The New York Times has an article entitled Richest Are Leaving Even the Rich Far Behind which reports that the “hyper-rich,” which is to say the top 0.1% or the top 144,000 families have almost more than doubled their average annual income since Ronald Reagan first took office — from $1.2 million to $3 million per year, adjusted for inflation. This 0.1% controls 7.4% of the nation’s income a number which has also more than doubled since 1980. This 0.1% also receives 15% of Bush’s tax cuts. People making $87 million per year in income pay the same percentage of their income in taxes as people making $50,000 per year. All of these numbers are based only on reported income. You can be sure that, if you’re making $87 million per year, you’ve found ways –most of them legal– to shelter your income.
Income earned by the bottom 90% fell during the same period. Our current structure is turning a meritocracy into an aristocracy. Economic mobility has stagnated or decreased during the last 30 years. The ultra-rich and their apologists are going to get indignant and claim that this is nothing but jealousy. Maybe it is, but I’m not jealous of the ultra-rich. I’m jealous of my grandfather who got to live in a society where you were more likely to rise or fall based on your merit and where you could expect that your children would be better off than you. Not a society where the Paris Hiltons and the George W. Bush’s of the world are rewarded while the rest of us are left to tell our kids to ignore their lying eyes and believe us when we tell them that a good education is the way to succeed. (In fact, 3 of Indiana’s 9 Congressional Representatives do not have college degrees. Thanks to Taking Down Words for that surprising bit of news.)
And, let’s not forget, we’re a country at war. It’s an honor for a poor man’s child to die for his country, but god forbid you ask the ultra rich to pay for the damned thing. Just charge it up and pass it along to our kids. Shameful.
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