How’s that Reagan Revolution working out for you?
The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976. As Timothy Noah of Slate noted in an excellent series on inequality, the United States now arguably has a more unequal distribution of wealth than traditional banana republics like Nicaragua, Venezuela and Guyana.
C.E.O.’s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001. Perhaps the most astounding statistic is this: From 1980 to 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent.
Bush called that one percent the “have-mores” and considered them the base of the Republican Party.
The Al Smith dinner, hosted by Archbishop Edward Egan, is a traditional forum for presidential candidates, although in past years, the abortion issue has kept some candidates away.
The event is named for the former New York governor who was the first Roman Catholic ever to be nominated for president.
The presidential candidates came well-armed with jokes, often poking fun at themselves.
Bush gazed around the diamond-studded $800-a-plate crowd and commented on the wealth on display.
“This is an impressive crowd – the haves and the have-mores,” quipped the GOP standard-bearer. “Some people call you the elites; I call you my base.”
Sure, it was a joke, but look at the results.
OT:
Boo:
Remember the other day when I said that Nate Silver spanked around Rasmussen? I never found the one I meant then, but Nate posted more yesterday:
http://fivethirtyeight.blogs.nytimes.com/2010/11/06/when-house-effects-become-bias/
Yes, the growing economic inequality is disastrous for our country. But we have a chance before the end of the year to try to move the arrow a bit in the direction of less inequality, as there are a number of major taxes breaks expiring at the end of the year that Congress will be deciding how to address.
We should all:
1. Call your Representative and Senators and tell them that you want:
a. A vote before the end of the year on a three year extension of the stimulus package tax cuts and tax relief on income below $250,000
b. To oppose any effort to give further tax cuts on income over $250,000
c. To oppose any effort to eliminate the estate tax or to reduce it below its 2009 levels
2. Contact the White House – 202-456-1111 – and urge the President to publicly promise to veto any effort to give further tax cuts on income over $250,000 or to eliminate the estate tax
I have more info on this over at my blog:
http://www.winningprogressive.org/urge-the-democrats-to-use-tax-policy-to-fight-for-the-middle-class