Those who were paying attention over the last 40+ years were aware that the gap in income inequality was growing wider with every passing year. Adjusting for normal inflation, the income for average Americans has not increased since the 1980s. Meanwhile, the profits of corporations have risen by percentages in the hundreds. During the deadliest months of the pandemic, corporate profits grew, and the number of billionaires and millionaires in our country increased. The working class struggled to keep their homes and maintain some form of normal life.
A government report recently revealed to the public showed a 0.9 decrease in the gross domestic product for the second straight quarter. This is a clear sign of a recession in the near future.
Corporate America is responsible for the current Greedflation, and any form of inflation eventually crashes and becomes a recession.
A nation built on the premises of capitalism relies on consumer spending for economic growth. Stagnant incomes, combined with huge increases in the price of necessities, are resulting in frugal spending by the majority. Every economic decline in my lifetime was the direct result of corporate greed and our government’s failure to place the American people first.
These are the reasons reported by the Commerce Department:
The GDP report for last quarter pointed to weakness across the economy. Consumer spending slowed as Americans bought fewer goods. Business investment fell. Inventories tumbled as businesses slowed their restocking of shelves, shedding 2 percentage points from GDP.
This is the result when plutocrats control our nation’s future. If this continues, America will be forced into adding additional social programs to secure the welfare of the majority. Without fair taxation, the national debt will continue its meteoric rise. Four Republicans since 1981 chose a fiscal policy of trickle-down economics, and taxes for the super-rich and large corporations dropped to zero over several one-year periods.
When special interests control our country, common sense is replaced by greed. Corporations have but one God, extreme wealth.
This is another reason for term limits for the legislative and judicial branches of our government. Inside the Capitol Building are 535 millionaires in control of our lives. Originally a volunteer position, Congress is occupied by millionaires thanks to the existence of lobbies and the opportunity to remain in office for decades. If someone can explain to me how a base salary of $174,000 per year can result in the wealth of a millionaire, I would like to hear it.
“We’re not in recession, but it’s clear the economy’s growth is slowing,” said Mark Zandi, chief economist at Moody’s Analytics. “The economy is close to stall speed, moving forward but barely.”
You can be sure that corporations making as much as 500 percent in profit each year will be clamoring for more tax cuts if they lose a single dollar.
Finally, a question: “who works for the working man in Washington?” We serve the plutocracy in 2022, they do not serve the needs and wishes of the people.
By James Turnage, Novelist
CNBC: GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal; by Jeff Cox
AP: US economy shrinks for a 2nd quarter, raising recession fear; by Paul Wiseman