Thursday, August 4, 2011

The Top 1%: Wealth Inequality and the New Gilded Age

Published on Thursday, August 4, 2011 by Fault Lines / Al-Jazeera

With 1% of Americans controlling 40% of the country's wealth, we examine the gap between the rich and the rest.

The richest one per cent of Americans earn nearly a quarter of the country's income and control an astonishing 40 per cent of its wealth.
Inequality in the US is more extreme than it has been in almost a century - and the gap between the super-rich and the poor and middle class people has widened drastically over the last 30 years.
Meanwhile, in Washington, a bitter partisan debate over how to cut deficit spending and reduce the US' $14.3 trillion debt is underway. As low and middle class wages stagnate and unemployment remains above nine per cent, Republicans and Democrats are tussling over whether to slash funding for the medical and retirement programmes that are the backbone of the US' social safety net, and whether to raise taxes - or to cut them further.
The budget debate and the economy are the battleground on which the 2012 presidential election race will be fought. And the US has never seemed so divided - both politically and economically.

1 comment:

CT said...

Over the last 50 years the super rich and their corporations have slowly shifted the burden of taxation from themselves to the working middle and poor class. The Republicans want to cut, cut, cut social programs that hurt the sick, disabled, blind, poor, children,students, seniors and anyone else they feel are weak and vulnerable. The Democrats only propose cutting 1/2 or in reality 3/4 the programs and want to balance the rest by passing regressive taxes which simply takes money out of the pockets of the poor and middle working class. There is a third way.For example, Peace and Freedom Party calls for the taxing of the super rich and their corporations. It is now time to shift the burden of taxation back to those who have gotton wwealthy off our system.