cyu
6th April 2012, 14:32
[Not sure if this has already been posted]
http://www.washingtonpost.com/opinions/concentrated-wealth-is-a-long-term-threat-to-america/2012/03/27/gIQAMJt1eS_story.html
In 2010, 93 percent of income growth went to the wealthiest 1 percent of American households, while everyone else divvied up the 7 percent that was left over.
In the recovery that followed the downturn of the early 1990s, the wealthiest 1 percent captured 45 percent of the nation’s income growth. In the recovery that followed the dot-com bust 10 years ago, 65 percent of the income growth went to the top 1 percent.
The rise of super PACs, the low rates of taxation on capital gains and hedge fund operators, the ability of the major banks to fend off reform — all testify to the power of a neo-plutocracy beyond democratic control.
Capitalism can create prosperity, but it doesn’t create broadly shared prosperity — and never will. A nation where 93 percent of income growth goes to the top 1 percent is not a nation that will long command the allegiance of its people.
http://www.washingtonpost.com/opinions/concentrated-wealth-is-a-long-term-threat-to-america/2012/03/27/gIQAMJt1eS_story.html
In 2010, 93 percent of income growth went to the wealthiest 1 percent of American households, while everyone else divvied up the 7 percent that was left over.
In the recovery that followed the downturn of the early 1990s, the wealthiest 1 percent captured 45 percent of the nation’s income growth. In the recovery that followed the dot-com bust 10 years ago, 65 percent of the income growth went to the top 1 percent.
The rise of super PACs, the low rates of taxation on capital gains and hedge fund operators, the ability of the major banks to fend off reform — all testify to the power of a neo-plutocracy beyond democratic control.
Capitalism can create prosperity, but it doesn’t create broadly shared prosperity — and never will. A nation where 93 percent of income growth goes to the top 1 percent is not a nation that will long command the allegiance of its people.