Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
3 comments

OpEdNews Op Eds

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

By (about the author)     Permalink       (Page 1 of 3 pages)
Related Topic(s): ; ; ; ; ; , Add Tags Add to My Group(s)

Must Read 3   Well Said 1   Supported 1  
View Ratings | Rate It

Headlined to H1 1/22/11
Become a Fan
  (6 fans)

opednews.com

from Alternet: January 13, 2011

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:

Corporate profits are up 106.7 percent. The S&P 500 is still up 141.4 percent since 1990. CEO compensation is up 282 percent. Call it transfer of wealth. Or call it class warfare.

What's wrong with the rich getting richer?

Slate's Timothy Noah, in "The United States of Inequality ," wrote,  "Income distribution in the United States [has become] more unequal than in Guyana, Nicaragua, and Venezuela, and roughly on par with Uruguay, Argentina, and Ecuador."

Take a look at that list.

Countries with wide income inequality don't lead the world in research, technology, industry, and innovation. They're unstable. They have large underclasses. They have high rates of crime. They have little opportunity.

In such countries the rich have disproportionate power. They take control of all aspects of society, especially government, the police, and the judiciary. They become self perpetuating.

Next Page  1  |  2  |  3

 

http://www.larrybeinhart.com

LARRY BEINHART is the author of SALVATION BOULEVARD, soon to be released as a major motion picture with Pierce Brosnan, Greg Kinnear, Jennifer Connelly, Marissa Tomei, Ed Harris, and Jim Gaffigan, WAG THE DOG, more...)
 
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

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

RECOVERY, TAXES, GOVERNMENT SPENDING, AND ASTONISHING STUPIDITY

Crash Course In Economics

The God Series – Because Religion is The Battleground of the 21st Century

TAX CUTS: THEOLOGY, FACTS & TOTALLY F**KED

Renewing the Bush Tax Cuts Is Like (this is a contest)

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
3 people are discussing this page, with 3 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

titled, "Bulldozing the Garden" click here. I mar... by Daniel Geery on Sunday, Jan 23, 2011 at 1:08:39 PM
I'd like to meet someone worth $1 billion and say,... by Jeff Poster on Sunday, Jan 23, 2011 at 6:20:51 PM
Mexico for the rich and for those in government? ... by Mark Adams JD/MBA on Sunday, Jan 23, 2011 at 1:19:19 PM