Wednesday, November 24, 2010

Corporate Profits Were the Highest on Record Last Quarter


Just keep this in mind the next time you hear some (rich) asshole in Washington telling us "we" all need to "live within our means", or "tighten our belts". The politics of austerity, as we know, is based on the false premise that we live in a condition of scarcity. But, and correct me if I'm wrong here, I have a hard time seeing how "our" condition is one of scarcity when the ruling class is able to appropriate "profits at an annual rate of $1.659 trillion".

Make no mistake where the battle lines are drawn here: Obama and the Democrats are already pushing to extend ruling class tax giveaways while imposing harsh austerity on the rest of us. Their disagreements with the Republicans are over marginalia. Their operating assumptions are identical: privatize the profits and wealth, socialize the risks and fall-out.

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