Income Inequality

It is class warfare…

begun [by] the financial overlords who control all of the major levers of power in what passes for our democracy.

… three decades of rampant upper-crust greed … will be well 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.

…The [income] share of financial professionals almost doubled from 1979 to 2005 and that “employees in the financial and legal professions made up a larger share of the highest earners than people in those other groups.”

…The [Congressional Budget Office] report also denies the charge that taxes on the wealthy have placed an undue burden on the economy, documenting that federal revenue sources have become more regressive and that the tax burden on the wealthy has declined since 1979.

…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.

Read more Robert Scheer, Thirty Years of Unleashed Greed, Truthdig

Robert Scheer, editor in chief of Truthdig, can be heard on the political radio program “Left, Right and Center” on KCRW, National Public Radio affiliate. He is currently a clinical professor of communications at the University of Southern California’s Annenberg School for Communication and Journalism.

Recommended by Robert Scheer: Nobel Prize-winning economist Joseph Stiglitz, Of the 1%, by the 1%, for the 1%, Vanity Fair, May 2011

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