent in 2008, according to Boston Consulting Group.
 

SmilinSilhouette

Registered Member
I wondered how that could be true since my investments and the market in general tanked in 2009. I couldn't find your source here: BCG - The world's leading advisor on business strategy

Also, I have never been hired by poor people, they don't buy my products and services. My customers who serve poor communities struggle while those that serve middle class and better communities well prosper.

I wonder Rapier, do you buy into Obama's class warfare rhetoric? Do you believe that it is governments job to redistribute wealth? Or do you believe that free market economies provide the best opportunity for the economic advancement of all?
 

Jeanie

still nobody's bitch
V.I.P.
Smilin, you forget one simple thing - the rich in America are not hiring Americans. They are hiring people in factories in other countries where the won't have to pay as much in salary and nothing in benefits, so that they can increase their profits thereby becoming more rich.

Tell me that it's not true that jobs are being shipped out of America. I heard just last week that all of the equipment at GM's Willow Run plant is being torn down to be shipped to a factory in Mexico.
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Also, it's not Obama's class warfare rhetoric. Class warfare has been going on since long long before Obama even became a U.S. Senator. CEO's salaries have been increasing exponentially for years, while workers are taking concessions in pay and benefits.
 
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SmilinSilhouette

Registered Member
@ Jeanie: So Gates, Jobs, Schmidt et al don't hire Americans? Where do they buy their food, who maintains their car, who cleans their house, who mows their lawn, who prepares their taxes, who builds their homes?

And yes Jeanie, it is Obama's as he is the first US President to actually implement redistributive policy on this scale. That is step 2 in his plan to fundamentally change (destroy) America: divide and conquer.
 

Jeanie

still nobody's bitch
V.I.P.
what about the millions of Americans who lost their unemployment benefits when the extensions were cut off? Where are they supposed to find jobs that will pay enough to live off? Steve Jobs and Bill Gates can't employ all of them.
 

SmilinSilhouette

Registered Member
@ Rapier: Ok, now I understand. AlterNet using statistics attributed to BCG to further their assertion. One need only look to the AlterNet "about" page on their website to dicern their agenda. Don't get me wrong, I respect their opinion, I just don't agree with it.

@ Jeanie: My recycling/garbage service is hiring. They need people to work the route and are having a hard time finding people.

I would also ask, what business would hire in these uncertain times? Let's take mandated employee health care benefits alone. If I hire a new employee, how much more is it going to cost me to provide those benefits? Where will that money come from? Will I have to raise prices in an already difficult marketplace, or will I have to make cuts somewhere else, or will my already tight profit margin be further diminished? At what point will the incentive to hire and expand be overwhelmed by the cost to do so? At what point will the reward to start and run a small business be too small to be worth the personal and financial sacrifices required to get it off the ground? How can employment be expanded in this environment?
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Employer funded unemployment insurance benefits ran out long ago. What has happened is that taxpayer funded extension payments have not been approved (yet). As a self-employed person who is ineligible to receive unemployment insurance, and thus taxpayer funded extension payments, why should I be on the hook to provide income for those who are not working. This is part of the redistributive agenda of Obama: take from those who work and give to those who do not.
 
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CaptainObvious

Son of Liberty
V.I.P.
I'm not so sure about these statistics but I am willing to look at other sources and look at this source more closely. I have to wonder how people have made so much in investments in the stock market when everything has been down as of late.

I think an important factor in this which Smilin touched on is there isn't an incentive for the very wealthy to spend so much, especially with the current tax cuts setting to expire. This is an atmosphere that encourages hoarding cash and not spending it. We need to encourage spending by consumers including the very wealthy.

With uncertainty regarding employee mandated healthcare, taxes increasing, talk of a national sales tax being implemented, it's no wonder those with money are hoarding it.
 

Gavik

Registered Member
@ Jeanie: My recycling/garbage service is hiring. They need people to work the route and are having a hard time finding people.
Well thank god for that. Someone get your garbage company on CNN so we can end this recession.

Rich get richer, poor get poorer. That's how America works. If you think Obama is responsible for this then you're ignorant, of a much, much bigger picture.
 

SmilinSilhouette

Registered Member
Well thank god for that. Someone get your garbage company on CNN so we can end this recession.
:lol:
Rich get richer, poor get poorer. That's how America works. If you think Obama is responsible for this then you're ignorant, of a much, much bigger picture.
No, in America everyones standard of living is increased as the rich get richer. Why do you think that we have such a standard of living? Some of the "poor" have cell phones and HDTVs and cable tv and Internet. If you think that Obama can take from the haves and give to the have nots while increasing the standard of living then you are ignorant of a much, much bigger picture.
 
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