As The Obamas And The Ultra-Wealthy Live The High Life Most Americans Are Going Through Economic Hell

Barack Obama recently made the following statement to American families that are struggling to survive in this economy: “If you’re a family trying to cut back, you might skip going out to dinner, or you might put off a vacation.” A few days after making that statement Obama sent his wife and children off on yet another vacation, this time to a luxury ski hotel in Vail, Colorado.  But the Obamas are not the only ones enjoying the high life.  Wealthy corporate executives and greedy Wall Street fatcats insist that profit margins are too tight to hire more American workers, and yet sales of luxury cars, private jets and vacation homes are soaring.  Meanwhile, most American families are going through economic hell right now.  In 2010, more Americans than ever before were living below the poverty line.  Over 4 million Americans have been unemployed for more than a year, and over 5 million Americans are at least two months behind on their mortgage payments.  As the Obamas and wealthy corporate executives jet off to fancy ski resorts, half of all American workers are earning $505 or less per week and 55 percent of American families are living paycheck to paycheck.  Something is very wrong with this picture.

So is there anything wrong with working hard and enjoying the fruits of success?  Of course not, as long as it was done honestly and not on the backs of the American taxpayers.  But the truth is that many of the corporate executives that are enjoying luxury vacations right now would not even have companies to run if the American taxpayers had not stepped in and bailed them out during the financial crisis.  Thanks to the U.S. government and the Federal Reserve, Wall Street bankers and top corporate executives are once again enjoying bonuses that most of us would consider obscene.

Meanwhile, most of the rest of the country is suffering very deeply.

Over the past several decades, the biggest financial institutions and the biggest corporations have worked really hard to “fix” the rules of the game in their favor.  The truth is that our economy is no longer a “free market” capitalist system.  Rather, what we have now is more accurately described as “corporatism” or “neo-feudalism”.  The big corporations dominate almost everything, and whatever they don’t dominate the government does.

One of the key features of a “corporatist” system is that it tends to funnel all the wealth to the very top.

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1 Comment

  1. geo

    February 28, 2011 at 11:27 pm

    Is there anything different than we have seen from every leader in the USA, I remember pictures of RR playing golf on Air Force One

    1 John F. Kennedy Despite chronic back pain, averaged 80.
    2 Dwight D. Eisenhower Had a green outside the Oval Office.
    3 Gerald R. Ford Clumsy, but was a legitimate 80s-shooter.
    4 Franklin D. Roosevelt At 39, polio robbed him of a powerful golf swing.
    5 George H.W. Bush Once got his handicap down to 11.
    6 George W. Bush Outgoing prez is a capable 15-handicapper.
    7 Bill Clinton Can break 90, especially using his “Billigans.”
    8 Barack Obama The lefty plays more hoops than golf.
    9 Ronald Reagan Didn’t play often or well (best was low 90s).
    10 Warren G. Harding Struggled to break 95.
    11 William Howard Taft As hapless a golfer as he was a chief executive.
    12 Woodrow Wilson Played more than Ike but almost never broke 100.
    13 Richard M. Nixon He shot 79 once and quit the game.
    14 Lyndon B. Johnson Played with senators to secure votes for the Civil Rights Act of 1964.
    15 Calvin Coolidge When he vacated the White House, he left his clubs behin http://www.golfdigest.com/

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