Saturday, October 29, 2011

Third-World Governance Means Third-World Economic & Social Status In America-By Harsha Sankar

January 2011

Dear Citizen,

America society is breaking apart. Millions of people have lost their jobs and fallen into poverty. Please review the stats:

1. 43 million now receive food assistance. No European Union nation humiliates its
disadvantaged citizens in the checkout line. Yet the rolls are growing. 6 million were added over the last year.

2. The chasm between the very rich and the poor has never been this big. A distant
second in income inequality would be the Great Depression era.

3. 72 million wage earners made $ 25,000 or less per year. One third of all Americans had zero dollars in a retirement account.

4. From 1950 to 1989 the top one percent earned roughly 7 to 8 percent of national
income. Today it is close to 20 percent.

5. While 42 percent of financial wealth is controlled by 1 percent, 3 million families have lost their homes in 2009 and real unemployment is well over 20 percent.

6. The bottom 80% control only 7% of financial wealth. With as many as 600,000 jobs
evaporating monthly, how many Wal-Mart shoppers of groceries are staring at the
spectacular gains of Wall Street private equity? How many coupon cutters will be impressed by the fact that ‘Banksters” received 10 trillion dollars from Federal Government in 2009?

7. Between 1979 and 2004, the after-tax income for the top 1 percent skyrocketed
176 percent, according to the Congressional Budget Office.

The bottom 20 percent managed a 6 percent gain.

Obviously the rich over getting richer and the poor are getting poorer. Anyone can arrive at that simplistic assessment. Yet when the median income for the Senate alone was an astonishing $2.38 million, how responsive will elected officials be if they are beneficiaries of a plutocratic status quo? No one begrudges anyone for becoming wealthy, provided they are freely creating wealth and value for others. Yet parasitism rules the day.

The American dream can be transitioned to living in a car with the loss of one pay check.

What America is witnessing is a common attribute of Latin America and that is the creation of a stunningly wealthy upper crust of society and the large working poor majority. The middle class and the entrepreneurial class are virtually non-existent.

So what is the solution? No one or no group should try to micromanage America
from this situation. America is headed for permanent third–world economic and social
status because America has third–world governance. While so many erroneously proclaim that cheaper labor of other nations is the culprit of America’s decline, Intel CEO Paul Otellini said 90% of additional costs is not due to higher labor rates, but from higher taxes and regulatory charges which other nations do not impose.

Same-hands governance is third world governance. Ban attorneys from office. Otherwise these obscene inequities will perpetuate cataclysmic events. One example is the Lehman Brother’s bankruptcy in September 2008. One billion dollars so far have been paid to attorneys, advisers, and bankers involved in litigation. Creditors continue to wait in the cue for their due.

BAR Imperialism is rotting the soul of America. Americans must reverse the decline.

Very Truly Yours,

Harsha Sankar
908 Valley Ridge Road
Covington,Virginia 24426

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