Wages have been flat since Saint Ronnie took office in 1981, despite worker productivity increasing all the while and corporate profits reaching record levels over the last ten years. For the decades prior to that, wages were tied much more closely to increases in both productivity and profit. If you take the inordinate amount of extra profit that the oligarchs have filched and squeezed for themselves from the average worker’s labor over the last thirty years, and combine that with the lowest tax rates on the upper income bracket in generations, you start to get the picture.
The income gap in America has been widening, on purpose, and now it’s snowballing. The bottom 40% of Americans don’t even own one half of 1% of the country’s wealth. The bottom 60% don’t even own 5% of it.
Throw in some speculation, deregulation, complete corporate control of the major news media and our legislative branches, anti-union and pro-austerity fear-based propaganda, and we have the largest gap of income inequality ever in our nation’s history. That’s right; ever.
Talk of restoring upper tax rates to their 1940’s-1980 levels isn’t “hurting the job creators”, “punishing success” or “redistribution of wealth”; -the redistribution of wealth already happened.
Here’s Thom Hartmann with more: