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The Moneystream Media: No Incentive To Tell The Whole Truth

By Paul Buchheit

02 February, 2011
Countercurrents.org

Our society allows one man to make as much money in a year as 80,000
entry-level police officers or teachers. A socialist-fearing free market
system in which one's worth is based on earning power has declared a
single hedge fund manager more valuable than all the public school
teachers in New York City. And gives him a lower tax rate than his
secretary.

Why doesn't the mainstream media, the "voice of democracy," report on
this? Is it the fear of (shudder) 'redistribution' of income? Is it the
belief that criticisms of capitalism are anti-American? Or that we can all
be rich if we just work hard enough? Are the editors just afraid of their
bosses?

One thing's for sure: a redistribution has already occurred. In 1980 the
richest 1% got one out of every fifteen income dollars. They now get THREE
out of every fifteen dollars.

If all American incomes had risen based on productivity since 1980, the
richest 1% would be earning a trillion dollars LESS than they currently
get every year.

A trillion dollars is seven times more than the budget deficits of all 50
states combined.

Isn't this news? Doesn't it deserve space with celebrity appearances,
Congressional bickering, and Presidential pep talks? Instead of digging
into the causes of budget problems, the media outlets blandly caution us
that times are tough for everyone, and that fee hikes and cutbacks are
inevitable.

The United States has the highest inequality rate in the developed world.
28 million Americans - almost 1 in 10 - are using food stamps. Detroit is
closing schools, increasing the student-teacher ratio in high schools to
60. Camden, NJ laid off nearly half of its police and firefighters. Ohio's
Ashtabula County cut its police force by more than half, and a judge
suggested that the county residents arm themselves. States are removing
funding for food pantries, homeless shelters, and elderly assistance.
Arizona has slashed mental health spending. Think about that one.

The times haven't been tough for the CEOs, the investment bankers, the
hedge fund managers, the lobbyists, the politicians, and the media. And
corporations. The top 500 non-financial companies are currently holding $2
trillion in cash that could be used to create jobs and stimulate new
business. Fortune Magazine reported that the 500 largest U.S. companies
cut a record 821,000 jobs in 2009 while their collective profits increased
to a record $391 billion.

How many Americans have learned from the mainstream news that it's legal
to call hedge fund income "carried interest" instead of income, subjecting
the bosses to only a 15% capital gains tax, less than their secretaries
pay on their salaries? And that it's 'legal' for some CEOs to backdate
their stock options to a time in the past when the price was higher. And
that it's 'legal' to re-package high-risk mortgages as Triple-A securities
to an unknowing public.

Where's the incentive to show both sides of an issue when unpleasant
truths conflict with the goals of the media revenue stream? Money is
flowing from the corporations to the politicians to the media. The
Wesleyan Media Project commented after the Citizens United Supreme Court
ruling, "The airwaves are being saturated with more House and Senate
advertising, up 20 percent and 79 percent respectively in total airings."

Many times I've provided this information to major media outlets.
Occasionally I hear back. "Thank you for your submission. We regret that
we're unable to publish it."

[email protected]

 


 




 


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