The Right-wing warned us that if we elected the great “Socialist” Barack Obama, we would experience a massive redistribution of wealth before his administration was over. And they were right!
2013 set new records in the Government-promoted redistribution of wealth. But not what might be thought. Indeed the year set a new record for the redistribution of wealth from the middle and working classes TO the 1% elite.
Corporate profits are the largest share of the Gross Domestic Product (GDP) and wages are the smallest share of the GDP of anytime since records started being kept. Who gets the profits? The 1%, And who depends on wages? The rest of us.
Some may protest, maybe so, but how does the Government enter into this? The Government fixes the rules of the game: (1) it taxes wages higher than it taxes dividends and capital gains, (2) it bails out Banks while mortgaged homeowners are foreclosed, and (3) employers can set wages at will while unions are busted.
So what was supposed to be “trickle-down” economics has become “geyser-up” economics. Instead of some wealth being distributed by the rich to we peons below, the wealth rises in gushers to those above.