Single butterfly flapping its wings, chaos theory tells us, can wreak social havoc. Those flaps could alter the course of a tornado two weeks later. A big deal if your home happens to be in that tornado’s new course.
In the Bush Crash, the Minnesota Teachers’ Retirement Association lost $900 million in one quarter! I’m sure that was true all over the country. Where did that money go? It did not just evaporate. It was impounded then compounded by the Real Players in the markets, especially the Stock Market. People, as the current bubble inflates we are all poised tom take that hit again.
Although the article provides an accurate analysis, it overlooks an exacerbating factor:
When the wealthy were taxed at higher rates they still had all the money needed to buy all the goods and services they wanted. What they did not have was enough dough to buy enough politicians to get their way every time.
By the end of the 20th century tax cuts enabled the 1% to buy enough politicians in the US to eliminate majority rule. Politicians vote in favor of their owners, not the majority of voters.
This country must create a Vigilante Voter Justice League to carry out justice on behalf of the masses who are not represented, by anyone.
Crooked politicians, Hedge Fund Managers, Lying Media mouthpieces, are labeled Public Enemy Number One.
I do feel bad for teachers and firemen. However, I have very little empathy these days for cops. They have gleefully pummeled the pubic like Jack booted SS members for the last generation without giving a thought to the fact that, every black person they shoot, every hippy they beat up, every eviction notice they serve, they are supporting the Oligachy that wants to, and will eventually, take their benefits away.
Of course let’s face it, many cops are so goddamn stupid that they still don’t realize that most of the time their actions are being recorded. Of course they may know, and just don’t care.
Let’s also keep in mind that our fellow Americans who work for ICE followed their orders to kidnap children from their parents and keep them in concentration camps without question. That is the nation we now live in.
“With revenues pinched, once-routine budget outlays - like dependable and adequate funding for government employee pension plans - suddenly came to be seen as budget extravagances”.
True but it goes further than that. As a firefighter in the 1980’s, we were denied many pay raises during this time because of budget shortfalls. Most retirements are based on amount of income earned, so everyone lost increases in their monthly retirement payments because of this also.
Another layer to this issue is the way that police unions are governed vis-a-vis their public union counterparts. Many right-to-work states have legislated special exemptions to these laws for police unions (not sure how these hold up post-Janus). Police officers been systemically separated, through intentional policy choices, from the rest of the working class.
Because teachers, firefighters and cops are paid with tax money, they have become like the thieving politicians: They are most interested in how the state can get more from ordinary private sector taxpayers. Everything is about how to get more from us. BTW, include the prison guards union. Another class of public employee that we have too many of.
The paragraphs in the middle about the highest tax rate on the highest earnings once being 91% (USA) (95% in the UK, etc.) are principally about morals and morality.
Pause for a moment to consider Hauser’s Law, de Kurt Hauser: Regardless of headline tax rates the U.S. Federal government has over the years collected about 19% of GDP, not much more, not much less. …
What some people on this forum deserve is someplace in the world, besides Cuba, which actually enacts and collects such high income tax rates, today, as a study of how it is working out for them, and whether we can copy it.