The Congressional Budget Office reported this week, the average real income of the top 1 percent grew by an astounding 275 percent. And that is after payment of the taxes that the superrich and their Republican find so unfair.
Those three decades of greed unleashed by the Reagan Revolution of the 1980s will be marked by future historians recording the death of the American dream. In that decisive historical period the middle class began to evaporate and the nation’s income gap increased to alarming proportions. “As a result of that uneven growth,” the CBO explained, “the distribution of after-tax household income in the United States was substantially more unequal in 2007 than in 1979: The share of income accruing to higher-income households increased, whereas the share accruing to other households declined. ... The share of after-tax household income for the 1 percent of the population with the highest income more than doubled. ...”
No wonder, since it was the bankers and the lawyers serving them who managed to end the sensible government regulations that contained their greed. The undermining of those regulations began during the Reagan presidency, and so it is not surprising that, as the CBO reports, “the compensation differential between the financial sector and the rest of the economy appears inexplicably large from 1990 onward.” .
In the face of the evidence that class inequality had been rising sharply in the United States even before the banking-induced recession, it would seem that the Occupy Wall Street protests are a quite measured and even timid response to the crisis.
Maybe justice will prevail despite the suffering that the 1 percent has inflicted on the foreclosed and the jobless. But to date those who have seized 40 percent of the nation’s wealth still control the big guns in this war of classes.
I fear not because every politician,even Obama, Owes their political power to Wall Street money. I see no future for Americans except to take it or fight back. These Wall Street Protesters will get hammered in the press until they give up . No Large group of Americans will stand up for what is fair because they are either too complacent or too stupid.
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