Austerity At The Expense of Society

The world has become one big hedge fund that trades other peoples’ money with great leverage, yet we squabble over old political phrases instead.  What a waste.  Still, old-fashioned name calling and finger point provides the perfect distraction for austerity designed to protect majority holders of debt at the expense of society.  The message would be different if the majority holders were the public.  While media focuses on clever political phrases, it ignores the real threat of stagflation and the social unrest that it causes.

Headline:  'Robin Hood in Reverse': The History of a Phrase

President Barack Obama has amped up the debate over wealth with a new phrase. Mitt Romney's plan to lower taxes on the wealthy, he says, amounts to "Robin Hood in reverse. It's Romney-hood."

It's a clever phrase. But Obama is not the first to utter it. In fact, "Robin Hood in reverse" has a long history in American politics. It's been used and abused against Democrats and Republicans alike - as well as lobbed by the wealthy in battles over golf tournaments and yacht clubs.

It first showed up in the mainstream in 1971. George Meany, the firebrand labor leader and famed president of the AFL-CIO, was reacting to Richard Nixon's "New Economic Policy," which called for wage and price controls to tame inflation, as well as lifting some excise taxes to stimulate spending. Meany called the plan "Robin Hood in Reverse, robbing the poor to pay the rich."

Source:  finance.yahoo.com

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