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The Rich Get Richer: Welcome to Neo-Feudal America!

The rich get richer, the poor get poorer in today’s America, thanks to corporate tax breaks from the government. The rich get richer, the poor get poorer in today’s America, thanks to corporate tax breaks from the government.

Unemployment in America, if you count those who have given up searching for work and those who need full-time work but can only find part-time employment, is not 9 percent ‒ it’s around 20 percent. The real economy, often called Main Street, has not recovered from the 2008 financial collapse. Real wages for the average American have not increased in 50 years, falling behind inflation. And while the stagnation of the real economy increases, the multinational corporations and Wall Street financial firms are reporting record profits, shelling-out billions of dollars in bonuses to CEOs and financial managers. Some have called this new configuration of wealth and power “neofeudalism.”

The New York Times reports that General Electric, the wealthiest corporation in America, paid no taxes for 2010.

And just as you think the situation couldn’t get any worse for the working class or any better for the corporate elite, The New York Times reports that General Electric, the wealthiest corporation in America, paid no taxes for 2010. Not a penny. Their worldwide profits for that year alone came in at $14.2 billion US dollars. On top of this, the company claimed $3.2 billion in tax benefits. How, you might ask, are they capable of such tax dodging? In short, they have the fierce financial lobbying power that enables them to write laws and then get legislators to pass them ‒ so much power that government and the national constitution are irrelevant.

This is not exclusive to G.E. Most, if not all, multinational corporations pull their money offshore to avoid taxation. They report record profits since the 2008 crash. And while we continue to shred jobs, which most official accounts fail to recognize, the rich get richer, and working class gets poorer. We are living in an age of neofeudalism, in which the bottom half of America owns 2.5 percent of the total wealth, and the top 1 percent claims over half of the total wealth.

We, the workers who sustain the economy, fight over scraps tossed down by the power elite while Wall Street, who contribute nothing to society, enjoys lavish bailouts and bonuses. Russia Today recently reported on these profits, specifically on the indulgent lifestyle of Wall Street executives amid Main Street’s severe recession. “If the impressionist artist were to illustrate something of today’s New York City, it just might be moneybags,” the report said. They looked at Christies Auction House, which has sold more than 600 million dollars worth of modern and impressionist art this year. They went to the La Prairie Spa at the Ritz Carlton, which sells a few ounces of cream for $710 dollars, and other treatments for hundreds more. (“A lot of our business comes from corporate gift certificates,” said the Spa Manager.) They stopped by the local Jewelers, where $158,000 dollar luxury watches are selling like hot cakes. At the local restaurant, burgers are sold for $175 dollars ‒ while almost 50 million Americans are living in poverty.

Neofeudalism works by taking from those who are already living on the edge of insolvency, and giving it to those who are tremendously rich. Statistically speaking, if you are poor, you will stay poor (and probably get poorer); if you are rich, you’ll get much, much richer. So much for the American Dream or “trickle-down economics,” which some have renamed “Niagara falls-up economics.”

The workers who sustain the economy, fight over scraps tossed down by the power elite while Wall Street, who contribute nothing to society, enjoys lavish bailouts and bonuses.

All politics in neofeudalism are subverted to economics – just look at the Obama campaign. If you want to run for president, or be a prominent politician, you have to raise staggering amounts of money, which inevitably comes from corporations. If you are elected, you are beholden to armies of corporate lobbyists. If you decide to challenge corporate malfeasance, you will be immediately shutdown by big business and commercial media, which go hand in hand. Politics is economics in neofeudalism, and anything that threatens the core of this system is labeled communist or Marxist propaganda.

As the neofeudal order advances, journalists, writers, universities, teachers, magazines – anyone who deals in the dissemination of information – will increasingly have to appeal to the corporate state to maintain their public position. And if you want to be successful, you are forced to succumb to careerism and opportunism, which, in essence, means conforming to the corporate collective. In other words, you can only get money from those who have money. Neofeudalism means corporate totalitarianism. And anything that interrupts this new configuration, like Wikileaks, is crushed under the powerful onslaught of propaganda.

Welcome to the new America. This America attempts to strip labor unions of their rights. This America elects politicians that fail to deliver on their promises. This America wages illegal wars overseas and bankrupts the country because of it. This America taxes the poor, and gives it to the richest 1 percent. This America is in serious decline – real decline. And as the real economy gets worse, the environment will become irrelevant. People will vote for the Tea Party and push the climate to 600 parts per million or more. This America, the neofeudal America, is sending the world into planetary collapse.

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America’s biggest corporation, GE, paid no taxes in 2010. The rich get richer, the poor stay poor. Welcome to neo-feudal America!
Last modified on Thursday, 06 September 2012 14:26

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