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Posts Tagged ‘politicians’

“If poor people knew how rich rich people are, there would be riots in the streets”, entertainer and comedian Chris Rock told New York Magazine writer Frank Rich.

The wealthiest 20 individuals in the United States — a group small enough to fly together on a Gulfstream jet — have as much wealth as the 152 million people who comprise the bottom half of the U.S. population, The Institute for Policy Studies reports in “Billionaire Bonanza: The Forbes 400 and the Rest of Us“.

But what’s really driving the widening gulf between the haves and the have nots in America?

Among the more widely appreciated reasons for declining economic growth is the advance of automation. But other factors have begun to collide with technology to launch what may be a Perfect Storm: reshaping the economy to a “new normal” marked by economic uncertainty.

Another culprit is the rise of lopsided trade deals in the 1980s and ’90s, which have provided greater incentive to offshore jobs. The late billionaire and financier Sir James Goldsmith in his book “The Trap” predicted that poorly crafted free trade deals would produce a “net job loss”. In the early 1990s, Goldsmith testified before Congress advising against entry into another globalization deal known as GATT. Goldsmith also called out the Clinton administration on the Charlie Rose show in opposition to NAFTA, again predicting an outflow of jobs and capital.

If the wage stagnation of the late 1970s had not persisted to the present — some four decades! — the average American would earn $92,000 per year, reports Forbes in “Average America vs the One Percent“. In today’s dollars, those who identify as middle class are less secure than families that relied upon on a single breadwinner in the 1960s and earlier. We have gone from a society that can pay its bills and raise a family on a single income — and often a blue-collar income at that — to one in which the norm is for two able-bodied adults to work full time to support a family. (And because this is the new normal, illness and divorce are now the leading causes of child poverty and personal bankruptcy, according to the book “The Two-Income Trap“.) During this same period household debts have grown and savings diminished.

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The 2016 presidential election year in many ways reflects the way in which reality TV — never at a loss for drama, exhibitionism and outrage  — has begun to influence political theater. Political races have always been, to an extent, a dog-and-pony show. But GOP candidate Donald J. Trump’s out-sized assertions and foot-in-mouth moments don’t seem to have cost him to the degree they would have cost a presidential candidate in elections past. Aided by the let-it-all-hang-out evolution of social media, what passes for reasonable discourse rests at an exceedingly low bar. The question is, just how much success can a presidential candidate enjoy using this provocative formula?

Perhaps Trump’s success, beyond the fact that his outrageous statements attract a great deal of media coverage, would have failed if The Donald did not also tap into a growing populist frustration, signaling a sea-change the political establishment can no longer afford to ignore.

For all his grandiosity, Trump has managed to tap into very real American concerns.

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In the scare-of-the-week news story we learn that Bed, Bath & Beyond may have distributed radioactive tissue holders across the country.

It allegedly started when just four metal tissue box covers buried in a transport truck set off radiation detectors installed after 911 to protect us from a terrorist threat. Who knew truck-stop Geiger counters would also serve to protect us, apparently, from made-in India? But are mass exporters like China and India really to blame for these all-too-common consumer product scares?

Perhaps not.

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