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wealth gap 1

How bad is it?  Follow the Money
      “Let me tell you about the very rich.  They are different from you and me.”*
                                                                                            F. Scott Fitzgerald, “Rich Boy” 1925

During the 2008 election campaign, Obama remarked to Joe the Plumber that, as President, he would support a redistribution of wealth.  It looks to me as though Joe, being a white working class guy with a politically “conservative” family background, thought Obama meant taking wealth away from white working people and giving it to black people and to white people who aren’t willing to work.  At any rate, the McCain campaign told voters that that is what Obama meant.

Obama actually meant a return to an economy (such as the Eisenhower economy) that distributed the bulk of the national wealth fairly and productively to

the middle class, instead of taking wealth away from the middle class and the poor and concentrating it in the hands of the Very Few (such as in the Reagan and G W Bush economies).

Obama understood that the Wealth Gap had become so huge that it distorted the American economy to the point where poverty was increasing terribly and the living standard of the middle class was deteriorating.

The American economy is a consumer economy.  As Henry Ford famously knew, we can’t have consumers if people don’t have money to spend.  Sure enough, during the Bush II presidency, so many Americans, already deeply in personal debt [note, not at all the same as national debt!], lost so much wealth through, for instance, the looting of pension plans, the depletion of home equity, the destruction of businesses and the loss of jobs, that we entered a period of downward spiraling middle-class wealth and income, while continuing to redistribute that wealth upward.

In other words, the Wealth Gap, bad enough because it was caused by illegal and/or immoral behavior by the XtremeRich (and XtremeRight politicians who support them), is also bad because it wrecks our consumer economy—hurting hundreds of millions of Americans and weakening our nation.

Movie preview:  Heist – Who Stole the American Dream?     Site.

Here are some examples of how bad it is:

Item:  In 2010 93% of new income went to the top 1%; 7% went to the bottom 99%

Item:  The top 400 persons in America own as much wealth as the bottom 150,000,000.

[more to come]

Other Topics:  99%OCCUPYnutshellnonviolentpowerhistorymisogynyracismmoneywealth gap 1wealth gap 2republican partynamescapitalismfascismother ismspathologiessocial justice 1social justice 2social justice 3soulbody and soulthingsanarchyactionsbtwbib

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