19 Statistics Indicate Corporate America Has Destroyed America’s Economy

OP-ED NEWS

September 29, 2010


By William Cormier

There are 19 statistics that indicate America’s economy may never recover and it is evident that Corporate America has delivered a death knell to our Middle-class and the entire economy. The facts you will read in this post represents irrefutable evidence that Corporate America has been busy dismantling our economy for years with the help of corrupt politicians in Washington. They have also compromised national security.

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The first time I read about these gruesome facts was at a Blog called The Economic Collapse. Today, I noted that an identical spread also appeared on the Business Insider Select. Ninety-eight percent of the material appeared to have been written by the Business Insider which provided some interesting commentary on these issues, and while I don’t agree with all of their opinions I believe that it’s worth critiquing their assessment of our terrible decline in manufacturing and what the effect will be on our overall economy and way of life. The facts you will read in this post represents irrefutable evidence that Corporate America has been busy dismantling our economy for years and they knew that it would result in the utter destruction of our economy. (Corporate America could not have accomplished this without the tacit approval and direct help from our Congress and Presidency.) Businesses and corporations insist that they had a duty to increase profits for their shareholders, even if it came at the expense of our economic destruction and significantly reduced our national security. There is also compelling evidence that a huge amount of this “deindustrialization” and dismantling of our economy gained momentum during President Bush’s criminal Presidency, and I will vividly illustrate how these actions have significantly imperiled our national security. [Read more…]

An American in Holland

The New York Times Magazine

airplanesunset

May 3, 2009

Going Dutch

PICTURE ME, IF YOU WILL, as I settle at my desk to begin my workday, and feel free to use a Vermeer image as your template. The pale-yellow light that gives Dutch paintings their special glow suffuses the room. The interior is simple, with high walls and beams across the ceiling.

The view through the windows of the 17th-century house in which I have my apartment is of similarly gabled buildings lining the other side of one of Amsterdam’s oldest canals. Only instead of a plump maid or a raffish soldier at the center of the canvas, you should substitute a sleep-rumpled writer squinting at a laptop.

For 18 months now I’ve been playing the part of the American in Holland, alternately settling into or bristling against the European way of life. Many of the features of that life are enriching. History echoes from every edifice as you move through your day. The bicycle is not a means of recreation but a genuine form of transportation. A nearby movie house sells not popcorn but demitasses of espresso and glasses of Dutch gin from behind a wood-paneled bar, which somehow makes you feel sane and adult and enfolded in civilization.

Then there are the features of European life that grate on an American sensibility, like the three-inch leeway that drivers deign to grant you on the highway, or the cling film you get from the supermarket, which clings only to itself. But such annoyances pale in comparison to one other. For the first few months I was haunted by a number: 52. It reverberated in my head; I felt myself a prisoner trying to escape its bars. For it represents the rate at which the income I earn, as a writer and as the director of an institute, is to be taxed. To be plain: more than half of my modest haul, I learned on arrival, was to be swallowed by the Dutch welfare state. Nothing in my time here has made me feel so much like an American as my reaction to this number. I am politically left of center in most ways, but from the time 52 entered my brain, I felt a chorus of voices rise up within my soul, none of which I knew I had internalized, each a ghostly simulacrum of a right-wing, supply-side icon: Ronald Reagan, Jack Kemp, Rush Limbaugh. The grim words this chorus chanted in defense of my hard-earned income I recognized as copied from Charlton Heston’s N.R.A. rallying cry about prying his gun from his cold, dead hands.

And yet as the months rolled along, I found the defiant anger softening by intervals, thanks to a succession of little events and awarenesses. One came not long ago. Logging into my bank account, I noted with fleeting but pleasant confusion the arrival of two mysterious payments of 316 euros (about $410) each. The remarks line said “accommodation schoolbooks.” My confusion was not total. On looking at the payor — the Sociale Verzekeringsbank, or Social Insurance Bank — I nodded with sage if partial understanding. Our paths had crossed several times before. I have two daughters, you see. Every quarter, the SVB quietly drops $665 into my account with the one-word explanation kinderbijslag, or child benefit. As the SVB’s Web site cheerily informed me when I went there in bewilderment after the first deposit: “Babies are expensive. Nappies, clothes, the pram . . . all these things cost money. The Dutch government provides for child benefit to help you with the costs of bringing up your child.” Any parents living in the country receive quarterly payments until their children turn 18. And thanks to a recently passed law, the state now gives parents a hand in paying for school materials.

