David Stockman: Lack of Middle Class Jobs + Low Growth = "Alleged Recovery"

The 75% who pay 15% of income tax will continue to be a low priority for the federal gov, which needs tax dollars, not tax eaters. The only way this society is going to help the Middle Class is by growing the economy. FDR had the same problem in the 30s and solved it finally by becoming an economic dictator and going to war. Those that had jobs in the 30s earned more than they did in the Roaring 20s. See Johnson, Modern Times. The economy simply wasn't productive enough to employ everyone. What we need now is more production. It is growing and next year will see substantial growth, especially in its unreported component, which is its most dynamic. The 17% will be with us always, or at least for a few years.They are swelling its ranks. It aint nothing nice but as the homies say, it is what it is. If you are not satisfied with this, just let me know when you want me to take over.

I think I'd like to be the first member of the Stockman for President club.

He speaks the truth.

Please run, David.

Gotta love Stockman. Good old fashioned straight shooter.

To User- 3 below. I don't seperate them. When a dollar is earned it is added to our GDP, whether it is reported and taxed or not. Unreported, or underground, income is just as spendable as reported income. And probably more likely to be spent. Thankyou for asking. I have found that many don't understand this.

Of the 20 million illegal workers most do not pay state taxes except sales tax. They send 20 billion back to Mexico banks. They drain our health departments and schools.

Just say thanks for nothing

I think this guy truly gets it.

David ---- How do you separate the real economy from the "underground economy"? I mean, if you want to prove the importance of the "underground economy", surely you would be able to show how the two economies are mutually exclusive?

wake up. naked true. lies+lies+lies is all we get from goverment.

This is the result of globalization. If it were 1933 and we were bankrupt, I would know just what to do. The problem is that corporate large caps are now earning half their revenues abroad. Coke earns 90%. I predict that they will earn 60% next year. Our banks earn 25% of all corporate profits. They are intimately involved in this scheme. It's too late to turn back now, my homies. If we tried to deglobalise with tariffs and become a Festung Amerika, everything would come tumbling down. Corporate America and the top 25% pay all the taxes-virtually. We can't kill this goose by trying to do more for the havenotskies. I see them becoming more involved in an underground, unreported economy. I believe it will overtake the reported economy in a few years. Welcome to the Casbah.

I think we are past the tipping point...I see no hope for the middle and lower classes...the rich control things now....the great 250 yr "rule by the people" experiment has been finally totally beaten by the wealthy.....only aristocracy and sefdom from now on. But I'm not sad, I'm mad, and my hatred for the wealthy grows ever day. My vote means nothing, but my guns soon may....and having little left to lose or hope for...losing my own life means less.