Saturday, September 17, 2011

Bloomberg Says Rise in Poverty Could Cause Riots

NYC Mayor Michael Bloomberg thinks we could see riots here due to economic inequity. As Sarah Palin likes to say, You Betcha. There are 46 million people in poverty. I can't get that out of my head. That's 46 million families of four trying to live on $22,000. If that isn't a wake up call, I don't know what is. Also, one of the things that companies could do to set this economy back on track is to give a raise to  those people who are working. But right now, companies have the upper hand because republicans have the upper hand. It's looking like we'll be seeing a republican president -- either the guy that thinks government should be run like a business or the guy who wants to dismantle government.
Apparently, there is a protest against capitalism on Wall Street today.
Also, this is all I'll say about Solyndra, business and republicans preach capitalism, but they're always at the ready for a government handout. What's the difference between tax subsidies for oil companies and loan guarantees for Solyndra? But whoever at the White House thought it was a good idea to back a failing company was out of their gourd.

Speaking on WOR-AM radio Friday, Bloomberg, an Independent, said the inability to find work carries the risk of increasing social unrest.

"You have a lot of kids graduating college can't find jobs," Bloomberg, The New York Times reported Saturday. "That's what happened in Cairo. That's what happened in Madrid," he continued, referring to the uprising that overthrew President Hosni Mubarak of Egypt and the more recent protests against the Spanish government's austerity measures. "You don't want those kinds of riots here." IB Times
For the record, for the foolish who have fallen for all of the republican propaganda, Obama didn't cause the job losses. Only job gains, as small as they have been, have happened on Obama's watch:
The record bears Bloomberg out. The bulk of the job losses in the 2007-2009 recession occurred in the early phase of the recession -- or were lay-offs stemming from what was then a President George W. Bush-led economy that had slowed massively in 2008 due to the bursting of the U.S. housing bubble. In other words, the bulk of the lay-offs stemmed from an economic collapse in 2008, and it meant that the next president, whomever it was, in 2009 would inherent Bush's job lay-off legacy. IB Times