Payments arrive from other sources too. Friends who have small children report that the government can reimburse as much as 70 percent of the cost of day care, which totals around $14,000 per child per year. In late May of last year an unexpected $4,265 arrived in my account: vakantiegeld. Vacation money. This money materializes in the bank accounts of virtually everyone in the country just before the summer holidays; you get from your employer an amount totaling 8 percent of your annual salary, which is meant to cover plane tickets, surfing lessons, tapas: vacations. And we aren’t talking about a mere “paid vacation” — this is on top of the salary you continue to receive during the weeks you’re off skydiving or snorkeling. And by law every employer is required to give a minimum of four weeks’ vacation. For that matter, even if you are unemployed you still receive a base amount of vakantiegeld from the government, the reasoning being that if you can’t go on vacation, you’ll get depressed and despondent and you’ll never get a job.

Such things are easy for an American to ridicule; you don’t have to be a Fox News commentator to sneer at what, in the midst of a global financial crisis, seems like Socialism Gone Wild. And stating it as I’ve done above — we’ll consume half your salary and every once in a while toss you a few euros in return — it seems like a pretty raw deal.

But there’s more to it. First, as in the United States, income tax in the Netherlands is a bendy concept: with a good accountant, you can rack up deductions and exploit loopholes. And while the top income-tax rate in the United States is 35 percent, the numbers are a bit misleading. “People coming from the U.S. to the Netherlands focus on that difference, and on that 52 percent,” said Constanze Woelfle, an American accountant based in the Netherlands whose clients are mostly American expats. “But consider that the Dutch rate includes social security, which in the U.S. is an additional 6.2 percent. Then in the U.S. you have state and local taxes, and much higher real estate taxes. If you were to add all those up, you would get close to the 52 percent.”

But to ponder relative tax rates is only to trace the surface of a deeper story.

MORE:: ——>The New York Times Magazine

Goldman Sachs Tax Rate Drops to 1%- From 6 Billion to 14 Million

By Christine Harper Dec. 16

(Bloomberg)

delayed

Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007. The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.

Goldman Sachs, which today reported its first quarterly loss since going public in 1999, lowered its rate with more tax credits as a percentage of earnings and because of “changes in geographic earnings mix,” the company said. The rate decline looks “a little extreme,” said Robert Willens, president and chief executive officer of tax and accounting advisory firm Robert Willens LLC. “I was definitely taken aback,” Willens said. “Clearly they have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.” U.S. Representative Lloyd Doggett, a Texas Democrat who serves on the tax-writing House Ways and Means Committee, said steps by Goldman Sachs and other banks shifting income to countries with lower taxes is cause for concern. “This problem is larger than Goldman Sachs,” Doggett said. “With the right hand out begging for bailout money, the left is hiding it offshore.” In the first nine months of the fiscal year, Goldman had planned to pay taxes at a 25.1 percent rate, the company said today. A fourth-quarter tax credit of $1.48 billion was 41 percent of the company’s pretax loss in the period, higher than many analysts expected. David Trone, an analyst at Fox-Pitt Kelton Cochran Caronia Waller, expected the fourth-quarter tax credit to be 28 percent. The tax-rate decline may raise some eyebrows because of the support the U.S. government has provided to Goldman Sachs and other companies this year, Willens said. “It’s not very good public relations,” he said.

General Barry McCaffrey Exposed For The Ultimate Spineless Shill That He Is

THE NEW YORK TIMES

November 30, 2008

One Man’s Military-Industrial-Media Complex

In the spring of 2007 a tiny military contractor with a slender track record went shopping for a precious Beltway commodity.

The company, Defense Solutions, sought the services of a retired general with national stature, someone who could open doors at the highest levels of government and help it win a huge prize: the right to supply Iraq with thousands of armored vehicles.

Access like this does not come cheap, but it was an opportunity potentially worth billions in sales, and Defense Solutions soon found its man. The company signed Barry R. McCaffrey, a retired four-star Army general and military analyst for NBC News, to a consulting contract starting June 15, 2007.

Four days later the general swung into action. He sent a personal note and 15-page briefing packet to David H. Petraeus, the commanding general in Iraq, strongly recommending Defense Solutions and its offer to supply Iraq with 5,000 armored vehicles from Eastern Europe. “No other proposal is quicker, less costly, or more certain to succeed,” he said.

Thus, within days of hiring General McCaffrey, the Defense Solutions sales pitch was in the hands of the American commander with the greatest influence over Iraq’s expanding military.

“That’s what I pay him for,” Timothy D. Ringgold, chief executive of Defense Solutions, said in an interview.

[Read more…]

President-Elect Barack Obama’s Press Conference | Dec 1 2008

Part Two

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