The Phaserl


America’s Economic Dark Side

by Stephen Lendman,

Former Clinton administration Labor Secretary Robert Reich explained, saying:

“Of all developed nations, the United States has the most unequal distribution of income, and we’re surging towards every greater inequality.”

America’s 400 richest elites have more wealth than half the population. Jacob Kornbluth’s new documentary film “Inequality for All” examines disturbing truths.

US inequality is at historic highs. Since 1970, America’s economy doubled. The top 1% benefitted hugely. They earn more than 20% of national income. It’s triple their 1970 percentage.

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1 comment to America’s Economic Dark Side

  • rich

    Chris Hedges Let’s Get This Class War Started

    The blanket dissemination of the ideology of free market capitalism through the media and the purging, especially in academia, of critical voices have permitted our oligarchs to orchestrate the largest income inequality gap in the industrialized world. The top 1 percent in the United States own 40 percent of the nation’s wealth while the bottom 80 percent own only 7 percent, as Joseph E. Stiglitz wrote in “The Price of Inequality.” For every dollar that the wealthiest 0.1 percent amassed in 1980 they had an additional $3 in yearly income in 2008, David Cay Johnston explained in the article “9 Things the Rich Don’t Want You to Know About Taxes.” The bottom 90 percent, Johnson said, in the same period added only one cent. Half of the country is now classified as poor or low-income. The real value of the minimum wage has fallen by $2.77 since 1968. Oligarchs do not believe in self-sacrifice for the common good. They never have. They never will. They are the cancer of democracy.

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