US Income Inequality Continues to Grow

[marmar]

via CommonDreams:



Published on Friday, July 17, 2009 by The Capital Times (Wisconsin)

US Income Inequality Continues to Grow
by Don Monkerud


In June 2009, the U.S. economy saw its second steepest decline in 27 years. New jobless claims increased, business inventories fell and exports plunged as bad economic news persisted.

Will the once high-flying American wealth machine continue to produce the vast inequalities of the past?

Only two years ago, Steve Forbes, CEO of Forbes magazine, declared 2007 "the richest year ever in human history." During eight years of the Bush administration, the 400 richest Americans, who now own more than the bottom 150 million Americans, increased their net worth by $700 billion. In 2005, the top 1 percent claimed 22 percent of the national income, while the top 10 percent took half of the total income, the largest share since 1928.

In June 2009, the Merrill Lynch Global Wealth Report estimated the number of the world's wealthiest people declined by 15 percent, the steepest decline in the report's 13-year history. The number of millionaires in the U.S. fell by 19 percent to 2.5 million people.

Analysts tell us the economy is being restructured, but how will the disparities in wealth between the rich and the poor play out? ...........(more)

The complete piece is at: http://www.commondreams.org/view/2009/07/17-8

[RaleighNCDUer]

1. About time to invest in tumbrel manufacturing stocks. nt

[natrat]

2. the audacity of complete and utter sell out bullshit

[ananda]

4. The yarn and knitting needle industry should also do well.

nt

[Wednesdays]

3. K&R

:kick:

[lexanman]

5. Kick and Recommended

[Hydra]

6. This part was telling:

Over 40 percent of GNP comes from Fortune 500 companies. According to the World Institute for Development Economics Research, the 500 largest conglomerates in the U.S. "control over two-thirds of the business resources, employ two-thirds of the industrial workers, account for 60 percent of the sales, and collect over 70 percent of the profits."

Which made me think of Carlin's comment:

"The real owners are the big wealthy business interests that control things and make all the important decisions. Forget the politicians, they're an irrelevancy. The politicians are put there to give you the idea that you have freedom of choice. You don't. You have no choice. You have owners. They own you. They own everything. They own all the important land. They own and control the corporations. They've long since bought and paid for the Senate, the Congress, the statehouses, the city halls. They've got the judges in their back pockets. And they own all the big media companies, so that they control just about all of the news and information you hear. They've got you by the balls. They spend billions of dollars every year lobbying, ­lobbying to get what they want. Well, we know what they want: they want more for themselves and less for everybody else."

[GeorgeGist]

7. Wonderful news!

Capitalism is still working it's magic even in these times of economic depression.

[defendandprotect]

8. kick -- hey, folks . .. we need more than 24 hours to rec a thread . . .

[chill_wind]

9. kick