It's Inequality Stupid

link here to article

Income inequality in America was at its high point in the "roaring twenties" preceding the Great Depression. The Great Depression, and high taxes to fund WW II, changed that picture. Following WW II, the US economy expanded rapidly and all Americans shared in the prosperity. The middle class continued to prosper and expand through the 70's and things began to change with the advent of Saint Reagan to the presidency. He presided over the changes in the economy that began the movement toward the "new gilded age" that we are currently experiencing. Income and wealth distribution in the US today looks much like it did then. Most American's do not understand what has happened. Polls show that Americans believe that income is more evenly distributed than it is and they also show that Americans favor a more equal distribution than they believe to be the case. This article from Mother Jones tells the story with a slide show that depicts the changes that have occurred. This is not a screed against the rich and it is not class warfare. Its just a picture of what has happened since Saint Reagan. Americans respect those who have contributed to growing the economy and they expect them to be rewarded well. What many do not realize is that as the distribution is skewed to the top .01% of the population, the income share going to the rest of the population must fall. Moreover, changes in the tax system have enabled the after tax distribution of income to the top .01% to grow as well. That led Warren Buffet, who is one of our most progressive billionaires, to complain that his secretary's tax rate was higher than his own.