Saturday, May 23, 2009

Trickle down poverty

Today the Bloomberg News released an article about the impact of people moving from six figure high powered job to working menial jobs for low pay. This trend has been going on for years, but only once it started to hit the big earners did it get any attention. Back when the factories were being moved to Mexico by GM and Ford in the Eighties the talking heads in the media said it would be a blessing for the American consumer to have cheaper cars. Well first came the cars, then every manufactured good, and suddenly there is no need to financial workers here because all of the wealth is leaving the country. Shocker of the year, I know. Of course these same people who move their addresses to Switzerland and the Cayman Islands to avoid paying taxes sure don't renounce their citizenship to also stop enjoying the protection of the military that everyone else's tax are paying for.

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