The Congressional Budget Office has released research that shows the tremendous inequality of wealth that has occurred since 1979, coinciding with the Reagan tax cuts of the 1980s and the Bush II tax cuts of the 2000s!
38.7 percent of the income growth went to the top one percent, with 15.6 percent going to the next four percent, and 9.4 percent to the next five percent! That means that 64 percent of the income growth went to the top ten percent of the American population, based upon income! 🙁
The bottom 90 percent received the remaining 36 percent of the income growth, with the 80-90 percentile gaining 11.5 percent, meaning a grand total of 75 percent of all income growth was among the top 20 percent of earners! 🙁
Is there any way that, in a country which promotes “equality of opportunity” and a so called “level playing field”, we can justify such outrageous inequities, and feel that it is wrong to expect those most successful to contribute more to the betterment of American society through higher taxation rates? 🙁
How much wealth and materialism is too much, and how much lack of concern for those less fortunate can a democracy sustain, without wondering about the so called “American Dream” being phony and just a myth? 🙁
If the average American, particularly those in the bottom 80 percent fully understood what has been going on in the past 30 years, they would refuse to back a party which promotes MORE inequity and MORE greed and MORE materialism for the wealthy! 🙁
The problem again is ignorance is NOT bliss, but rather destructive of the social order and the future economic stability of the United States! 🙁