On the Thom Hartmann show this week, he reported on an article from Scott Burns, of the Economic Policy Institute, on the disappearing wealth of the bottom 90% of us in the USA.
From World War II up until 1980, when Ronald Reagan entered stage right, the middle class and lower class income and wealth were increasing at a more rapid rate than the top 10%. The rich were still making more in absolute dollars. The middle and lower class increases were mostly due to a vibrant labor movement.
Due to Reagan’s "trickle down" and attacks on labor organizations, from 1989 until 2018 the bottom 50% has lost $900 billion in wealth, whereas the top 1% have increased their wealth by $21 trillion.
The analysis shows that at the rate that wealth is going to the very wealthy, in 33 years the top 10% will own 100% of all wealth in the country. Welcome to total feudalism. Who will be your lord?
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