Followers of this blog already know that income inequality is high on my list of injustices in this world. Why should a tiny privileged sliver of our economy take so much?
Their slice of the pie has been increasing for the past forty years, but in 2012 they broke a record. From NBC News:
The pay gap between the richest 1 percent and the rest of America widened last year, making a record.
The top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share in Internal Revenue Service figures going back a century.
U.S. income inequality has been growing for almost three decades. But until last year, the top 1 percent’s share of pre-tax income had not yet surpassed the 18.7 percent it reached in 1927, according to an analysis of IRS figures dating to 1913 by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.
But since the recession officially ended in June 2009, the top 1 percent have enjoyed the benefits of rising corporate profits and stock prices: 95 percent of the income gains reported since 2009 have gone to the top 1 percent.
That compares with a 45 percent share for the top 1 percent in the economic expansion of the 1990s and a 65 percent share from the expansion that followed the 2001 recession.
If you are like me, that makes you angry. I could go off on this like I have several times in the past, or I could just say DUH! What did you think was going to happen? Did you think that things would change under the administration of a Democratic “Progressive” president? I did when I voted for Obama in 2004, but not so much anymore. No progress on this front. Inequality has gotten worse. Worse than it was prior to the Great Depression.
So what should we do? Good question. I don’t know the answer, but I do know that the next time some ignorant Republican refers to Obama as a Socialist, I will show a silly grin and wait for them to ask about what I think is so funny.
Until then, I will listen to The Clash who, as Gorby says, have a song for every occasion.
I don’t want to hear about what the rich are doing
I don’t want to go to where the rich are going
They think they’re so clever, they think they’re so right
But the truth is only known by guttersnipes