Cain's - Don't Blame Wall Street Message

In early October 2011 Mitt Romney called the Occupy Wall Street protests ‘class warfare’ while Herman Cain called the protesters ‘Un-American’, ‘jealous Americans playing the victim card’ and said they are protesting the wrong people. Cain went on to say businesses had to cut positions because they have to serve their stockholders by making a profit and “Wall Street did not put in these failed economic policies, don’t blame Wall Street, don’t blame the big banks, if you don’t have a job and you’re not rich, blame yourself.” Cain was right in that Wall Street did not implement the failed policies (they did and continue to lobby for them) but remember that Romney wants to repeal the Dodd-Frank Act that stops them.

On October 26^th while CEOs got multi-million dollar bonuses it was reported that the expenses for the middle class rose: health insurance - up 155%, housing - 56% and education - 43% (total increase 254%) while their income rose 40% and they paid an average of 33% in taxes. On the other hand, the rich people’s income grew 275% and using loopholes they paid about 17% in taxes (Romney paid less). With all this inequity the US level of poverty is at 15%. Time magazine (October 31, 2011) reported that 1% of Americans earn an average of $1,530,773 a year and if you make less than this, you are in the 99 percentile. On August 16, 2012 it was reported that in 2011, 26 companies paid their CEOs more than the company paid in federal taxes (don’t forget Romney gave millions of tax free dollars to the Mormons in 2010). Romney brought this issue up in his convention speech, making it sound like Obama’s fault. The only thing that governs cost increases and wage differentials are greed, a Christian sin that seems unimportant to our hypocritical Republicans. 

 

Recent polls show the presidential race neck in neck. Since I truly don’t understand how this could be possible with the fact the rich people’s income rose 687.5% more than that of the middle class, I can only come to the conclusion that Herman Cain was right when on October 28, 2011 he called the American voters stupid.