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corporate dominance | legacies

The Truth About "Class War" in America

According to the myth, higher profits lead to greater investments and more jobs. In truth, higher profits led to speculation on foreign currencies and corporations buying back their own stock.
"In the 1950s and 1960s, tax rates on corporations and the rich were much, much higher than today. Yet, those years had lower unemployment and higher rates of investment and growth than today. Low tax rates on businesses and the rich do not create jobs.

Struggles over taxes always pit business and the rich against the middle-income earners and the poor. Each side seeks to shift the tax burden off of itself and on to the other side. "Class war" in that sense is nothing new. Accusing only one side of waging that war is ignorant at best and dishonest at worst. No one should be fooled. Today, business and the rich are waging class war yet again to avoid even a small, modest reverse in the huge tax cuts they won in that war over the last half-century."

to read Richard Wolff's article published Sept 22, 2011, click on

 http://www.truth-out.org/print/6684

to read "The Costs of the Great War on Terror" by Vijay Prashad published Sept 21, 2011, click on

 http://www.counterpunch.org/2011/09/21/the-costs-of-the-great-war-on-ter...

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Apples and hubcaps. 23.Sep.2011 12:42

justsomedude

You can not compare the 1950s world economy with what we now have 60 years later.
In 1950 Europe was a bombed out mess. China was rice fields and starving children, Japan was a flattened, India was tearing itself apart and the rest of the world was 50 years behind the US.
America was not only untouched physically by WWII, it had brand new factories that had just finished converting from war time production to peace time consumer driven goods.
Combined this with almost 20 years of pended up consumer demand unleashed for goods due to the lack of purchasing power during the depression and rationing during WWII.
American workers had no real competition in the world. Half of all the Gold in the world was in America. Its no coincidence that Union power was at its pinnacle in the 1950s and early 1960s.
Today America's biggest problems are self-inflicted. Taxation, Regulation, and Litigation have chased good jobs overseas. This combined with the corruption of the political class and the apathetic middle class to that corruption makes for an economic environment that is easily exploited.
America has always been a country that easily exploits labor. If you want to much, we will import workers, legally or otherwise. If you cost us too much we will move our factory someplace else outside your reach.
I'm afraid America is going to face dark days in the next few decades and the uneducated will face the brunt of that darkness.