When it comes to the unemployment news in America, our country would more aptly be named: The United States of Inequality. The larger the disparity between the “Haves” and the “Have Nots” – the worse things will continue to get in America.
*From the year 1915 thru 1980, the yearly medium income in the USA rose over $13,000.00 per year. However, between 1980 and 2008, the average income only rose about $300.00 per year.
In 1980 the richest 1 percent accounted for 18% of the nation’s income. Today, the richest 1 percent accounts for 24% of the nation’s income. The distribution of wealth in America is as out of balance as it has ever been.
In his 2007 book The Conscience of a Liberal, the Nobel laureate, Princeton economist and New York Times columnist Paul Krugman labeled the post-1979 period the “Great Divergence.”
“It’s generally understood that we live in a time of growing income inequality, but the ordinary person is not really aware of how big it is,” according to Krugman. During the late 1980s and the late 1990s, the United States experienced two unprecedentedly long periods of sustained economic growth—the “seven fat years” and the ” long boom.” Yet from 1980 to 2005, more than 80 percent of total increase in Americans’ income went to the top 1 percent. Economic growth was more sluggish in the eighties, but the decade saw productivity increase by about 20 percent. Yet virtually none of the increase translated into wage growth at middle and lower incomes, an outcome that left many economists scratching their heads.
Today, incomes in the U.S. are more unequal than in Germany, France, and the United Kingdom, not less so. It has barely entered the national political debate. Why? Because politicians are among the “Haves” and really do not give a damn about the “Have Nots” – period. Even the President has neglected to acknowledge the plight of the 99ers.
In the his interview, which aired on 60 minutes yesterday (see video below) – President Obama discussed the unemployment problem in the US, the political ramifications of last Tuesday’s election and the tax cuts he was responsible for giving to all Americans. But tax cuts mean NOTHING to those without any income.
Is there a reporter with access to the President with the “stones” to ask our President, point blank about the terrible suffering of 5 million 99ers in this country with no income now for 8 months and what he intends to do about that?
I am a 99er, so I feel that pain and panic everyday that I cannot find a job. Many, like me are at the point where we barely have gas money left to continue our futile job search efforts, let alone money to pay for rent, food and other survival necessities.
In my article: Tax Cuts for Rich or 12 Million New Jobs
I reported that, (per Demos – a nonpartisan public policy group) You can get 12 million people back to work in this country for the $700 billion a year that the Bush tax cuts for the wealthiest Americans would cost.
Isn’t it a much better use of that money to put Americans back to work, so we can begin to pay the income taxes required to eventually PAY DOWN THE DEBT? It is a concept even an idiot could understand, but apparently the Republicans cannot get it at all.
But, President Obama is a Democrat, right? So Mr. President, what will you do to save the millions of American 99ers? Please, whatever you do – DO NOT compromise with the Republicannots on this outrageous tax cut extension for the top wealthiest Americans!
* Source was The Dylan Ratigan Show, MSNBC 11-8-2010