Greed or shared growth.

While watching the financial channel many of the experts predict growth in the second half of the year.The degree of growth not specified. The question is growth for whom.

Sixteen million Americans are either unemployed or underemployed Corporations are holding trillions of dollars on their balance sheets. Corporate profits, Healthcare profits and Banking profits are at all time highs. Bonuses are greater than ever before for top executives and those making these profits. I remember a television advertisement with an old grey haired  man saying “at Morbid Stoney we make money the old fashioned way we earn it.” Those days are long gone. Today they make money utilizing computer generated trading models to take advantage of imbalances in the interest rate markets or  the stock market. The speed of executing billions of dollars of these transactions would boggle your mind. The biggest insult to hard working Americans is that Banks and Corporations are borrowing money from our Government at 0% or as high as .25% and investing in quick money transactions while home owners struggling to refinance can’t borrow at less than 4% on  average if they qualify.

The Bush era of transferring wealth still continues on the backs of the middle class and poor. Tax breaks to the rich and the corporation loopholes in the United   States continue to transfer wealth to the top 10%. Small businesses who think they are being represented in Washington should reevaluate their loyalties before they also become a statistic of the out of business or unemployed.

Money is still moving from the bottom up. How you may ask. Tax loopholes and credits for corporations and the top 10% are still being exploited. These loopholes and credits create revenue shortages for our government. Unemployment at record levels also reduces revenues. People who are unemployed spend less therefore adding more revenue shortages to local as well as our
federal government. Not to mention the decline of real estate values to values not seen since the 90s reducing city and county revenues. The solution as expressed by the conservatives and another means of wealth transfer is to cut people programs like Medicare, Social Security, Medicaid and any program that provides for the bottom 90% of Americans.

The source for a prosperous economy has always been when 95% of Americans are gainfully employed then and only then will we stimulate growth in our economy. This philosophy has been abandoned by our leadership and leaders of corporations and industry for the quick buck and how much they can add to their own personal wealth. The era of greed must end before the era of shared growth will begin.

By: Vito J. Delgorio Sr.

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One Comment to “Greed or shared growth.”

  1. Brilliantly succinct – tragically accurate!

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