Now is the time to lance the boil of Republican extremism once and for all. Since Barack Obama became president, the extremists who have taken over the Republican Party have escalated their demands every time he’s caved, using the entire government…
Bush Tax Cuts
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- 99 percent
- Affordable Care Act
- Barack Obama
- Clinton Era
- Election 2012
- Income Inequality
- One Percent
- Paul Ryan
- Republican extremism
- Robert Reich
- Social Security
- Tax Cuts
- Tea Partiers
- Wall Street
- Wall Street backers
- chained CPI
- discretionary spending
- extortionist demands escalate
- fiscal cliff
- grand bargain
- public opinion
- super committee
- super rich
At Rep. Paul Ryan's only appearance last August (The same appearance where Ryan laughs as an elderly man is taken down and arrested when he becomes upset about Ryan's plan for Medicare and Social Security.) is at this $15 a ticket "townhall" in Wisconsin where he refuses to speak directly with his constituents, who are demanding real answers about the jobless rate and the Bush tax cuts. Instead? He has them arrested.
The one percent have become even wealthier than previously thought -- if you can imagine that -- especially the "super rich," who got richer faster than the "merely rich."
The rest of us, well, there's just not much left for us as usual.
NEW statistics show an ever-more-startling divergence between the fortunes of the wealthy and everybody else — and the desperate need to address this wrenching problem. Even in a country that sometimes seems inured to income inequality, these takeaways are truly stunning.
In 2010, as the nation continued to recover from the recession, a dizzying 93 percent of the additional income created in the country that year, compared to 2009 — $288 billion — went to the top 1 percent of taxpayers, those with at least $352,000 in income. That delivered an average single-year pay increase of 11.6 percent to each of these households.
Still more astonishing was the extent to which the super rich got rich faster than the merely rich. In 2010, 37 percent of these additional earnings went to just the top 0.01 percent, a teaspoon-size collection of about 15,000 households with average incomes of $23.8 million. These fortunate few saw their incomes rise by 21.5 percent.
The bottom 99 percent received a microscopic $80 increase in pay per person in 2010, after adjusting for inflation. The top 1 percent, whose average income is $1,019,089, had an 11.6 percent increase in income.
A comparison between the Clinton era (Remember all the jobs, the prosperity...*sigh.*), the Bush "recovery," *cough* and today is even more sobering:
As a result, the top 1 percent has done progressively better in each economic recovery of the past two decades. In the Clinton era expansion, 45 percent of the total income gains went to the top 1 percent; in the Bush recovery, the figure was 65 percent; now it is 93 percent.
The Wall Street executive continues by blasting House Republicans and their "unsavory stew" of highly regressive tax cuts, and large, unspecified reductions in discretionary spending. The GOP just isn't catching on.