Politidose, in its commentary of 11/23/2007 titled, "Corporate America: Leaving The Average American In The Dust" was one of the first commentaries of many later ones concerning the transferring of wealth from the middle class to the wealthy. Now comes a new report from Americans for Tax Fairness and The Institute for Policy Studies that reports the following information.
The largest American Corporations CEO's pay in 2021 was $14.7 million, up 12% from 2020 which was $13.1 million. It was the sixth straight year of record increases. The top 25 CEO's earned more than $35 million. That between March 18, 2020 and April 15, 2021 (during the pandemic) the combined wealth of U.S. Billionaires increased $1.6 trillion, a whopping 55% increase in just 13 months. So the wealth parade continues to transfer wealth to the already wealthy. And the above numbers are outrageous during a COVID pandemic when the economy lost 21 million jobs and a relief package had to be passed by congress to help the average American. Those Corporations and CEO's are the same folks that Trump and he GOP gave a massive tax cut to in 2017 and declared it was necessary.
When a group of billionaires can increase their wealth 55% in just 13 months during a pandemic with millions out of work, there are no valid reasons. It becomes clear why billionaires like Elon Musk and Jeff Bezos oppose President Biden's plan to make the tax code fair by paying their fair share of taxes. They also oppose the President's economic plans that are working and helpful to the average American. Musk and Bezos use social media every day with their negative comments about the economy and how they will support the GOP, and like the GOP they use misinformation to try and bribe the voting public. Musk even wants to buy Twitter so he can have more influence over the media. Musk who owns Tesla, and Bezos who owns Amazon should be broken up because they are monopolies already and use that power to take advantage over their average workers and the economy.
Robert Reich, former Secretary of Labor in a recent commentary told the story how Corporate America is raising prices to pay for the huge increases in CEO and executive pay and not using their record profits to do so. As a result, the increase in prices contribute to today's inflation.
The great enablers in the transfer of wealth is the media who fell in love with the Reagan, Bush 43 and Trump tax cuts that favored you know who but never achieved what those President's said it would and never offered the people the real facts that took place. The media knows those 3 administrations gave the country a economic recession, two of the greatest bank failures in American history, the largest string of unemployment over 10% for ten straight months and during their 20 years of rule created far less jobs than Clinton created in the 8 years he served. Clinton balanced 4 budgets, cut deficit spending every year during his first term and his surpluses exceeded the deficits. And Clinton raised taxes on those same folks that Reagan, Bush 43 and Trump cut taxes for and never balanced one budget in the 20 years they served.
President Biden's policies and plans, if given the chance to pass and work can start to reverse the transfer of wealth from the middle class to the wealthy. The wealthy know that and that is why they engage in division, misinformation and the negative. In America, we always hope that in the final analysis, the voting public will see the problem and vote accordingly. The country is at an important juncture and the hand writing is on the wall. It is past time for the media to tell the true story of "Greed" by Corporate America that is still leaving the average American in the dust.
This commentary written by Joe Lorio
