Trumped! Why It Happened And What Comes Next

By David Stockman – Re-Blogged From Stockman’s Contra Corner

Donald Trump’s patented phrase “we aren’t winning anymore” lies beneath the tidal wave of anti-establishment sentiment propelling his campaign and, to some considerable degree, that of Bernie Sanders, too.

As we demonstrated in Part 1, what’s winning is Washington, Wall Street and the bicoastal elites. The latter prosper from finance, the LA and SF branches of entertainment ( movies/TV and social media, respectively) and the great rackets of the Imperial City—including the military/industrial/surveillance complex, the health and education cartels, the plaintiffs and patent bar, the tax loophole farmers and the endless lesser K-Street racketeers.

But most of America’s vast flyover zone has been left behind. Thus, the bottom 90% of families have no more real net worth today than they had 30 years ago and earn lower real household incomes and wages than they did 25 years ago.

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The Holiday Buying Season

cropped-bob-shapiro.jpg   By Bob Shapiro

When I first started working, the maximum yearly salary which required a FICA deduction was $4,800. (Yes, I’m old – don’t make fun.) Once you reach the maximum earnings, FICA deductions end for the year, and you get a bump up in your take home pay. (The Consumer Price Index (CPI) today stand more that 7 times as high as in 1966.)

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