1. Income in America is now more concentrated in fewer hands than it’s been in 80 years.
2. The wealthiest 1% of the population now owns over 70% of all financial assets, an all-time record.
3. The bottom 90% have seen their share drop over 20%.
4. Almost a quarter of total income generated in the United States is going to the top 1% of Americans.
5. The TOP ONE TENTH OF ONE PERCENT of Americans now earn as much as the bottom 120 million of us.
6. The wealth of the 400 richest Americans increased by $30 billion, bringing their total “combined” wealth to $1.57 trillion.
7. Including stock options and other benefits, CEO pay is $500 to every $1 of the middle class.
8. US workers are now working more hours and have become dramatically more productive, but their pay is actually declining—while CEO pay has been dramatically increasing—so much for “Trickle Down.”
9. Over 80% of the increase in income since 1980 went to the top 1%.
10. Workers lost an average of 25% of their 401k due to the recession.
11. From 1980 to 2006 the richest 1% of America tripled their after tax percentage of our nation’s total income.
12. Between 2002 and 2006, it was even worse: three-quarters of all the economy’s growth was captured by the top 1%.
13. The 400 richest Americans have more wealth than the bottom 155 million of the population combined.
Conclusion; Reaganomics = the Rich getting richer, and everyone else getting poorer.
References; Congressional Budget Office, Bureau of Labor statistics, Center for Budget and Policy Priorities, Think Progress, Tax Policy center, Guttmacher Institute, Factcheck.com, Kaiser Health tracking Poll, Center for American Progress, Moody’s Analytical, Washington Monthly, New York Times, National Nurses United.
Please watch Richard Wilkinson’s Ted talk “How economic inequality harms society”. Societies that have great inequality (America) vs more equalitarian societies (Sweden, Norway, Denmark, Japan) have lower life expectancies, lower math and literacy rates, higher infant mortality, higher homicides, more people in prison, higher teen pregnancy, lower trust levels, higher mental illness (drug and alcohol abuse), and poorer health (increased obesity).
In other words, Republican economic policies of giving tax breaks to the rich (trickle down economics) not only doesn’t result in shared prosperity – IT HARMS OUR SOCIETY!!!!!