Comment 42993

By WRCU2 (registered) - website | Posted July 08, 2010 at 21:47:04

ASmith says:

If anyone should be complaining about losing out, shouldn't it be the rich?

You're a funny guy Mr. Smith. Try to understand that with a finite supply of money, and those at the top accumulating more and more of IT, those at the bottom will have less and less.

From Economic Apartheid to Political Revolution

Do most Americans really believe that the game is not rigged by rich powerful elites to preferentially benefit them? As certain as the law of gravity, the game IS rigged, and more than ever.

Economic statistics keep solidly documenting growing economic inequality. But I fear that the most economically oppressed and barely surviving peasants have neither the time nor energy to ponder and fret over these data. Here are some new data that reveal an important historic reality.

Even in 1980, the richest of the rich took home 175 times more than Americans in the bottom 90 percent - still relatively good economic equality. Then things changed.

Here is more painful statistical truth: In 2004, the most recent year with IRS data just about 25,000 taxpayers took home over $5 million. After exploiting every loophole they paid an average 21.9 percent of their incomes in federal income tax. Back in 1952, at the height of the Korean War, the comparable federal tax bite on America’s richest 25,000 averaged 51.9 percent. About a decade earlier, in the middle of World War II, the 25,000 highest-income taxpayers in the United States paid 68.4 percent of their incomes in federal income tax. How things have changed for the wealthy. A greater fraction of the nation’s prosperity has gone to the Upper Class AND they pay less tax! Economic power produces political power.

This is worth pondering: When will the economic inequality that has morphed into two-class economic apartheid provide sufficient pain and disgust for a few hundred million Americans to fuel political revolution?

When will the stranglehold of the Upper Class on the political system that criminally distorts the economic system be busted? When will Lower Class consumers that drive the economy take back their sovereign power? When will they understand they are losing the class war and revolt?

Money, Money, Money

Comment edited by WRCU2 on 2010-07-08 20:50:54

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