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The Study That Shows Why Occupy Wall Street Struck A Nerve - Eugene Robinson/WaPo

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WillyT Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 07:13 PM
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The Study That Shows Why Occupy Wall Street Struck A Nerve - Eugene Robinson/WaPo
The study that shows why Occupy Wall Street struck a nerve
Eugene Robinson - WaPo
Thursday, October 27, 4:53 PM

<snip>

The hard-right conservatives who dominate the Republican Party claim to despise the redistribution of wealth, but secretly they love it as long as the process involves depriving the poor and middle class to benefit the rich, not the other way around. That is precisely what has been happening, as a jaw-dropping new report by the nonpartisan Congressional Budget Office demonstrates. Three decades of trickle-down economic theory, see-no-evil deregulation and tax-cutting fervor have led to massive redistribution. Another word for whats been happening might be theft.

The gist of the CBO study http://cbo.gov/doc.cfm?index=12485 titled Trends in the Distribution of Household Income Between 1979 and 2007, is that while weve become wealthier overall, these new riches have largely bypassed many Americans and instead flowed mostly to the affluent. Perhaps my memory is faulty, but I dont remember voting to turn the United States into a nation starkly divided between haves and have-nots. Yet thats where weve been led.

Overall, in inflation-adjusted dollars, average after-tax household income grew by 62 percent during the period under study, according to the CBO. This sounds great but only until you look a little closer. For those at the bottom the one-fifth of households with the lowest incomes the increase was just 18 percent. For the middle three-fifths, the average increase was 40 percent. Spread over nearly 30 years, these gains are modest, not meteoric. By contrast, look at the top 1 percent of earners. Their after-tax household income increased by an astonishing 275 percent. For those keeping track, this means it nearly quadrupled. Nice work, if you can get it.

This is not what Republicans want you to think of when you hear the word redistribution. Youre supposed to imagine the evil masterminds as Bolsheviks, not bankers. Youre supposed to envision the lazy free-riders who benefit from redistribution as the poor, and the industrious job-creators who get robbed as the wealthy not the other way around. If Americans were to realize theyve been the victims of Republican-style redistribution stealing from the poor to give to the rich the whole political atmosphere might change. I believe thats one reason why the Occupy Wall Street protests have struck such a nerve. The far-right and its media mouthpieces have worked themselves into a frenzy trying to disregard, dismiss or discredit the demonstrations. Thus far, fortunately, all this effort has been to no avail.


<snip>

More: http://www.washingtonpost.com/opinions/the-study-that-s...

:kick:

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JuniperLea Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 07:14 PM
Response to Original message
1. Coo coo cachoo, Mr. Robinson!
Are you trying to seduce us?

:rofl:

So very hard to believe this is all being said out loud... and in black and white... bravo!
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kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 07:15 PM
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2. Robbing the poor to give to the rich is the motto of the Galtists/
Libertarians/Teabaggers/Repigs.
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Matariki Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 07:59 PM
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3. I hated Reagan's policies from the moment he took office
I used to try and warn the Reagan loving zombies the tragic inevitability of his policies.
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