The Class War Launched by America's Wealthiest Is Getting More Savage

[dtotire]

The Class War Launched by America's Wealthiest Is Getting More Savage

Countries with wide income inequality are unstable: they have large underclasses, high rates of crime and little opportunity.
January 13, 2011



We’re in a class war.

It’s the corporations and the very wealthiest against all the rest of us. We’re losing.In 1962 the wealthiest 1 percent of American households had 125 times the wealth of the median household. Now it’s 190 times as much. Is that a case of a rising tide lifting all boats, just a few of them a little bit higher? No.

From 1950 to 1965, median family income rose from $24,000 a year to $38,000 a year. That’s close to 4 percent a year, close to 60 percent over 15 years. That’s a rising tide.

In 1964 there was a big tax cut. That’s when things started to slow down for average people. By the mid-'70s the rise of the middle class stalled. From 1975 to 2010 median family income rose $42,936 to $49,777. That’s not quite 16 percent over 25 years, less than six-tenths of 1 percent per year.

Briefly, when taxes went up under Clinton, median income rose, peaked at $52,587 in 1999, and then, after Bush cut taxes, declined. Keep in mind that this is median family income. In the '50s and '60s, family income was usually earned by a single person. Today, family income normally comes from at least two people.At the same time, income for the richest soared. In 1979 the richest 1 percent of Americans earned 9 percent of all U.S. income. Now they earn 24 percent of all U.S. income. One percent of Americans earn nearly one-fourth of all the income in the country.

Then came the crashes of 2001 and 2008 and the recessions that followed.

The crash hasn’t changed anything. Things have become worse.

From 1990 to 2005, adjusted for inflation -- the minimum wage is down 9 percent, production workers’ pay is up only over 15 years 4.3 percent.

At the same time, the rich get richer:





more:
http://www.alternet.org/story/149531/the_class_war_launched_by_america%27s_wealthiest_is_getting_more_savage

[ck4829]

1. Literally. There was a guy who was arrested for sending threats to Rep Jim McDermott

And he was upset over his vote on the tax cuts.

And I think that we can be sure that this guy isn't a recipient of the tax cuts.

We may think it's crazy that someone could be so enthralled by the idea of trickle down economics that they could go out and threaten people, but it's not, they are the foot soldiers of the people who are commanding this class war being waged on the poor and the middle class.

[formercia]

2. A Trust-fundie at that

probably never worked a day in his life for any of it.

Gawd, the thought of not keeping all of it for himself, so he could do whatever.....drove him mad.

[boomerbust]

3. Watching CNBC now

Reporting that the wealthy are now feeling much better now that they can keep their tax cuts.:evilgrin:

[yurbud]

11. that deal probably sealed Obama's re-election, and/or saved his life

the rich do not like being crossed.

[gaspee]

4. Reading this made me physically ill

If the conservatives want the "Real America" back, they'd raise taxes to 1970's rates.

End of story.

[Zoeisright]

5. 1950's rates would be even better.

After all, that decade, with its explosive growth paired with bigotry and sexual repression is their wet dream. They conveniently forget that the top tax rate was 90%. With a Republican president.

[Uncle Joe]

6. Kicked and recommended.

Thanks for the thread, dtotire.

[swilton]

7. Classism is replacing racism

[FiveGoodMen]

9. Either way, you get masters and slaves

And that's really what they're after.

[txlibdem]

8. The rich can buy politicians, the poor do not. No wonder the laws favor the rich.

And whenever anyone suggests the rich should pay their fair share the media (which is owned by the wealthy anyway) goes into a frenzy and thousands of lobbyists descend on Washington until the arms are sufficiently twisted and the palms are sufficiently greased to end any possibility of that going forward.

In Europe, when the government says they're going to raise tuition for students or increase the retirement age the poor and working people get out onto the streets in vast numbers to protest, strike, blockade, and generally let their voices be heard. What do the poor and working people in America do? Nothing at all. Maybe grumble a bit then switch over to the game or this or that idol. Until we are as vocal and able to get out into the streets as the French or the Brits are we are doomed.

[FiveGoodMen]

10. Thanks to SCOTUS for declaring corporations = people and money = speech

[txlibdem]

12. Argh! I hear you.

The fact that the administration isn't relitigating that idiotic (and against all legal precedent) ruling is what frustrates me even more! The fox is guarding the chicken house.

[Name removed]

13. Deleted message

Message removed by moderator. Click here to review the message board rules.

[The Wizard]

14. Either Congress puts restraints

on predatory capitalism or it will devour itself and we the people along with it.

[txlibdem]

15. Agreed but the frustration is that Congress is bought and paid for

When it takes up to $100 million to win an election for a job that will pay $170 thousand there is something critically wrong with the system. I saw a blurb on TV that Pres. Obama is going to need $1 Billion to win re-election in 2012.

We, the people, have lost our government. It is owned by the moneyed interests and the corporations, they provide the funds to elect their puppets and the puppets dance to their tune --not ours. Look at how candidate Obama changed once he became President Obama. Was it just a coincidence that big banks and corporations poured money into his campaign coffers or was it that he found out he was "Dubya"'s 11th cousin and Cheney's 10th cousin? Does it really matter to the rest of us why? He is following in Dubya's footsteps in every way possible, following the doctrine of trickle down economics (even though it has been a proven failure), offering $$$ TRILLIONS to the banks and corporations large and small in hopes that they'll start creating jobs (he's STILL waiting...) and at the same time allowing foreclosures to continue (1 million foreclosures in 2010 under Obama's watch) and doing nothing to help the long term unemployed or other struggling Americans at all. It's all for the corporations and the rich, nothing for you and me. Yay for the President!

The only way to stop the corruption in Washington is to get the money out of politics. Public campaign financing and outlawing PACs and 501s is the only way to get honest politicians. The Brits need only 30 days for their political campaign season, why does ours go on and on and on.