Mercury News editorial: Occupy Wall Street finally provides an accurate diagnosis of country's prob-

[struggle4progress]

lems

Mercury News Editorial
Posted: 10/12/2011 08:00:00 PM PDT
Updated: 10/12/2011 08:50:02 PM PDT

... The real problem is that lawmakers of both parties have for decades been helping the rich get richer, primarily through low tax rates and deregulation, while income has stagnated for the rest of us -- the 99 percent, as the protesters say. As the wealthy increase their share of economic pie, they gain ever more political clout to advance their interests.

Wall Street has been biggest beneficiary of this. As the New York Times reported Wednesday, the average salary in New York's securities industry in 2010 was $361,330, five times the average private-sector salary in the city. Yet the financial industry still whines about even tepid attempts to reform practices that nearly brought down the world economy and did bring down the American housing industry.

Meanwhile, unemployment is more than 9 percent, 50 million people lack health insurance and millions more are drowning in mortgage, student loan and medical debt. The American dream is increasingly out of reach.

If all Occupy Wall Street does is spotlight that problem, it will be a welcome addition to the political conversation. It's fascinating to watch the spread of protests, including a robust presence in Bay Area cities. Dreadlocks aside, different ages, races and even income levels seem to be represented ...

http://www.mercurynews.com/opinion/ci_19100150