Corporate America is still raking in record profits and their CEO's and Executives are still raking in huge bonuses and other financial benefits while the average American is loosing ground financially and good jobs are still being shipped overseas. In the book 13 Bankers, it was pointed out that six megabanks together control assets that amount to 60% of the country's GDP. In other words, they are a monopoly that should be broken up. Median income under the Bush administration declined to $50,300 in 2008. It was $52,500 under Clinton in 2000.
The American people obtain their news from the major news media outlets who are owned and controlled by Corporate America in most instances. Corporate America and their lobbyist spend billions of dollars to lobby congress to obtain special treatment such as tax breaks, tax exemptions and special tax credits at the expense of the average worker. Corporate America and their lobby voices are heard via the news media and the congress and out right lie in some cases concerning the issues that face the average worker. They are at the forefront of the battle over the national debt and are preaching severe cuts in the budget without wanting to look at tax loopholes. Their ideology is un American in nature.
Corporate America say they have to send jobs over seas because of cheap labor. They would like to see Americans work for the same low wage third world countries work for. However, the CEO's and executives want to continue to rake in their record bonuses at the expense of the average worker. As Senator Jim Webb pointed out in his book, "A Time To Fight" the average American CEO makes 400 times his average worker, whereas the average CEO's of Japan, Germany, South Korea and France make between 10 and 16 times their average worker. The most productive countries, Germany, Japan and South Korea have the least amount of disparity between their CEO's and their workers. The bottom line is Corporate America want their average workers to feel the pain while their CEO's enjoy the benefit of the average workers labor. See Note 1
The propaganda by Corporate America and their lobby via congress is a direct threat to eliminating the middle class in America and those programs such as social security and medicare. The republican and tea party people in and out of congress have joined hands with Corporate America and their lobby to finish the job of completely transferring wealth from the middle class to the wealthy.
Recreating America in their own warped image is what Corporate America their lobby and the republican party today is all about. We have seen how this combination led the Reagan, Bush 41 and Bush 43 administrations to a fiscal nightmare for the nation with their 20 year deficit spending spree and debt which is now of such magnitude that federal deficit spending will continue for many more years.
President Obama and the democrats in congress are the only ones who can stop the march to transfer more wealth from the middle class to the wealthy. The horrible situation that George W. Bush handed the American people on the economy, job losses and debt can be reversed if Obama and the democrats stand firm on the issues concerning the middle class. It took the country a long time to reverse the effects of the Hoover depression but Presidents Roosevelt and Truman stood firm and stood up to the republicans and Corporate America. No less should be expected from Obama and the democrats in congress.
Note: See previous commentary: Lost In America: Innovation dated July 23, 2008
