Life is Great … But Only If You Are Already Mega-Wealthy

(WashingtonsBlog) – As I pointed out in November:

A report by University of California, Berkeley economics professor Emmanuel Saez concludes that income inequality in the United States is at an all-time high, surpassing even levels seen during the Great Depression.

The report shows that:

• Income inequality is worse than it has been since at least 1917

• “The top 1 percent incomes captured half of the overall economic growth over the period 1993-2007″

• “In the economic expansion of 2002-2007, the top 1 percent captured two thirds of income growth.”

How Wall St Destroyed Private Medicine – Paul Craig Roberts

At my annual check-up, my doctor handed me a sheet explaining the reasons for office fee increases for Medicare Patients. It is worth reporting at length.

The Great Marginalization: Planning for Poverty in America?

The word from New York City Mayor Michael Bloomberg at last week’s community meeting in the Bronx was disappointing, to say the least. After promising “good jobs” during a recent campaign, how could a man with so many billions, and now fresh from a re-election victory, oppose a $10-an-hour wage? Did Hizzonor spend $200 per vote – in the neighborhood of $100 million all tolled – to win re-election, only to put forward a plan for poverty for his constituents?

Rhetoric and Reality – Ralph Nader

I just received a letter from President Obama. Right there on the outside envelope are the words “I need you.” After not answering several letters which I have mailed and faxed to him, I was, for the briefest of moments, curious about this personal plea for help. Then, of course, I realized that it was a form letter from Mr. Obama via the auspices of the Democratic National Committee (DNC).

Obama and the fiscal crisis of the states

The class character of the Obama administration is clearly indicated by one statistic: President Obama has made available more than $12 trillion in cash infusions, loans and guarantees to the financial industry, but for state governments that are facing massive budget deficits, Obama has thus far provided only one quarter of 1 percent of that amount in federal stimulus funds—about $30 billion.

Surge in Unemployment in the US: No Economic Recovery in Sight

After the recent unemployment numbers were announced, smug politicians promising economic recovery stuttered a bit. This wasn’t supposed to happen.  Mainstream economists were predicting a smooth upswing in employment, but in September 263,000 more jobs were lost, 62,000 more than August.

No Wonder the Poker Game is Ending: The Wealthiest Have Taken All of the Chips

(WashingtonsBlog) – A new report by University of California, Berkeley economics professor Emmanuel Saez concludes that income inequality in the United States is at an all-time high, surpassing even levels seen during the Great Depression.

Honduras: Military Coup Engineered By Two US Companies?

I recently visited Central America. Everyone I talked with there was convinced that the military coup that had overthrown the democratically-elected president of Honduras, Manuel Zelaya, had been engineered by two US companies, with CIA support. And that the US and its new president were not standing up for democracy.

Will there be Zimbabwe-type Hyperinflation in the U.S.A.?

The Republicans are convinced that hyperinflation is just around the corner, but don’t believe it. The real enemy is deflation, which is why Fed chief Bernanke has taken such extraordinary steps to pump liquidity into the system.