Tom Woods: Why the corporate bailouts and not us?
How did we get here where the wealthy get all of the financial help and the regular citizens get nothing?
The wealthy get free handouts while the middle class has to pay any federal assistance back out of tax refunds next year. It kind of starts when Nixon went to China to open up trade and progress towards democracy. The Chinese took us up on the trade deals as U.S. corporations and their wealthy owners saw a gigantic hypodermic syringe full of money and as they act just like heroin addicts, they demand immediate results at any cost.
What China didn’t do is become more democratic. Then Reagan cut the taxes on the wealthy from 70% to 24% so they could really avoid paying their fair share. With much more money to play with, these corporations did their best to end unions and any high-paying jobs … the march to the lowest paid workers was on. Reagan also gave a citizenship to Rupert Murdoch, a right wing Australian who burdened us with Fox News. Along with this Reagan got rid of the Fairness Doctrine that made news shows present both sides of political parties/issues.
If that wasn’t enough, Reagan taxed the Social Security program taxing the lower levels of American society while making the wealthy pay into SSI up to $100,000 and no more. The wealthy turned their backs on USA workers seeking the cheapest labor, like Boeing getting rid of airplane engineers in Washington and preferring any engineers off shore. The latest result of this was two 737 Max jets crashing due to engineering that said, “One sensor is good enough to determine level flight.” That one sensor failed and they crashed. Boeing also said it was a waste of money to have foreign flight crews spend more time in a simulator to master new flight procedures like the ones that caused the crashes. Boeing moved the corporate home from Seattle to Chicago for the only reason that they didn’t like Boeing workers protesting in their wealthy enclaves east of Seattle.
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This is an example of corporate cost cutting was just for paying obscene payments to the CEO, board members and stock holders, not equipment improvement, safety issues and a rainy day fund.
PG&E has the same corporate gang called board of directors that wander from company to company without specific skills other than cashing big checks. PG&E did the same as Boeing — taking government bailouts after the Bush recession and giving themselves financial pats on the back while spending the bare minimum on equipment and safety issues.
Now we are in a global pandemic and the government stabilization plans are bogged down with Republican demands for bail outs of the cruise ship, airline and other corporations/companies. These entities made money from being moving petri dishes (cruise ships) that spread the pandemic wider and they were bailed out after the Bush recession … again giving the money to the CEOs, board of directors and share holders — not sick workers who manned their ships/planes. Giving the citizens of the USA $1,000 to $2,000 to spend will have a larger effect on business than giving to CEOs any money as they just hold onto the money, whereas the citizens will be spending it at the local level.
This brings us the present pandemic that at a basic level was caused by this giveaway of intellectual property and factories by USA corporations to China. The United States has no factories for making penicillin/other important drugs as they have been moved to China by greedy corporations.
Add to that China has food industries that create new diseases by mixing pigs and ducks for food, which is perfect for new flu like diseases. If that isn’t enough, the Chinese have a desire to eat just about anything including bats that adds another level of disease creation. The flood of products coming from China add to the disease possibilities back here. All of this is just for USA corporations to make more money … by eliminating
USA jobs and factories. These corporations do not get that the less money workers in the USA get, the less they spend on corporate created stuff.
Just today China is sending PPE to the USA because the wealthy of the USA sent all of the factories making PPE to China. Dictatorial China is bailing us out? The wealthy act like heroin addicts where there is never enough for these traitors. This is while Fox, Newsx, “Brietfart” and other conservative news outlets beat the drum of “hate immigrants” who take your jobs while never mentioning that China and USA corporations work tirelessly to rid the USA of livable wages? White “SUBpremists” scream about lost jobs to immigrants … like slaughter house work, picking fruit, yard work and taking care of children — like White SUBpremists ever worked in these jobs at any time.
We are here because of runaway corporate greed and CEOs who act as if there is never enough for them, and screw the rest of American citizens. The only financial bailout that hasn’t been used is “trickle up,” where all regular citizens making less than $75,000 get $15,000 with no payback, no strings, like corporations have received in earlier bailouts. The corporations would still make a lot of money but they would have to actually work for the money, not expect bought off legislators to just give it to them.
Tom Woods lives in Rough and Ready.
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