|Fingers worked to the bone.|
They were once held up as the standard for the now meaningless over-hyped bumper-sticker slogan called.. American exceptionalism.
Now these same people once honored are being thrown to wolves of capitalism for a final stripping of any financial meat still clinging to their fragile bank accounts.
The bone picking banks and Wall Street cronies having robbed the middle and working classes blind.. set their sights on a weaker easier prey, and with the help of Republican vultures like Paul Ryan with his Medicare killing 'Pathway to Prosperity' Plan, it appears the once staunch defenders of the American exceptionalism myth...the GOP, have turned it on its head.. transforming its meaning to be one of American misery..except for those well heeled in the financial world..
When CD rates were 7% retirees had enough interest income to live comfortably-but once that rate dropped to barely 1% more seniors woke up to find themselves neck and neck for first place-in the race to the bottom.Now that inflation is kicking in these same seniors are forced to dip into their principle amount further evaporating their wealth.
And this is just fine to the ruling class who have become so insulated in their own world. They live in the world view that sees opportunity in- "never letting a good crisis go to waste." And when there's money to be made..everything and everyone is fair game.
When society changed the rules these people who did everything right as guided by their generational up bringing which said "stay out of debt...live within your means and save for your old age", now see they are being picked clean by financial predators while their government coldly stands by.
The Federal Reserve and the banking cartel have set about a plan to discourage saving as it depresses the economy by reducing consumer spending and puts money into the wrong hands- not those of the average American. By pulling the plug on interest rates the Federal Reserve has forced seniors and other would be savers to become dependant on social programs which for retirees.... used to be an exception rather than today's rule.
Since saving has been replaced by borrowing there doesn't seem to be much incentive for future generations to continue to save-leaving the only choices people have to prepare for retirement is playing in the Wall Street casino. In the Federal Reserves eyes -providing lots of cheap money for the banks to borrow..then lend back to you at a higher rate-they have created a tremendous windfall worth billions to the banksters, corporate crooks, and wealthy elite. Anyone counting on a nest egg to supplement their retirement ends up with nothing but a hollowed out shell..its contents sucked out by the financial vampires.
Older people have become collateral damage in this class war.. and a necessary evil. This war was started long ago way back in 1913 with the creation on the Federal Reserve-a self appointed King of the banks whose only real attachment to the United States is in the word Federal since it isn't part of the government at all.
Since both political parties are equally responsible for allowing the Federal Reserve to set our economic policies they are all to blame.They prefer to keep the lie going , enshrining the Fed with a god-like status that can never be questioned let alone changed in anyway that is beneficial to real working and retired Americans.
We The People does not apply the the average American anymore. The only America worth rescuing in the eyes of the Wealthy ruling elite-and the Federal Reserve is that of the corporations and gangsters and crooks in the financial sector.
The government expects to hit a $14.3 trillion debt ceiling on May 16 or before. Timothy Geither implored Congress to extend the debt ceiling by that deadline and said that if Congress does not, Treasury will be forced to borrow money from the Civil Service Retirement and Disability Fund.
Geithner said borrowing money from the federal retirement programs and other "extraordinary measures" available to the government would stave off the need to raise the debt ceiling until around July 8. Once those measures are exhausted, the government "will be limited in its ability to make payments across the government."
In that case, retirees' pensions could be affected and if that were to happen, any impact on retirement payouts would be the least of their problems because we'll face a worldwide economic collapse.
As of January, the average interest rate paid on relatively safe vehicles such as short-term savings accounts, time deposits and money-market funds stood at only 0.24%. That’s one-tenth the level of late 2007 and the lowest on records dating back to 1959. Such depressed rates don’t come close to compensating for inflation, which was running at an annualized rate of 5.6% in the three months ended February.
Low rates don’t just hurt retirees. They also penalize people of any age hoping to build up funds for the future, and discourage rainy-day savings that could make U.S. consumers more resilient to job losses and other financial jolts.
Average Americans pay a tax rate of about 20-25% of gross income. The super rich pay anywhere from 0 to 20% depending on the expertise of their well paid accountants. Corporations on the other hand are supposed to pay 35% in taxes pay nothing in too many cases-and are even given a few billion..as in the case of GE. in refunds even though they didn't pay a single dime.
And as corporations are raking in unprecedented tax free profits without creating any jobs, and the near-trillion dollar military machine remains safe from budget cuts. Wall Street continues its business as usual plunder of reckless greed-Americans are told these things must be protected because they are “too big to fail.”
The sad truth behind this charade of too big to fail.. is it's only true in the eyes of the wealthy beholders who see 2% as a greater number in terms of worth than 98%.
And that tired argument being repeated by the corporate owned media that says; rich people will leave the state, or even the country, to avoid property or income tax?
Then don't build an economy that depends on a small number of people with all of the resources.
Don't build an economy that depends on a hand full of rich people doing all of the hiring.
And most important;
|Too big to fail is a myth|
The only things keeping the rich safe for now is unemployment, welfare and food stamps, as soon as they remove those the dam will break.
And the rich may find that the figure of 98% has far more weight than 2%
Then they will understand what too big to fail really means.