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January 24, 2015

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Current path leading to more hardship

I’ve written a few opinions warning of corporate greed, especially in the banking industry, that will be the demise of the middle class. It looks like we’ve reached that point, and I hope it won’t get any worse.

The Working Poor Families Project just reported: “New data from the U.S. Census Bureau show that in 2009, there were more than

10 million low-income working families in the United States. Between 2007 and 2009, the share of working families who are low income — earning less than 200 percent of the official poverty threshold — increased from 28 percent to 30 percent. This now means that nearly 1 in 3 working families in the United States, despite their hard work, are struggling to meet basic needs. The plight of these families now challenges a fundamental assumption that in America, work pays.”

Meanwhile, according to Joseph Marr Cronin, Massachusetts’ education secretary, and Howard Horton, president of Boston’s New England College of Business and Finance, the next bubble to burst will be student loans and higher education.

These two conditions should make Americans wake up to reality. People need to understand that as long as we cater to the wealthiest 2 percent, we all will suffer. If we continue on this path, the middle class will be the new poor, unable to fund national security or the two wars we are engaged in.

After 10 years of the George W. Bush tax cuts, very little has been done by corporate America to rectify our economic downturn. When will they assume responsibility for their actions that caused this recession?

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  1. Shanty towns

  2. Vernos Branco and other Americans can wait as long as they like, but the 'rich' are never going to do 'the right thing'. The 'rich' and the 'powerful' are made up of human beings and human beings look for advantage. In America, the way to gain advantage is to use lobbyists and send them to Congress to trade money and support for legislation that favors them. This 'trading' has been happening for a long time and both political parties participate in it. As both the 'government' and the 'rich and powerful' groups such as big industry and big labor have gotten ever larger and more powerful, this trading has accelerated. The result has been what Mr. Branco points out. However, demonizing the 'rich' will do nothing. Our Congress and each Senator and House member (R's and D's) were supposed to be the protection for the middle class against the desires of the 'rich and powerful'. This protection has broken down becuse our Senators and House members (both R's and D's) have sold out to the rich and powerful. They routinely (every day) trade legislation favoring the 'rich and powerful' for money and support for the parties and at re-election time for individual members. The villans here may include the 'rich', but we have no control over them. The 'villan' we can control are the Senators and House members (both R's and D's) that are selling out the middle class. STOP SUPPORTING THEM! ALL OF THEM!


  3. Very TIMELY letter, Vernos.
    Well said!

    The SQUEEZE being put on the U.S. worker in the wake of the "Big Recession" is unconscionable.

    Corporate greedster's want MacDonald's and WalMart to be the new model;
    Part-time hours, few if any benefits, low wages, and an atmosphere of "just be thankful we're giving you a job at all".

    If only the upper class can afford to BUY beyond the essentials of food and rent, (cheap food and low rent, at that), WHAT WILL FUEL THE ECONOMIC ENGINE?


  4. Michael Casler,
    Who did you vote for in the last election? The party that voted more often to hold the wealthy and powerful business interests at least more accountable (the Democratic party) or the party that kowtows to those same interests (the Republican party)?

  5. I retired last year as a lawyer in Canada. In the late 1980's I watched as my legal profession began adopting the goal of "maximizing billable hours". That change in basic philosophy resulted very quickly in lawyers putting their own interests ahead of their clients' interests. By the middle of the 1990's, my beloved legal profession had been ruined.
    In similar fashion, probably beginning in the early 1990's, the corporate world, led by America, changed the basic philosophy of companies to the sole, narrow goal of "maximizing shareholder value". This has allowed the boardrooms to abandon any loyalty to the employees or to the communities, and to ship jobs offshore, all for the reason of increasing profits to share among the shareholders (and it also led to the practice of huge bonuses for the bigwigs). As a result, in my opinion, corporate America has been ruined, just like my legal profession.
    As far as I am concerned, America and most of its people will continue to head into widespread poverty until the basic corporate philosophy is amended. The new American corporate goal should be something like "manage the corporation to balance the interests of the shareholders, the employees, the communities in which the factories and offices dwell, and America as a whole". Without such a change, the gulf between rich and the rest of America will continue to widen until some sort of revolution completely wrecks America.

  6. SUN had a story on Vegas lawyer glut...

  7. mschaffer (Mark Schaffer), I held my nose and voted for Sharon Angle for Senate, and not because she was a good candidate or because I felt she would make a good Senator. I am at the point where, in elections, I simply refuse to vote for the guy or gal in office. They all choose to participate in a corrupt system where lobbyists simply trade their money, influence and support for legislation they want. Harry Reid, John Ensign, Dean Heller, Shelly Berkley and all the others participate as well. I will not buy the crap that both parties offer up 'that the other side is worse'. We cannot afford to play that game anymore - things are too bad now. If we leave people in more than one term, they WILL BE CORRUPTED - I guarantee it!


  8. FromBelleviewCanada, That is one of the better explanations as to what has happened here. It is not only big corporations, the legal profession and many other businesses and professions, it is rampant down to the individual. It is simply GREED. I want mine and I want as much as I can get whether it is fair or it hurts others or not. It is destoying the country I love and that is very sad. I don't have a solution except to watch things devolve but try to maintain my principals through it all. May GOD help us all.


  9. More liberal class warfare--nothing wrong with being rich--the rich do not make the middle class poor. This is not a zero sum game in which robbing the rich of their wealth will make the poor less poor. Teaching the poor how to produce and save is what will make America a better place--lifting new people up, while allowing others who have eanered wealth to keep it is the best policy. What liberals fail to get is that we are dealing with the potential for an expanding pie in which everyone has the potential to create and keep more--not a fixed amount which has to be redistributed around by takng away from earners.

  10. dipstick (dennis williams), I said I held my nose and I did. It probably also gave me a headache to vote for Angle. That said, it was and is a 'lead pipe cinch' that Harry Reid will continue to sell the middle class down the river, make himself and his family wealthy, do exactly what the far left part of the Democrat party wants done and worst of all, he will continue to participate in and further the corrupt system that exists between lobbyists for powerful interests and our representatives that are supposed to be looking out for us. It was a heck of a choice - Angle, who obviously wasn't ready for prime time and Reid, who is part of the corrupt Congressional system.


  11. Wait until the shoe drops on Universities. There are not enough wealthy to support a large percentage of them along with their high salaried faculty and upper administrations.