Often it takes a couple years for enough statistical data to be collected to get a clear picture of the effects of Republican class warfare in the US. The truth about Republican economics is that trickle down never has trickled down and never will. It always gushes up. This has led to inequity so severe, that it must be changed.
NEW statistics show an ever-more-startling divergence between the fortunes of the wealthy and everybody else — and the desperate need to address this wrenching problem. Even in a country that sometimes seems inured to income inequality, these takeaways are truly stunning.
In 2010, as the nation continued to recover from the recession, a dizzying 93 percent of the additional income created in the country that year, compared to 2009 — $288 billion — went to the top 1 percent of taxpayers, those with at least $352,000 in income. That delivered an average single-year pay increase of 11.6 percent to each of these households.
Still more astonishing was the extent to which the super rich got rich faster than the merely rich. In 2010, 37 percent of these additional earnings went to just the top 0.01 percent, a teaspoon-size collection of about 15,000 households with average incomes of $23.8 million. These fortunate few saw their incomes rise by 21.5 percent.
The bottom 99 percent received a microscopic $80 increase in pay per person in 2010, after adjusting for inflation. The top 1 percent, whose average income is $1,019,089, had an 11.6 percent increase in income…
Inserted from <NY Times>
The Republican response to such inequity is simple. Take more from the poor and middle classes so the rich can pay less. That’s because Republicans govern exclusively for the benefit of millionaires, billionaires, and corporate criminals. They do NOT represent YOU! Your job is to replace them with Democrats.
11 Responses to “Inequity That Must Be Changed”
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Inequality in both the US and Canada is growing with no end in sight. Although Canada lags behind, Harper is part of the problem here. The Conservatives are bringing down the budget and from what I have seen so far, Harper is cutting spending by $8 billion or more and reducing corporate income tax. Word has it too that he is reducing the taxes for the wealthiest but I haven’t seen that yet. So if he’s doing both of these, then it is the social programmes that will be hammered. Ask any Canadian if he campaigned on that, and if they are telling the truth, they’ll say ‘no’. If their Conservative, they’ll change the subject.
Around the world, I believe that we are seeing a lot of the same frustration. At some point, that frustration will become more caustic.
“NEW statistics show an ever-more-startling divergence between the fortunes of the wealthy and everybody else — and the desperate need to address this wrenching problem.”
Gop Greed… sigh
I agree. It’s too bad for you that Harper is Bush-lite.
I have been saying for awhile now that Lenin was about 100 years too soon. If his mummified corpse was reanimated today, he’d have 2 or 3 billion adherents by this time next week.
Actually, Lenin was a lot like today’s Republicans. But if you change it to Trotsky, I agree.
I find it hard to keep from laughing anytime someone calls our system a progressive one: compared to the pre-Reagan tax system, which was fair, this current abomination is greatly skewed to favor the rich, and is therefore REGRESSIVE.
I fully agree, and that’s why budget savings must come by increasing taxes on the 1% and reducing corporate welfare.
As long as there are enough RepublicanTs in the House and Senate, nothing good will happen.
I agree.
Such is the stuff from which revolutions are made.
I only hope it doesn’t come to that.