The increasing gap between the American wealthy and the rest of the people continues to grow, as poverty does all over the world. There is a biblical saying, “ the meek shall inherit the earth,” another “the borrower is slave to the lender.” The meek have been borrowing far to much, but the laws have been written to make the rich richer. The meek will have a hard time finding peace now, just will inherit a world of debt.
Wall Street continues to boom, money manipulators are piling up fortunes like never before. The working people with lower incomes and retired people can’t even get a decent interest rate if they had money to save. Retired people who had savings put away earn very little interest income. The consumer driven economy, is growing as credit card debt builds up. Consumers live on borrowed money and the government continues to operate on borrowed money.
The state and federal lawmakers sell government property that was paid for by the taxpayer and then lease it back from their investor friends. The taxpayer ends up leasing property forever that they owned at one time. The Federal Reserve just prints more money so investors can buy more Treasury Bonds The only sure thing for the future looks like unsustainable debt.
The big banks were bailed out partly by the same consumer taxpayer who got ripped off by them. The banks got together and robbed the whole country with their crooked real estate business deals. Bank profits reach new highs almost every day from loans, fees, overdraft charges etc. The credit card companies seem to hand out credit cards to anybody with an address, regardless of their credit rating. Dead beats with pockets full of credit cards and fraudulent credit card purchases are overlooked.
The lawmakers have refused to regulate or rein in their wealthy supporters; instead they hand out food stamps and Medicaid to those moving into poverty income levels. That bubble is ready to burst too. The honest, bill paying, working people are getting mad as hell. They go to work and punch a time clock. Millions of them can’t afford decent health care or to feed their families beef, unless it is low grade hamburger. Those working people get a little upset when they check out of the grocery store. The shopper on food stamps might have his shopping cart full of steaks. That food stamp shopper probably qualifies for subsidized rent and Medicaid too.
The average personal income has seen its biggest drop in twenty years yet the shopper is expected to keep our consumer driven economy growing with credit cards. The nation will reach the point where our money will be worthless and inflation will rule the day. The lawmakers in Washington DC and most corporations could care less how the working man survives from day-to-day. Millions of high paying jobs have been outsourced and millions of foreign workers have been brought in to do low paying jobs.
When interest rates on savings are less than 1 percent the Federal Reserve is actually taxing, or taking away from the lower income and retired people. Every small organization, church, perpetual care fund, etc. depends on interest income from small CDs and saving accounts. They are all being robbed in today’s economy. Alan Greenspan and Ben Bernanke have kept interest rates near zero for almost twenty years. They give to the banks yet the banks pay the saver next to nothing. People saved in the past because they were mindful of their future security. Not many people today care about their future, or the future of the United States. Roughly three fourths of Americans are living from paycheck-to-paycheck today.
Usury laws were written years ago to protect the consumer, borrower and their futures. The credit card branches of the big banks made money the old fashioned way when they first started. They checked your credit and charged a fair rate of interest. The banks must have decided credit card profits were not growing fast enough in those early days. They got together and met with their lawmaking friends and got the usury laws changed. Our country has millions of people today paying the price for those usury law changes, millions more are living with a future of hopeless debt. In the 1970s, a large bank promised to move their credit card operations to the small state of South Dakota if that state would change its usury laws. The state’s legislature complied and the bank moved to South Dakota. The Supreme Court gave the deal their blessings. The results from those actions created huge credit card profits for that bank; other states soon did the same thing. That greedy move was the start of the debt-ridden, credit card-driven economy that we have today.
The growing wealth gap was designed years ago and seems to be working according to plan.