General Discussion
In reply to the discussion: Mayor abruptly slashes wages to minimum for Scranton City Workers [View all]jtuck004
(15,882 posts)The life we knew by 1990 to about 2009 was all speculation and debt, used to cover up the loss of our creation of real wealth as we sold off our manufacturing and other industries. Part of that was selling off city and other government revenue streams, and borrowing to create more jobs. All during that time the really wealthy were socking away fees, upon fees, upon fees, and taking capital gains where they could, stealing the lives of people who had labored for decades. People are all outraged, but this has been going on for years. That guy who lost his job on the Obama commercial, he lost it in 1994.
These people, cops, firemen, townsfolk - ALL should have been outraged then. They weren't, and here we are.
So unless some miracle job fairy increases the money for the 99%, and thus increases demand (energy research, medical research - something that would let ordinary people create wealth like they used to) all this will continue to deflate - which means people losing or spending down their very lives as they lose homes, jobs, 401(k) and retirements (all of that is available through public record, btw), a process that is happening to nearly everyone, (but we are subsidizing the wealthy so they don't get hurt so bad - because capital is more important that people), and it is likely to continue for at least another decade or two, perhaps more.
Btw, the state capital of PA filed for bankruptcy - it was denied because they didn't have permission from the state.
The majority of states are in trouble as well.
Coming up, several hundred billion dollars of those companies bought out with Mi$$ Rmoney (and his ilk) junk bonds must be refinanced with the next two years, or those jobs go into the toilet as well, a significant percentage of the work force controlled by vulture capitalists. (I will have to look it up, but it is in the tens of millions). Along with some new pressures on SS and Medicare.
They are free to go elsewhere - got any suggestions that aren't between the Pacific and Atlantic? 'Cause it's that way in a lot of places, and there are more to come. I wouldn't suggest Marion, Indiana. Or Detroit, or Michigan for that matter. Vegas is probably out, certainly not California. Maybe...no, not there...
Oh damn, that's right, there are about 30 million people looking for a job already...