A while back someone wrote to me to say that if the minimum wage were not lowered, the country would be at risk of "trickle-up poverty." Historically, that has never been known to happen, not ever in all recorded history. Be that as it may, I am wondering what everyone thinks of today’s piece in Bloomberg News:
Wall Street Sees Record Revenue in Recovery From Bailout
Even though the minimum wage, a wage below what anyone can support a family on in this country, was not lowered, the folks on top don’t seem to be doing too badly. On the other hand, the rest are still struggling. One indication of that is that nation wide foreclosure rates are reported to be rising, taking down the homes of people who have substantial equity in them.
Interestingly, the fiscal-hawks on both sides of the aisle, those who denounced anything that increased the federal deficit are, for the most part, supporting these deficit-increasing tax cuts even though history has shown they do little or nothing to stimulate the economy.