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Income disparity affects everyone — even the rich — detrimentally

The more unequal income levels are, the worse off everyone does in aggregate. While the rich have the levers of power and are busy installing new and more efficient money vacuums, to siphon money upward toward the top levels of income, the country as a whole suffers. Social systems break down, and the middle class erodes to the point where everyone who isn’t super-rich is working poor. Privilege accumulates at the top, by design.

The economy is driven not by the super-rich, whose wealth supposedly trickles down to the lower classes. The rich horde their money. What trickles down is not money. And when the rich have all the money, the economy stops. I mean, it STOPS. It grinds to a halt. Depressions happen. You know, like this one the US is still in now, reverberations being felt throughout the rest of the world — this crumbling economy whose recovery has been stymied by Republicans in the States at every turn.

Welcome to the new gilded age, ladies and gentlemen. If we don’t do something about it soon, we’ll be here for a very very long time.

Comments

  1. says

    I think that “tinkle down” economics is the appropriate term for what the wealthy have convinced Americans is in the middle-class’ best interests. What are they going to eat when their workers can no longer eat enough to produce?

  2. says

    I’m surprised this post has yet to attract the usual hordes of financial and economic ignorami screaming that the rich must have tax breaks “because they create jobs”.

    France has just published a 6,000 word *official* report which states that research has found 66% of the tax breaks created or maintained (mostly created) by Sarkozy and his chums are wholly or partly ineffective, costing the country more than they produce in terms of growth. Net cost to the country: some 50 bn euros, a sizeable chunk of the annual budget deficit.

  3. says

    Funny you should mention that, Teapot! I just saved a few graphs I was planning on overlaying on one another — one showing the US’ percentage of GDP in tax revenues, and one showing the US’ unemployment rate, since 1950. Since taxes are pretty much the lowest they’ve been since pre-1950 (don’t know exactly when), you’d think the unemployment would be the lowest too, right? Of course not. :)

    Hey, I just read about the nonsense over at Liz’. Did that vaccine crusader go after you like he threatened here? Hired two firms to out you because you talked shit about his ‘religion’. There’s a litigious bastard you’ll not want to know where you’re employed. :p

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