The GOP’s Top Ten

October 6th, 2010

Inspired by The costs of rising income inequality (Steven Pearlstein, Washington Post 10/06/10).


“Without a sense of shared prosperity, there can be no prosperity. And given the realities of global capitalism, with its booms and busts and winner-take-all dynamic, that will require more government involvement in the economy, not less.” – Washington Post business columnist Steven Pearlstein


Since the 1980s Reagan Revolution

There’s been an increasingly skewed income distribution.

The richest 10% has been doing great

As their incomes increasingly inflate.


The rest of us have been left behind;

Incomes have stagnated, or declined.

In fact, more than half of the income growth for the last 15 years

Has gone to the top 1% of earners (a GOP success story, it appears).


The share of income earned by America’s richest 10 percent

(I.e., those Americans which Republicans represent)

Has increased from one-third of GNP after World War Two

To almost 50% under GB2.


The richest 1% earn almost one-quarter

(No wonder the average rich person is a GOP supporter).

The rest of us should be forgiven

If that’s not the kind of country we want to live in.

***

Since about 1980 (coincidentally, or maybe not, the beginning of the Reagan Counter-Revolution), the share of income earned by the richest 10% of Americans steadily increased from about one-third of all Americans’ income to almost 50% under GB2, with the richest 1% earning almost one-quarter. More than half of the income growth for the period 1992-2007 was captured by that richest 1%.

That’s like if you had a company with 100 employees that all start out getting the same salary, and then they get average salary increases of 5% per year for 15 years. But instead of being distributed to everyone at least somewhat evenly, half of those increases go to only one of the employees, which would mean annual increases to him of 31% per year, every year for 15 years, which would be more than ten times what everyone else got (a paltry 2.9% per year). If everyone started our with a salary of $10,000, that would mean that the Mr. Lucky (who, by the way, just happens to be the boss’s brother-in-law, and a big GOP contributor) would end up with a salary $549,464, and everyone else would end up with $15,449.

Sound like the kind of country you want to live in? Well, it’s the one we’ve have, thanks to years of Republican rule, and the country that Republicans want to make sure we go back to.

Here’s your theme music for today, Pink Floyd’s Money.

 

Speaking of top ten lists, here’s Dave Letterman’s top ten list of Bush stimulus measures. Though I have admitedly knocked W in the past, he did succeed fabulously in his most important policy goal of further enriching the super-rich.

Sphere: Related Content

Tags: , , , , ,
Posted in Bush Administration, Economy, Republicans, What ails us | No Comments »

Get Music, Movies, and More With SuperPass - 14 Day Free Trial

Stream 7 million songs and download MP3s with free Napster trial Follow Newsericks on Twitter

Comments

Leave a Reply

 Comment Form 

*