Monday, August 29, 2011

Thom Hartmann: A "For the Rich, By the Rich" Economy

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There's more evidence of a widening wealth inequality gap in America thanks to 30-plus years of Reaganomics. According to The Atlantic magazine - two-thirds of all new income in America between 2002 and 2007 went to just the top 1% of Americans. That's 2 out of every 3 dollars in America being sucked up by the richest of the rich.

Not to mention - that the wealthiest 400 Americans - our nation's most senior oligarchs, who own more wealth than the bottom 150 million Americans - have seen their incomes double over the last twelve years while their tax rates have been cut in half. Talk about a "for the rich, by the rich" economy. Wealth inequality in America is at levels not seen since the 1920's - and we're now a more unequal nation than the Ivory Coast, Pakistan, Ethiopia, and Kazakhstan according to data from the CIA Factbook.

So when the entire American middle class disappears, then can we all accept that Reagan's vision of America - and the direction that the current Republican Party has this nation headed - will lead us all toward ruin?


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