NYT Fake News Calls Main Street Economic Collapse the Biden Boom
by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)
What the Times calls “the Biden boom” ignores joblessness affecting over one-fourth of working-age Americans — a dismal state exceeding the worst of the 1930s Great Depression.
No US economic boom exists or is in prospect.
While America’s privileged 1% never had things better, ordinary Americans face protracted made-in-the-USA Main Street Depression conditions.
Days earlier, Americans for Tax Fairness (ATF) reported the following:
Since early 2020, America’s billionaires became “$1.3 trillion richer.”
Their collective wealth increased to $4.2 trillion as of March 10 — based on ATF and Institute for Policy Studies (IPS) data.
Over the past year, “43 newly minted billionaires” joined the ranks of hundreds of others in the US — their numbers now at 657, America’s aristocracy.
According to ATF’s executive director Frank Clemente:
“It’s been a full year now of illness, unemployment, and insecurity for tens of millions of Americans—but 12 months of incredible wealth growth for the nation’s billionaires.”
IPS Program on Inequality director Chuck Collins added:
“(O)bscene gains of wealth (over the past year of the hardest of hard times on Main Street) prove that our economy is clearly designed for billionaires to profit, while millions suffer.”
Collins’ forthcoming book is titled: “The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions.”
ATF explained that “(u)nder current tax law, none of the billionaires’ $4.2 trillion in wealth will be taxed during their lifetimes, unless the underlying assets are sold at a gain.”
By “aggressive tax dodging,” most of their wealth will be passed on to heirs.
If “Ultra-Millionaire Tax Act” legislation proposed by a handful of House and Senate members is enacted, it would raise about $3 trillion in revenue over a 10-year period.
It would make the US super-rich pay their fair share.
Chances for what should become the law of the land — along with tax cuts for low-and-middle income Americans — most likely won’t because most congressional members support privileged interests exclusively over beneficial social change.
It’s been this way for the past half century with nothing in prospect to change things.
Yet NYT propagandist Tom Friedman absurdly called $1.9 trillion stimulus enacted into law a “rescue (plan for) the poor (sic)” and a boon for “the private sector to start new companies and create more good jobs (to) boost living standards (sic).”
It’s a short-term bandaid, not a boon for ordinary Americans.
Nor will it “create more good jobs,” stimulate economic growth, or “supercharge” it.
A “Biden boom” applies to Wall Street, not Main Street.
America’s privileged class will keep benefitting at the expense of exploited ordinary Americans.
It’s notably been this way since the neoliberal 90s.
There’s nothing remotely democratic about empowered undemocratic Dems.
Diabolical Great Reset aims are all about greater exploitation of ordinary Americans and others abroad than already — along with elimination of free and open societies, tyranny replacing them.
On Tuesday, Michael Snyder’s Economic Collapse blog reported the following:
While super-wealthy individuals “are reveling in…giant mountains of money,” the US is “coming apart at the seams.”
For over a year, around a million jobless Americans applied for unemployment help weekly.
“(P)overty is absolutely exploding all around us, and crime rates are shooting higher at an unprecedented rate.”
Snyder cited a study that showed murder rates in 34 large US cities rose on “average 30% (year-over-year by) in 2020, adding:
“In some areas, carjackings, robberies, shootings, sexual assaults and violence have become so common that it seems like the crime literally never stops.”
In downtown Chicago where I live, it’s unsafe to be out at night alone — though police patrol main thoroughfares in the immediate vicinity of my residence round-the-clock, not side streets.
Three months into the new year, things are worse than in 2020.
Main Street crime, poverty, and unemployment booms exist, not what the Times called a “Biden boom,” according to its twisted perversion of reality.
Looking ahead, things are far more likely to worsen than improve.
The nation I recall as a boy, adolescent and youth no longer exists.
The land of opportunity I and my peers enjoyed is gone.
Worsening dystopian harshness replaced it.
Boom conditions apply only to the nation’s privileged class, especially its super-rich — while Main Street gets increasingly desolate.
Don’t expect the NYT or other establishment media to ever set the record straight.
They feature mind-manipulating mass deception rubbish — truth and full disclosure banned in their reports.
VISIT MY WEBSITE: stephenlendman.org (Home – Stephen Lendman). Contact at email@example.com.
My two Wall Street books are timely reading:
“How Wall Street Fleeces America: Privatized Banking, Government Collusion, and Class War”
“Banker Occupation: Waging Financial War on Humanity”