The Billion Dollar a Month Club: A Runaway Transfer of Wealth to the Super-Rich
Our national wealth has grown by an astonishing $30 trillion since the recession, but most of it has gone to people who were already wealthy.
We are living through a massive redistribution of America's net worth to the beneficiaries of a financial industry that has used cunning and money and power to impose their version of economic "freedom" while deregulating any policies that might have stopped the incessant transfer of wealth.
It's getting worse, by the year and by the month. President Obama's claim that "We've recovered faster and come farther than almost any other advanced country on Earth" applies largely to the people whose wealth accumulation has dramatically pulled up the averages. The evidence is staring us in the face, but the super-rich are only watching their portfolios.
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The rest of us own a smaller and smaller share of a nation that we, and our ancestors before us, all helped to build. Unprincipled members of business and government have taken away the financial regulations and progressive taxes that once protected the majority of Americans. It has been argued that a Financial Speculation Tax might be the best approach to stop the wealth transfer carnage. We have to do something. The splitting of our society is nearly beyond repair.
more at link:
http://www.commondreams.org/views/2014/11/10/billion-dollar-month-club-runaway-transfer-wealth-super-rich
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