The stock market is roaring upward, so that’s a good thing for everyone.
I heard this same feeble argument under former President Barack Obama as I do today under President Donald Trump:
Jobs, jobs, jobs. That’s what it’s all about.
I’ve been told by some that poor and middle class people are inherently lazy – but if that’s true, why do they want to work? Why would they elect a “jobs president” if they would rather sit on their ass and live off the government tit?
People clearly want to work hard and provide for themselves and their families. That’s indisputable – but don’t tell Stuart Varney or Sean Hannity. They live in a bubble. What’s good for them and their sponsors is clearly good for the country as a whole. That’s what they will vehemently insist – because it’s in their financial interest to spread that flawed logic and propaganda.
The problem we have is that, adjusted for inflation, the middle class and the poor haven’t received a raise since the 1970s, before Ronald Reagan began a redistribution of wealth on a massive scale that has led us to Donald Trump and his tax cuts.
Yet even Reagan recognized soon enough that tax cuts don’t work except to line the pockets of his donors, so ultimately, he ended up raising taxes to try to cover for his corporate welfare and needless military spending.
But I digress.
When the stock market grows, so the American Right claim, that benefits everyone, creating jobs and higher wages. But – they haven’t led to rise in middle class and lower middle class salaries. The CEOs and shareholders (those with the means to own shares in companies, a small minority of the populace) pocket the profits, meanwhile their collusion with the government causes inflation, which hurts those people who don’t get massive raises.
With every government action, you have to ask yourself: Who benefits?
At the national minimum wage in America of $7.15 an hour, it’s not possible to pay rent and feed yourself (particularly in ANY major US city) let alone a family. That wasn’t the case in the 1970s. A family of 4 could survive on minimum wage. They weren’t getting rich, but they were being rewarded more justly for their hard work.
At some point in the last 40 years, hard work became less important than amassing more and more wealth. Now, as George Carlin predicted in the video above, “they’re coming for your social security money…so they can give it to their criminal friends on Wall Street.”
The stock market is a near irrelevant fixture unless you can afford to participate in a significant way.
Otherwise, you’re just getting the scraps from the rich man’s table with very little job security or opportunity for advancement.
Fun fact: The period known to many conservatives as “America’s Greatest Generation” was driven by a tax rate for the top income earners of over 90%. What has happened since? Well, the media doesn’t care. They won’t tell you the truth – that you’re being robbed from every angle. If you’re not in the stock market, it’s virtually irrelevant to your personal bottom line.
The Owners of this country know the truth. It’s called the American Dream because you have to be asleep to believe it.