Americans overwhelmingly think the game is rigged. They turn on their televisions at night and see the news, and none of the policies being spewed out benefit them. Government for the people, by the people died a long time ago. In fact, most politicians spend a majority of their time demonizing the very constituents that vote them in.
A new Pew Research survey is out and it shows that 7 in 10 Americans think that banks and corporations benefit the most from US economic policies. And it is hard to disagree with them. Sure, you can tout the NFP headline print all you want. Flip the page and read the internals. Part-time jobs in low wage industries.
Meanwhile, Wall Street and the banks get their QE high continued into perpetuity. Ignore the taper talk emanating out of the Fed presidents today. We have seen that all summer, and what happened? Here’s a hint. That $85 billion is still flowing.
If trickle down economics was a real economic theory, most Americans should have seen a benefit from the thirty years it has been pushed. Maybe next year, right guys?
Lets take a look at the internals of the Pew Survey.
Less than a third of those polled say policies enacted by the government following the recession have helped the poor, middle class or small business. More than 70% believe the policies have done little or nothing for the poor. 71% believe the same thing for the middle class and 67% for small businesses.
Look at how those polled answered when the question was asked about wealthy people, large companies and large banks. 59% believe policies helped a great deal or a fair amount for wealthy people. That shoots higher to 66% for large corporations and 68% for large banks.
The latest views from Americans haven’t changed too much since they were asked by Pew Research back in 2010.
Many Americans are working two jobs to make ends meet. It’s hard for them to feel anything but loathing for Wall Street. While Wall Street frets about what happens when the Fed turns off the money hose, everyday Americans are just trying to have enough food on their table.