April 19, 2012
-- by Dave Johnson
From Robert Reich's Blog:
1. For three decades the American economy has been growing, but almost all the gains from that growth have been going to the very top.
2. All the income and wealth at the top has translated into political power.
3. This political power has been used to reduce taxes on the top and get corporate welfare for big businesses.
4. Because so much income and wealth have gone to the top the vast middle class no longer has the purchasing power to keep the economy going.
5. Because most people’s wages have gone nowhere, and tax rates on top earners have dropped, tax revenues to fund government have plummeted.
6. Fewer jobs, lousy wages, and deteriorating public services put average working Americans in competition with other workers.
Posted by Dave Johnson at April 19, 2012 11:11 AM
Actually, federal tax revenues have returned to their historical average of 18%. The problem is not a revenue problem; it's a spending-like-drunken-sailors problem. Do you or Reich ever check your facts?
Posted by: Scorpius at April 19, 2012 12:37 PM
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