US Government Policy Increases Income Inequality

[From article]
The federal government encourages the massive illegal and legal immigration that plays a huge role in job scarcity and income suppression for American workers. To paraphrase Milton Friedman, a viable economy cannot exist with open borders and unrestricted immigration. An oversupply of workers willing to work for less pay, the outsourcing of jobs, and visa-immigrant hiring allow companies to replace American workers with immigrants for reduced labor and benefit costs. A well-known example is that of Disney IT workers who were forced to train their cheaper immigrant replacements. It is no coincidence that the rise in immigration has occurred simultaneously with the rise of the welfare state. People unemployed, or in low-wage and part-time jobs, rely on government subsidies. The result is larger national debt, more corporate wealth, and declining wages.
[. . .]



This government-driven, crony-capitalist economy defined by job scarcity and wage stagnation is the reason college graduates are burdened by $1.3 trillion debt, living with parents, can’t afford to marry or buy homes, and working as waitresses and bartenders. Job scarcity and low wages are the reasons we’re becoming a nation of renters rather than homeowners. They are the reasons that 51 percent of workers earn less than $30,000 a year. They are the reasons for the demise of the middle class and the burgeoning welfare rolls, the modern-day equivalent of slavery.
[. . .]
Income inequality and its devastating consequences are seldom mentioned on the nightly news. The media and bogus government statistics paint rosy pictures about economic recovery, and government masks the bad economy with welfare so that we don’t see Great Depression bread lines. But the only recovery has been in the Federal Reserve’s inflated stock market,
[. . .]



The political implications of income inequality are most evident in the increasing rise and entrenchment of career politicians, supported by big donor funding and media favoritism. The integrity of the electoral process is endangered as election propaganda, funded by big money and hyped by corporate media bias, become more prominent in spreading lies, distortions, and innuendos to the voting public. Unrestricted campaign funding has given the moneyed elites first access to elected officials. At the same time, private-sector unions, small businesses, and citizens find their influence dwindling or irrelevant. This crony capitalism, resembling dictatorships and communist oligarchies, seriously threatens our democracy because money, power, and media control are consolidated in the hands of a few at the top. Voter apathy prevails, as voters feel increasingly powerless to change the course of events.
The United States, a once great economic powerhouse and the largest creditor nation, has become the largest debtor nation, and is fast becoming a banana republic. Past and present elected authorities and public officials have stripped bare our industries, put the nation under a mountain of debt, and turned the U.S. into a welfare depository. Government leaders have intentionally failed to protect our borders, jobs, and freedoms. These public “servants” and the wealthy elites have garnered riches for themselves, and purposely impoverished citizens and future generations. The greatest threats to our economy and national security are not foreign countries or terrorists; they are the enemies inside, corrupt government leaders and the money masters they serve.

http://www.americanthinker.com/articles/2015/11/the_causes_of_income_inequality.html

November 3, 2015
The Causes of Income Inequality
By Catherine Sellers

Milton Friedman, A Small Giant of A Man

[From article]
Friedman explained to fellow economists in the 1950s that “theory is to be judged by its predictive power for the class of phenomena which it is intended to ‘explain.’” He rejected ideas that worked in smart men’s heads but failed in working men’s lives.
[...]
Friedman came from the real world. So did his economics.
[...]
“He made arguments that people found hard to answer. He made them politely, and without implying that the people who disagreed with him were stupid or wicked.”
[...]
Friedman embodied the Aristotelian wisdom: “Where both are dear, it is right to prefer truth to friends.” Good ethics proved a good career move. When honesty talks, people listen.

http://www.city-journal.org/2012/eon0731df.html

DANIEL J. FLYNN
Monetarism and the Man
Remembering Milton Friedman on his 100th birthday
31 July 2012

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Milton Friedman
From Rahway, NJ


http://michellemalkin.com/2012/07/31/celebrating-milton-friedman-at-100/

Celebrating Milton Friedman at 100
By Michelle Malkin
July 31, 2012

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http://www.nationalreview.com/articles/312648/milton-friedman-s-centenary-thomas-sowell


JULY 31, 2012 12:00 A.M.
Milton Friedman’s Centenary
He was converted by his own research, analysis, and experience.
By Thomas Sowell

Friedman Predicts the Destruction of the Dollar
(Human Events.com)


The late, great Milton Friedman in his classic book prophetically revealed how Obama's reckless monetary policies will cause hyperinflation and destroy our nation

Everything Barack Obama, the Federal Reserve, and Congress are doing was predicted in startling detail almost two decades ago by a famous Nobel Prize-winning economist.

His name was Milton Friedman.

Though he passed away in 2006, in his prophetic book, Friedman showed how, facing massive deficits, the U.S. government would dramatically increase the money supply; why foreign countries would stop buying our debt; how the Fed would start buying our Treasury bills; and why this would call cause massive inflation.

He even predicted that our officials would claim inflation was no problem at all.

Amazingly all of this is coming to pass!

Make no mistake about it — the Obama administration is embracing massive inflationary deficit spending.

In just a few months, Barrack Obama has more than doubled the U.S. money supply...committed the government to nearly $24 trillion in new spending . . . and warned the American people to expect trillion-dollar deficits for the foreseeable future.

While the media has been falling over itself to praise Obama's "bold initiatives," the question no one has been asking is, "Where is all of this money coming from?"

Decades ago, Milton Friedman answered these questions clearly and precisely in his insightful — and very topical book, Money Mischief: Episodes in Monetary History.

In Money Mischief, Friedman even warned that the coming inflation could "destroy" our country.

Here's what he wrote: "Inflation is a disease, a dangerous and sometimes fatal disease that, if not checked in time, can destroy a society." (Money Mischief, Page 191)

You see the end result of that process in countries like Zimbabwe today, where prices double every day, and it now takes a $10 billion Zimbabwe note to buy a single loaf of bread - assuming you can find one.

Could America suffer the same fate? Friedman wrote ominously, "The Fate of a Country Is Inseparable From the Fate of Its Currency."

Even Warren Buffett recently admitted on CNBC that the only way for the U.S. to solve it's woes was to inflate the currency.

There is little doubt that Obama's massive deficit spending will doom the dollar and our economy.

You need to find out what is really happening to our economy and your wealth and get a copy of Milton Friedman's pathbreaking book, Money Mischief.

Its insights are so relevant and shocking — it reads like it was just published for our times!

Friedman also tells how the U.S. and the West could still avoid hyperinflation, even with unbacked paper currency.