“Give tax breaks to large corporations, so that money can trickle down to the general public, in the form of extra jobs.”- Secretary Of The United States Treasury, Andrew Mellon in 1921. This was the birth of trickle down, Reaganomics and ultimately the point of no return onto the steep slope to the Great Depression.
The New Republicans have told Americans that academia was the “liberal elitists” looking to usurp democracy and were out of touch. This was an attempt to keep America ignorant of history and civics, so they can attempt to achieve what they failed at doing in the beginning of the 20th century. The elitist of this country back then wanted to create an aristocracy, consolidate power, money and control the government.
Not many people know about this portion of our history. The battle between the capitalists and labor has never gone away. In fact up until the 1930s the capitalists were “winning” the battle. Sen Hugo Black D-AL in 1932 said, “labor has been underpaid and capital has been overpaid” and Frank Vanderlip a US Banker 1897 said, “Capital kept too much and labor did not have enough to buy its share of things.” It wasn’t until President Roosevelt came into office and decided to play hardball and level the playing field that working Americans had a fighting chance.
This is PROOF that history is repeating itself. Today capital has been consolidated into the fewest hands all the while the hands of the working person is worn to the bone, with very little to show for it, just like the 1920s. Economic prosperity has not been shared, it has been hoarded as the JP Morgan memo illustrates for us.
Since the 1980s, we were told that it is the 1% of the population, the welfare recipients that are the problem. This is simply a distraction for you, as the middle class is getting screwed. That government can not solve problems, and that the wealthiest will “let it rain” onto the people if the government reduced taxes on them. Too bad the history books have been closed for almost 30 years or we wouldn’t have allowed this too happen to this country at all.
A stable economy relies on shared prosperity. The laws of supply and demand dictate the need for equilibrium. This means that supply must equal demand. When demand equals the supply, workers maintain their fair share of the economic pie, while corporations make a healthy profit. This is obviously not the case today and as the capital is consolidated, demand goes down with it.
When you give labor a chance and increase the standard of living in actual wages and NOT credit as we saw in the 1980s, the middle class grows and becomes stronger. There needs to be a balance in the economy, and right now the scale is tipped toward the wealthy and the rest of us are losing big time!
The shortsightedness of those at the top need to realize that if Americans do not have money to buy their product, eventually, poverty trickles up also.