Stocks Sink On Investor Worries, But Working Class Should Have Greater Concerns

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By James Devine

While stocks suffered losses on news of continuing European debt and the failure of America’s congressional ‘super committee’ to achieve any progress, the fact remains that investors have seen a massive rebound under Democratic President Barack Obama’s first three years, and the working class has much more about which to worry.

The longer term picture is more pronounced. After a precipitous decline that started in 2007 due to Bush-Republican policies that increased spending, cut tax revenue and neglected to control greed among high-stakes corporate swindles that bled middle class Americans, much of the stock market has rebounded but millions of people are still looking for jobs.

Much of the nation’s wealth has been concentrated in the possession of the top one percent of the population, a group that has gotten much richer over the past 30 years.

Meanwhile, 99 percent of the people have seen virtually no increases in earnings and many of them have suffered losses as anti-poverty programs, consumer protections and policies that promote economic fairness have fallen out of favor among politicians.

Deregulation on Wall Street allowed major brokerage firms to essentially compete against their own customers and complex financial instruments were developed that enabled banks and corporations to sell land, insurance and mortgages to consumers at artificially inflated prices.

When those so-called bubbles broke, $16 trillion in values were shifted from working people — who pay taxes that amount to a significantly greater share of their total income — to those wealthiest Americans — whose interest and gains on investments are taxed at only 15 percent.

In a nutshell, the people who want to solve the most serious problems confronting greatest portion of the public and restore economic justice and shared prosperity are politically beleaguered because they cannot fix things fast enough. Consequently, those who created the mess are ascending even though they advocate ideas that will make matters worse.

Indeed, Republicans appear to profit politically by interfering with Obama’s effort to serve the country and they are incredibly unpatriotic about taking advantage of that anomaly.

America’s jobless workers, retirees whose pensions are endangered and homeowners facing foreclosure will all fare worse if Republicans are able to protect tax cuts for the rich or enact new spending cuts in programs that stimulate economic activity.

Still, many of those who are suffering needlessly fail to recognize that they would benefit by allowing the President and his party to succeed. When 99 percent are on the losing end, we can be pretty sure that you are among the losers.


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