They said it couldn't be done, they said that people in a "Democracy" would never allow it to happen but, in the past 5 years we have actually taken 15% of the income AWAY from the bottom 90% of American wage-earners and re-distributed it to the top 10% and, since there are much less of them, it has boosted their incomes by 115% over the same period!
In the words of the great Winston Churchill (as redefined by the Conservative Bible): "Never was so much taken from so many for so few." As you can see from the chart above, the Reagan Revolution successfully reversed years of gains for the average American and began shoveling all of the economic gains to the top 10% for the last 30 years but only in the last 5 has this policy gone into overdrive as we actively TAKE the money from the bottom 90% – and look how rich it makes us!!!
"Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve’s policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets. The Fed is doing all the work, because the President’s policies are growth-suppressive. In the absence of the Fed’s moneyprinting and ZIRP, the economy would either be softer or actually in a new recession."
Rather than holding 30% of the total household wealth in the US, as is often cited, the top 1% actually have more like 37% – over 20% more money than previously estimated while the top 5% (family income over $3M) hold over 60% of America's wealth. Of course, it's obvious that the people with greater incomes are able to accumulate more wealth. After all, how much "wealth" can we expect a family of 4 to accumulate when they are living with the bottom 90%'s average income of $29,840 (every Dollar counts when the figure is that low!).
Since no family can actually live very well in America on $29,840 a year, the bottom 90% tend to go into debt in order to get luxuries like cars, homes or college educations. They borrow this money from the people who have it, the top 1%, and they pay the top 1% interest and that is how more and more money siphons up from the bottom 99% to the top 1%.
IN PROGRESS
This entry was posted on Thursday, August 7th, 2014 at 7:05 am and is filed under Immediately available to public. You can leave a response, or trackback from your own site.
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