More than two years after the US financial institutions brought about a meltdown on Wall Street the working class in the United States is mounting its first major attack on the political and economic system that has failed them. Mass protests in Wisconsin, involving hundreds of thousands of workers, students and other supporters is the first salvo fired in what looks to be an open class struggle. The battle is not confined to Egypt, Tunisia, Yemen, and Jordan anymore. Read the rest of this entry »
The US taxpayers have spent trillions bailing out Wall Street and the banks and billions more on extending the Bush era tax cuts that apply to the richest 2% of Americans. Now we have been informed that these expenditures have bankrupted the country and someone must pay. Read the rest of this entry »
I am a retired NYS employee. I have become increasingly dismayed at the tone regarding public employees. No matter which level, federal, state or local, we are all being regarded as a piggy bank to solve the financial problems of this country. On top of it the Press and Sun-Bulletin has taken it upon itself to publish ways to find out what each of these employees and/or retirees earn.
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2010 Wall Street profits were at the second highest level in history. This is 8% below the 2009 level when our financiers profited handsomely from the public bailouts. While the 2010 bonuses were down compared to 2009 it did not mean that Wall Street tycoons made less. What they lost in bonuses was off set by higher base salaries and deferred compensation packages. Before the 2008 economic collapse brought about by the greedy brokers, Wall Street accounted for 20% of State Income. That is now down to 13%. While the fat cats pay less, our Democrat Governor attacks the public workers.
“Hands off the public workers or we will do what the youth and people of Egypt did! Come and stay at Wisconsin’s Capitol in the thousands until they listen! We will take up the legacy of Rev. Dr. Martin Luther King Jr. and march, sit-in and link arms with our sisters and brothers until justice is won.”
In January 2010 an announcement was made by the Empire State Development Agency that a new call center in Penn Yan, NY would open and provide jobs for 450 full time workers. On Feb 4, 2011, the call center closed. At the time of the closing there were approximately 145 employees. Penn Yan with a population of 5,200 is in Yates County, 90 miles North West of Binghamton. Read the rest of this entry »
Obama has set up the working and middle classes of this country to be betrayed on Social Security. If (as rumored) he indeed proposes to extend the retirement age or reduce benefits during his State of the Union address, we will know that the betrayal is complete. Reagan started the betrayal by needlessly increasing social security taxes in the 80’s and using the surplus (supposedly safe in Gov’t Bonds in a “Lock Box”) to fund tax cuts for the rich. Now that the time is approaching when some of those bonds will have to be redeemed, we are told that that would require a general income tax hike that is unacceptable. Until now, the system was always self funded and did not contribute one cent to the national deficit or debt. With his great tax “compromise” bill, Obama has not only needlessly cut the estate tax rate and continued income tax breaks for the rich, he has now truly put Social Security in jeopardy.
If Obama does propose cuts to Social Security, I believe he should immediately announce his intention not to seek reelection (at least not as a Democrat), so that through the primary system we might be able to select a real Democrat to run for President in 2012.