Selected ShortsPosted: November 18, 2012
POOR SUFFERING US
The U.S. has a $15.586 Trillion economy – that’s $15 with 12 zeros after it! Which comes to about $49,500 for each of our 315,000 citizens, rich or poor. For a family of three, that equals $148,000 a year. And this during a recession with US manufacturing operating at 73% of capacity and 8% unemployment: the waste of Capitalism.
This is a rich country!
We have a big fiscal deficit because Wall Street speculators and our astonishing crop of multibillionaires escape taxes, and refuse to invest in job creation: theft seems to pay better, and there seems to be no risk.
Full employment would add some $90 billion to the Federal net income for each 1% drop in unemployment: there would be no deficit if unemployment was at 4%, and Big Business and the wealthy paid fair taxes. And our cash-strapped states would benefit as well.
Washington talks about the need for CUTS in the Federal budget, when our Big Banks are wallowing in cash? The fact is, our government is the only economic actor that has the ability to put this country to work, if the Banksters would only allow it.
Shame on them, and shame on us who put up with them!
The Social Cost of Poverty
Jobless Massachusetts woman robs banks to pay rent!
A Bridgewater, Massachusetts woman was arraigned October 22 on charges of armed and masked robbery after robbing three banks inside area grocery stores.
Thirty-one-year-old Kerri Ann Heffernan, who pleaded not guilty, was said to be “distraught” and “overwhelmed” at the time of her arrest Sunday. She told police she robbed the banks because she owed her landlord $1,950 in rent. After the robberies, police said Heffernan immediately went and paid her landlord.
The local Enterprise newspaper published a photograph of Heffernan as a high school student posing before a row of athletic trophies and described her as an academically gifted, “bright-eyed, wholesome teenager.” Heffernan is now a single mother. In June, she lost her real estate paralegal job of ten years.
James Madison, Founding Father
“Of all the enemies of public liberty, war is perhaps the most to be dreaded, because it comprises and develops the germ of every other. War is the parent of armies. From these proceed debt and taxes. And armies, debt and taxes are the known instruments for bringing the many under the domination of the few. No nation could preserve its freedom in the midst of continual war.”
A Bad Kodak Moment for Retirees
Kodak Corporation has gone to bankruptcy court seeking to eliminate the health benefits earned and promised to 56,000 retired workers. A decision on this proposal could come as early as the second week of November. Retirees who are not eligible for Medicare will lose their health benefits and those eligible for Medicare will lose life insurance, vision and other benefits.
Kodak continues to cut workers from the payroll with nearly 3000 layoffs since the beginning of 2012. Bad business decisions by the CEO’s of Kodak have been credited with the decline of the company. The workers of Kodak, Xerox, Delphi and Bausch and Lomb made Rochester, NY, an upstate center for decent paying jobs. With the layoffs and the transfer of jobs to low wage countries, Rochester now has a poverty rate of 34% and is ranked as the eighth worst poverty city in the US, according to the U.S. Census bureau.
The bankruptcy filing did not request that the court force past CEO’s to give up retirement benefits, pay received or bonuses. Many companies are using bankruptcy proceedings to eliminate health care or pension benefits previously earned by now retired workers.