The United States of Inequality

[Emit]

Introducing the Great Divergence
By Timothy Noah

Posted Friday, Sept. 3, 2010, at 3:06 PM ET

In 1915, a statistician at the University of Wisconsin named Willford I. King published The Wealth and Income of the People of the United States, the most comprehensive study of its kind to date. The United States was displacing Great Britain as the world's wealthiest nation, but detailed information about its economy was not yet readily available; the federal government wouldn't start collecting such data in any systematic way until the 1930s. One of King's purposes was to reassure the public that all Americans were sharing in the country's newfound wealth.

King was somewhat troubled to find that the richest 1 percent possessed about 15 percent of the nation's income. (A more authoritative subsequent calculation puts the figure slightly higher, at about 18 percent.)

This was the era in which the accumulated wealth of America's richest families—the Rockefellers, the Vanderbilts, the Carnegies—helped prompt creation of the modern income tax, lest disparities in wealth turn the United States into a European-style aristocracy. The socialist movement was at its historic peak, a wave of anarchist bombings was terrorizing the nation's industrialists, and President Woodrow Wilson's attorney general, Alexander Palmer, would soon stage brutal raids on radicals of every stripe. In American history, there has never been a time when class warfare seemed more imminent.

That was when the richest 1 percent accounted for 18 percent of the nation's income. Today, the richest 1 percent account for 24 percent of the nation's income. What caused this to happen? Over the next two weeks, I'll try to answer that question by looking at all potential explanations—race, gender, the computer revolution, immigration, trade, government policies, the decline of labor, compensation policies on Wall Street and in executive suites, and education. Then I'll explain why people who say we don't need to worry about income inequality (there aren't many of them) are wrong.

~snip~

http://www.slate.com/id/2266025/entry/2266026/?from=rss

[clarence swinney]

1. INEQUALITY

Why do not members of Congress have staffers copy all writing in this forum. mybudget.360.com
They could have nuke bullets to fire at Right Wingers.
This is excellent FACTUAL information

The mass of people get faux information off Talk Radio and such misinformers as Fox.

They truly believe what they hear.

America is in serious trouble.
This is not a 1981-1982 or 1991-1992 Recession

This is a 1929-1930 Depressive Recession.

Difference?

SAFETY NETS.

Imagine no Social Security--Medicare-Medicaid-Food Stamps-Unemployment Insurance--Veterans Health care--Veterans Pensions-Student college loans-Disability Coverage

It would be a revolution.

Yes! The Great benefits were created by Democrats under Objections by Republicans

Republicans always known as Country Club Party.
Take care of Rich. They create Wealth and jobs.
Labor is just a Burden.

How in xxxx can one vote a Republican into Washington???

OK! Republicans you have won.

1% own 43% of our total financial wealth
1% get 25% of our Total Individual Income

80% get 7% Total Financial Wealth

1%=1,400,000 workers
80%=112,000,000 workers=shafted big time since 1980

1979-2007
1% had 281% Increase in Income--65% Increase In Wealth
Middle Class got 25% Increase in Income-) No increase in Wealth

America the ONE PERCENT Nation.

Thank you Reagan-Bush II-Conservative Congressmen
20 years of 3 Conservative Presidents-18 years Senate-12 years House-6 years total control
Housing Tsunami-Financial Volcano.
99,000 Net new jobs per month versus Carter-Clinton 222,000.
9 international conflict involvement
1 by Carter-Clinton

p.s. Country Clubbers-Wall Streeters still do not own 7% of the Wealth.

Damn it! We made it. We are God's Anointed. Give it to us.
Take it from those lazy indolent peasants.

We worship $$$$$$$$$$$$$$$$$$$$$$$$---ONLY

clarence swinney

political historian since 1991
Lifeaholics of America
author-Lifeaholic-story of workaholic failure to lifeaholic success
author--forthcoming-How Democrats created a Great Middle Class and Conservatives are determined to destroy it

8 more like Bush they will have succeeded
Oh! How badly we need those 2,300,000 good paying jobs transferred to China for $2 per day labor under Bush eight disastrous years

[Name removed]

2. Deleted message

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[clarence swinney]

3. Investors Holding Money

If so, how can Big Banks be making record profits

Investing in Gambling is the answer.

If the dollars being invested in Gambling were in stocks the Doe would zoom zoom

Two Markets Now--Stock & Gambling

Will Derivatives be the ruination of USA????

If Rich prefer Gambling to building Value we are in deep trouble.

olduglmeanhonest