Wednesday, July 14, 2010

Wealthy rip-off majority of Americans – why do we continue to put up with it?

I’m firmly convinced that the American people haven’t learned anything from history. The Great Depression and our current Great Recession have one thing in common; the richest 1 percent pull in nearly a quarter of the nation’s income.

To prove we haven’t learned a damn thing, we got ourselves involved in Iraq and Afghanistan. Both unwinnable wars. Just like Vietnam and Korea. How do the rich manage to get more than their fair share of the nation’s income? 

It's All About the Wages -- Our Economy Would Be Fine If Everyone Made Their Fair Share

“Each of America's two biggest economic downturns over the last century has followed the same pattern. Consider: in 1928 the richest 1 percent of Americans received 23.9 percent of the nation's total income.

After that, the share going to the richest 1 percent steadily declined. New Deal reforms, followed by World War II, the GI Bill and the Great Society expanded the circle of prosperity. By the late 1970s the top 1 percent raked in only 8 to 9 percent of America's total annual income.

But after that, inequality began to widen again, and income concentrated at the top. By 2007 the richest 1 percent were back to where they were in 1928 -- with 23.5 percent of the total.”

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