by John Brian Shannon
I was pleased to find Simon Johnson’s brilliant article in today’s edition of Project Syndicate, entitled; “Mitt and the Moochers” — the best summary of America’s economic situation that I have yet seen.
The psychology of the present paradigm is very odd indeed.
It approximates the following statement; Blame 47% of the population, the mostly blue-collar working people and taxpayers for the combined failures of the banksters, a few corporations and some inept government regulations — and then at length, when some of the 47% complain about getting blamed for a situation not of their creation, just default to calling them ‘victims’ in the pejorative sense of the word.
Oh, and let’s make the 47% pay to fix the damage they didn’t cause.
Those who were the first to benefit from the $12.8 trillion dollars of corporate welfare — are among the first ones to criticize 47% of Americans, most of whom;
“pay a great deal of tax on their earnings, property, and goods purchased. They also work hard to make a living in a country where median household income has declined to a level last seen in the mid-1990’s.” — Simon Johnson
In a general way, I take these developments as a sign that the formerly deep roots of American egalitarianism are getting shallower and we are now seeing the beginnings of a class-based society.
“the emergence of global megabanks was not a market outcome; these banks are government-sponsored and subsidized enterprises, propped up by taxpayers. (This is as true in Europe today as it is in the US.)” — Simon Johnson
All of the above are egregious enough in their own right. But what I take greatest offense at are those corporations which having made poor decisions, then line-up to receive billions of corporate welfare — whereby the government effectively rewards those organizations with heavy doses of cash for their poor performance — while corporations and companies which made good decisions all along are comparatively weakened.
It is a sure sign of the apocalypse, when corporations which invested in better decisions do not receive federal ‘reward’ money, but lesser performers do. No lasting good can come of this state of affairs… in fact, it is to weep.
John Brian Shannon
- Looking Through the Wrong End of the Telescope Won’t Fix the Economy (jbsnews.wordpress.com)
- Why Resource-based Economies Need Tariffs (jbsnews.wordpress.com)
- ‘Mitt and the Moochers’ (economistsview.typepad.com)
- Stimulus or Austerity: Can Either Succeed? (jbsnews.wordpress.com)
ABOUT JOHN BRIAN SHANNON
I write about green energy, sustainable development and economics. My blogs appear in the Arabian Gazette, EcoPoint, EnergyBoom, Huffington Post, United Nations Development Programme, WACSI — and other quality publications.
“It is important to assist all levels of government and the business community to find sustainable ways forward for industry and consumers.”