THE CHOICE MOVING FORWARD: FUNDAMENTAL REFORM OR SOCIAL UNREST Heres a chart showing whats happened during every economic expansion since World War II, and what portion of it went to the wealthiest 10 percent and the poorest 90 percent of households. As you can see, income growth every expansion has delivered more of its benefits to the top and less to the bottom 90. The drop in the bottom 90 percents share really started to plummet in the 1982-1990 period, thanks to Reaganomics. Moreover, the real (inflation-adjusted) incomes of the bottom 90 dropped for the first time in the recovery were now in. In other words, this is not a business cycle problem. Were dealing with the underlying structure of the economy, which is tilting ever more in the direction of the top and away from the vast majority. This is not sustainable. The choice is either fundamental reform or social unrest.
Posted on: Sat, 27 Sep 2014 00:47:19 +0000
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