Excellent eye-opener and charts. The only thing this writer fails to do is be honest about what caused this: Reagan economics (1981-1989), Bush I (’89-’93), Bush II (2001-2009). Clinton (’93-’01) managed to slow it and bring the deficit down where we had a surplus. Bush II spent the surplus on trumped up wars, wild spending, tax cuts for the rich with no plan to curb spending for the wars. Obama is being blamed by the right wing for this mess with 100% obstruction from the GOP who caused it. It’s the most treasonous thing ever seen in this nation. And there are those who would vote for Romney to get the black man out of office. This would be like installing Bush II on steroids into office and cutting off one’s nose to spite one’s face.
When this country finally collapses, it will be the American people who are to blame for allowing their ignorance and prejudices to allow the monsters to run the country in the ground.
Probably the most important thing about this article is that it now appears on a major financial site. ~J
Henry Blodget | Aug. 22, 2012, 12:36 PM
Source: Business Insider
Henry Blodget is CEO and Editor-in-Chief of Business Insider.
Income inequality is arguably the most important economic story in this country right now.
With all of America’s income gains now going to the richest 10% of Americans–and especially the richest 1%–the middle class is strapped.
And since the middle class provides most of the spending in the economy (rich people can only buy so many cars, houses, and vacations), this means that the growth of most companies has stalled.
The Economic Policy Institute has put together an amazing interactive chart that shows how this inequality has developed over the past 30 years.
Basically, the charts show that, starting in the early 1980s, a 60-year trend changed, and most of…
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