What I can say factually that the present Administration, as the last four are for the fat cat bankers and Corporations. Just from IRS statistics we know that Americans who made over $10 million in 2010 paid on average just under 24 percent of their incomes in federal income tax, less than a third what they paid in 1950. The end result of such practices is a nation in which corporate profits are setting records while typical workers continue to make less than they earned a dozen years ago.
You know there was a time in America when corporations paid taxes, no lie. Not anymore even when corporate profits have been growing per annum at a 20 percent rate. In fact, to find a year when corporations were grabbing as great a share of America’s income as they’re grabbing now, you have to go back to 1950. In the 1950s, the average corporation paid about 40 percent in annual taxes. Now, major U.S. corporations actually pay about 12 percent in taxes. Why is this a problem, well in 2011, the Institute for Policy Studies, reported that 25 major U.S. corporations paid their CEOs more than they paid in corporate income taxes. Then we can take alook at NYC where the number of residents receiving food stamps has more than doubled over the past decade under Mayor Bloomberg, according to data released yesterday. Now, 1.8 million receive food stamps, a jump from 800,000 in 2002, and the Independent Budget Office data show. But 99 percent of African Americans believe their President even against fact that the economy is growing. But it is not and if I accept this premise, then for whom is it growing?
First, the cost of the federally funded food-stamp program in places like NYC had increased dramatically to $3.4 billion from $1.28 billion over the past decade. True, naysayers and other average minded individuals reinforced on reciting lessor proofs proffered my weaker minds will say look at the stock market. I in return will say, yes, look at it. But reality notes that the stock market is not a good indicator for overall wealth of Americans since the average American’s wealth, if the happen to own a home is in home equity – real estate values are still down about $5.5
trillion from their peak. So thinking about, one has to ask if the economy
is doing so well and growing as Obama describes it, why then are there over 47 million people in the US living on food assistance to survive. It is clear they are not obtaining any of this wealth.