Stiglitz Blitz in Davos

The corrupt failed state that the US has become economy-wise, and in fact been for some time now, is an accepted fact even for some of the U.S. government-reared- and capitalist regime-fed house economists.

Cue Joseph Stiglitz, a capitalist economist of some renown (to which attests his Nobel Prize probably purchased from the corrupt Nobel Prize committee), who has now made bold to publicly criticize the US regime on the economy. He has said that the richest 1% of Americans now hold 25% of the country’s wealth (which is actually more imagined than real but that’s another story).

(I guess when he talks about America’s wealth he means that part of it that hasn’t yet been mortgaged or pledged or otherwise encumbered in favor of China.)

Mr Stiglitz, speaking in Davos, said this was a result of the top 1% seeing their wealth double since 1980.

This doesn’t bode well for the bottom-feeding 99% in America, you don’t have to be a Stiglitz to realize that.

Indeed Stiglitz said that the bottom 99% percent had been only getting poorer since the late 1970s at least or, at best, stagnating in their income which should also be viewed as succumbing to poverty albeit more slowly.

It isn’t a pretty picture.

On top of that, the bottom 50% of Americans have virtually no education opportunities beyond poor-quality primary- and incomplete secondary education; minimum wages are even lower than in China and collective bargaining in the workplace is all but non-existent, Stiglitz pointed out.

Whoever tries to bargain for his or her economic rights in the American workplace is promptly thrown out of a job and on his or her ass, with no money to pay mortgage on their cardboard house, that’s what Stiglitz really meant.

America likes to think of itself as a land of equality and opportunity, but the so-called American dream is nothing but a weapon in the hands of the ruling elite (aka crony capitalists) to beat the underclasses on the head with.

See, in America all you can do for free is dream — and you have to dream the American dream, while the 1% are the only ones living it — on your money. If you can find a job at all (many can’t), take it, work hard, make someone a millionaire (someone at the top of the corporate food chain that is), bust you hump, destroy your heart, liver, kidneys, lungs, eyesight, spinal column, lose your teeth, grow lumps, hernias and hemorrhoids in the process, don’t complain too much, die early, leaving nothing to your children (if you could ever afford to have children) – that is how the real American dream tends to end, even Stiglitz can see it clearly now.

Anyway, statistics knows everything and the stats paint a true and increasingly ugly picture — the US has one of the worst opportunity rates of any of the advanced, developing or even most stagnating economies. According to Stiglitz speaking in Davos, a child’s life chances in America are more dependent on the income of the parents than in most other economies.

Oh, America, whither art thou going? Stiglitz?


Tags: , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: