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JandP

Sunday, November 14, 2010

I think they're gonna do it

If the Democrats give that $700 billion gift to the richest 2% of the country, I'm going to scream so loud that you'll hear it, dear reader, wherever you are.

Listening to President Obama, David Axelrod, Senator Menendez, et al., I think "Yes, they're gonna give in."

Bill Quigley of Loyola University New Orleans has pointed out that:

* Income disparity in the US is now as bad as it was right before the Great Depression at the end of the 1920s.

* From 1979 to 2006, the richest 1% more than doubled their share of the total US income, from 10% to 23%. The richest 1% have an average annual income of more than $1.3 million. For the last 25 years, over 90% of the total growth in income in the US went to the top 10% earners – leaving 9% of all income to be shared by the bottom 90%.

* In 1973, the average US CEO was paid $27 for every dollar paid to a typical worker; by 2007 that ratio had grown to $275 to $1.

* Since 1992, the average tax rate on the richest 400 taxpayers in the US dropped from 26.8% to 16.62%.

* The US has the greatest inequality between rich and poor among all Western industrialized nations and it has been getting worse for 40 years.

And I think they're gonna give in.

God help us.