Why Income Inequality Is Bad for America

[Galraedia]

America now has an income disparity comparable to nations such as Iran and Russia as economic policy continues to help the rich get richer at the expense of the middle class.

The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent. While the top 1 percent have seen their incomes rise 18 percent over the past decade, those in the middle class have actually seen their incomes fall. All the growth in recent decades has gone to those at the top.

As our foreign rivals have proved, to succeed in the global economy requires collective action on the part of the people and government to invest in education, infrastructure, industry and technology. As the wealthy become detached from ordinary life, these concerns become less of an issue, making them feel more indignant about having to contribute to these services.

All the while, our schools continue to fall behind the rest of the world, our infrastructure is in shambles, industry has lost millions of jobs, and we are no longer the world leader in technology.

Read more: http://economyincrisis.org/content/why-income-inequality-bad-america

Excellent article.

[hughee99]

1. Aren't the economies of Russia and Iran doing comparibly better than the US's? n/t

[PDJane]

2. No.

Income inequality is a drag on any economy. When the vast majority are starving, the fact that the top one percent are earning money cannot and does not translate to stability.

[libinnyandia]

3. Just let the 99ers eat cake:o)