America Land of Wealth Inequality and Shrinking Middle Class

America Land of Wealth Inequality and Shrinking Middle Class America is in decline. In the worst economic crisis since the great depression , millions have been downsized, outsourced, and laid off. We now have an explosion in the number of those in poverty as well as the number of personal and business bankruptcies. The big corporations do not care about the working class; they just want to make more money. Inequality is becoming worse as tens of millions of Americans face unemployment, loss of healthcare, evictions, and hunger. Income inequality and lack of upward mobility is fodder for discontent for vast segments of the population. We are in the middle of an extraordinary moment in American history. With nearly 30 million jobless and rising,millions are unable to find a job ,and millions are losing their homes. In the wake of the Great Recession, America's middle class emerges as the face of the new poverty. As many as 40 million Americans could face eviction by the end of the year. In some states, including Mississippi and Louisiana, more than half of all renter households could be at risk of eviction. America will experience an increase in homelessness, the likes of which we haven’t seen since the Great Depression. But while tens of millions of Americans are now facing economic desperation – unemployment, loss of healthcare, evictions, hunger – the very rich are becoming much richer. The top 0.0001% – are using a global pandemic as an opportunity to make outrageous profits after receiving a de facto bailout by the Federal Reserve. Fifty million Americans filed for unemployment during the pandemic, but billionaires saw their net worth increase by half a trillion dollars. Global wealth inequality steadily grows. The richest get richer, and the poor get poorer. When the majority of the bailout is going to big corporations, and people aren't getting paid, of course, that's where the money ends up. The working class is decimated. No jobs, huge debt, everything is expensive. The so-called free market is anything but free. Modern global capitalism is in many ways corporate welfare, fueled by governments' support and favors. A lot of our social problems come from this top-heavy concentration of wealth. I think companies should divert significantly more of their ownership stake to their workers. That is the best way to close the wealth gap that is straining our social fabric. It isn't only about concentration if wealth. It's about the concentration of wealth in the hands of people that do nothing more than play financial games in the secondary market, not even making direct investments in capital and labor to directly produce products or services: that and real estate. Which is largely to blame for the precipitous decline in small businesses, so many of which already barely getting by because of rapacious rents had no wiggle room to weather the CV19 storm. The big corporations don't pay taxes because there are so many loopholes built into the system by design; that large companies often end up with very low, even net-negative tax rates after all the credits and write-offs are deducted. A little-known fact about Tesla: 100% of Tesla's profit margin is from tax credits provided by California's green technology initiatives. That's the reason why it was obvious that Musk was bluffing when he said that he was going to move the gigafactory out of California during the lockdown if it wasn't allowed to re-open; if he did that, Tesla would go back to having negative earnings. This kind of corporate welfare is what props up a lot of companies in the US. Tesla is just one of the most extreme and most visible examples. Corporations are not taxpayers. They are tax collectors. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to click the like button. And as You know friends, I rely on your donations to keep this channel functional, as you know, it takes a crazy amount of research and time to bring you this content on a daily basis, so I hope you consider helping with whatever donation you can afford. Thank You. After WW II, America produced 50% of the world's goods. This led to a thriving middle class. As war-torn countries came back (Germany, Japan, China, and England), Americans lost jobs. Technology and robotics also cause old traditional middle-class job loss. Automatic pickers in Amazon warehouses. Self-checkout machines at stores like Home Depot. America is at a crossroads today. A public health crisis, the worst economic downturn since the Great Depression. Inequality is the most pressing social problem facing us today. Accelerating wealth inequality is a single most serious threat that this country has ever faced in modern history. Everything else that is happening today is a distraction or direct result of the above. We need to end the Fed and break up corporate monopolies. The middle class pays for everything and gets screwed the most. Ninety-two percent of the children born in the 1940s earned more than their parents did .That steadily falls over time, kids born in the 1980s only fifty percent of them are earning more than their parents did. This is a pattern known as the fading American Dream. I see in the future, a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned, and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a very few. Centrally-controlled fiat money is highly immoral. Its been known since the 13th century at least that centrally-issued money always benefits the first-handlers of it. It took 20th-century economists to erase that notion from economic and political thought. Eventually, all economies revert back one way or another to what makes up the real value of any currency - work and labor. We are soon about to see the largest disintegration of the parasitic financial sector in history. After that, we'll start anew with a clean canvas where again value comes from work, effort, and ingenuity and not rentier parasite surfing. It’s not capitalism that produces such a large wealth gap.It is the central bank federal reserve system. Capitalism doesn't have central banks or Legal Tender Laws. Capitalism doesn't have Social Security, Medicare, Medicaid, or a Military Industrial Complex. Capitalism doesn't have tens of thousands of lobbyists on Capitol Hill. Capitalism doesn't have minimum wage laws or mandatory occupational licensing. Capitalism doesn't have an income tax, sales tax, capital gains tax, or estate tax. The USA doesn't have Capitalism. The USA needs Capitalism. The USA has Authoritarianism, Cronyism, and Socialism. It is because we don't have true Capitalism. Since the beginning of the pandemic, income inequality has continued to rise: while the super-wealthy make even more money. The Middle Class bears the weight of financing America through the amount of taxes they pay versus the amount of income they bring home, and most but not all, are in DEBT up to their eyeballs!!! Sadly most will never be debt-free and struggle their whole life. An extreme gap between the ultra-wealthy and the working poor is the most obvious sign of a third world country. The US is undoubtedly well on its way there. Before 2000, people leaving the middle class was more likely to join the upper class. But after 2000, the opposite was true people were more likely to drop to the lower-income group. Fun fact. While the middle class is shrinking in the US, China shows a sharp increase in the number of its middle class. Globalization managed to pull two billion people out of poverty in India and China, and made the one percent of the world richer and richer. But at the same time, the lower middle class in the US and the Western world have seen their income stagnating. Most of the poor working middle class to the mid-middle-class struggle because they gross too much money to qualify for any kind of assistance but do not bring enough home to pay all the bills. Around 40% of Americans work in low wage jobs. Working two jobs to scrape by is not working for most people. Furthermore, AI development implies that many jobs will no longer require humans in the future. Many of the people who are leaving will be replaced by machines, and the remaining workforce reorganized. Peasants are exploitable by the government to whatever extent force permits, which is quite a lot. It is unreasonable to believe that one can just run away from this. Perhaps, for a while, this will be possible. It will even be to the advantage of your New Aristocracy to let them peaceably exit. Indeed, they may bribe many by increasing welfare benefits while they secure their rule. I expect that many may ultimately be drafted to serve in foreign wars. The push against Iran, Russia, and China seem destined to end in war. Many may be used up in such conflict. The current order will die, leaving behind a dystopia, but that does not mean there will be no order. No, one cannot run away from this. There is nowhere to run. At best, it is only a temporary illusion that you can. If you want out, you will have to fight for control over resources and the termination of the current order. This will be costly to the fools that have let this happen, but such is life. One way or another, they will risk the ultimate price. They crash the system, leaving the peasants hungry and physical assets cheap. It's no coincidence that the owners will swoop in and buy everything not nailed down, and everything nailed down for that matter when it happens. The system that will emerge will look a lot more like the Chinese system. America has become a place where a lot of very different people agree to get along for their own and mutual economic advantage. When that is no longer possible, then all these diverse people will stop getting along, and they will instead go tribal in their thinking. Scary stuff, but we are already seeing it happen. We saw exactly what you're saying in March and April when CV19 hit and the economy shut down. The people preventing us all from starving were the lowest people on the totem pole, the ones that had to go work in the food processing plants in unsanitary conditions, risking contracting CV19 because they couldn't skip a paycheck. 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