Mitt Romney, Parasite For President

The Article: Mitt Romney, American Parasite by Pete Kotz in The Village Voice.

The Text: James Sanderson had encountered a rare moment of industrial harmony.

It was the early 1990s, and the 750 men and women at Georgetown Steel were pumping out wire rods at peak performance. They had an abiding trust in management’s ability to run a smart company. That allegiance was rewarded with fat profit-sharing checks. In the basement-wage economy of Georgetown, South Carolina, Sanderson and his co-workers were blue-collar aristocracy.

“We were doing very good,” says Sanderson, president of Steelworkers Local 7898. “The plant was making money, and we had good profit-sharing checks, and everything was going well.”

What he didn’t know was that it was about to end. Hundreds of miles to the north, in Boston, a future presidential candidate was sizing up Georgetown’s books.

At the time, Mitt Romney had been running Bain Capital since 1984, minting a reputation as a prince of private investment. A future prospectus by Deutsche Bank would reveal that by the time he left in 1999, Bain had averaged a shimmering 88 percent annual return on investment. Romney would use that success to launch his political career.

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Bush On ‘Who Wants To Be A Millionaire’

The audience is stumped, too.

United States Standard Of Living Has Fallen By Half

The Article: U.S. Standard of Living Has Fallen More Than 50%: Opinion by Jeff Nielsen in The Street.

The Text: In writing about the relentless collapse of Western economies, I frequently point to “40 years of plummeting wages” for Western workers, in real dollars. However, where I have been remiss is in quantifying the magnitude of this collapse in Western wages.

On several occasions, I have glibly referred to how it now takes two spouses working to equal the wages of a one-income family of 40 years ago. Unfortunately, that is now an understatement. In fact, Western wages have plummeted so low that a two-income family is now (on average) 15% poorer than a one-income family of 40 years ago.

Using the year 2000 as the numerical base from which to “zero” all of the numbers, real wages peaked in 1970 at around $20/hour. Today the average worker makes $8.50/hour — more than 57% less than in 1970. And since the average wage directly determines the standard of living of our society, we can see that the average standard of living in the U.S. has plummeted by over 57% over a span of 40 years.

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Jesus And His Dads

Don’t tell social conservatives this, though…

Jean-Luc Mélenchon: The French, Poetry Reading Presidential Hopeful

The Article: Jean-Luc Mélenchon: the poetry-loving pitbull galvanising the French elections by Angelique Chrisafis in The Guardian.

The Text: In a packed agricultural hanger in a rural town in central France, an enraptured crowd raised their fists and chanted: “Resistance! Resistance!” On stage, arms flung wide, sweat pouring down his face, stood the charismatic, hard-left firebrand hailed as the best orator of the presidential campaign. “The French Revolution of 1789 hasn’t breathed its last!” roared Jean-Luc Mélenchon, the poetry-loving pitbull of anti-capitalism. “If Europe is a volcano, France is the crater of all European revolutions!”

Mixing brute rage with killer, comic one-liners about the French political class, Mélenchon whipped up the crowd with promises of a civic insurrection to crush aristocracy and privilege. Hundreds who could not fit into the hall stood freezing in the car-park watching a live feed on a video screen, waving red banners and tricolour flags. “Welcome to Mélenchon-mania,” beamed a student at her first ever rally.

Mélenchon, a former Socialist minister, has emerged as the tub-thumping philosopher-leader of the radical left. His sharp rise in the polls has seen him hailed as the “great revelation” of the French presidential campaign. He has leapfrogged the extreme right’s Marine Le Pen to become the “third man” in the presidential race behind Nicolas Sarkozy and François Hollande.

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