Skip to main content

How wealth is apportioned in the USA. Badly!

Let it not be said that even with the GFC that America's rich are suffering. Just look at these stats in this piece from AllGov and it is clear who is doing well...and who isn't.

"For about thirty years now, the federal government has been implementing policies that take tax dollars from middle class Americans and give them to the rich, supposedly as a way to spur economic growth. Although Americans actually want greater economic equality, the net effect has been to redistribute wealth to the rich and create the most unequal developed society on earth.

According to a series of reports by Reuters, since 1989 inequality has risen all across the U.S. to levels not seen since before the Great Depression:

• Inequality has increased in every state except Mississippi, which is the poorest state in the Union;

• The poverty rate increased in 43 states;

• In 28 states inequality and poverty rose while median income fell;

• In every state, the richest 20% of households far outpaced the income gains of any other quintile;

• Income for the median household fell in 28 states.

Three specific aspects of federal policy—low taxes for the rich, outsourcing government functions to private companies, and the financial clout of Washington lobbyists—have been the major drivers of growing inequality.

Low taxes for the rich

Tax cuts enacted during the administrations of Presidents Ronald Reagan and George W. Bush cut taxes sharply on the wealthy, redistributing nearly $2 trillion to high income families—just in the past ten years. In 2011, the nonpartisan Congressional Budget Office and Congressional Research Service each studied income inequality and concluded that the cuts made the tax system less progressive and were the second biggest contributor to growing inequality."

Comments

Popular posts from this blog

One Forbes List: A roll call of criminals, psychopaths and megalomaniacs

2016 has ended and there has been the inevitable list of the best of 2016 of this or that.     

The just published Forbes List of the Most Powerful People is another thing altogether.    It is truly shocking to think that those listed are as downright awful and the worst of humankind has to offer.....yet wield enormous power.     The Age newspaper in "Who's who list a roll call of criminals, psychopaths and megalomaniacs" provides the details.....

"It's that time of the year again. In an effort to celebrate or sum up, or maybe just expunge the events of a year that's just wound up, we've become obsessed with rankings. Top 10 Christmas hits, bestselling books, the most excruciating movie moments, the seven things we're doing to wreak havoc on our planet. This year, courtesy of US presidential election, we also have the top 20 fake news stories, the 10 steps for adjusting to a Trump presidency, and the best destinations for those that find they simply ar…

"Wake Up"

The message is loud and clear....and as you watch this, remember that it was on Israeli TV - not some anti-semitic or anti-Israel program somewhere in the world.


Happy New Year....not?

Credited to Mike Luckovich