( - promoted by Jennifer Read)
The latest desperation jab from the McCain campaign accuses Obama of wanting to "spread the wealth." When the Bush Administration is in the process of spending $1 trillion in taxpayer dollars to bailout some of the richest people in the country, while refusing to extend unemployment benefits for victims of the financial collapse or force banks to renegotiate predatory loans, I've gotta think that a few of Sarah Palin's "real Americans" are warming to the idea of spreading the wealth. What Republicans don't want you to know is that redistribution of income and wealth toward the rich has be happening for decades, and it has accelerated since 2000 under a Republican Administration. The United States currently ranks 4th worst in income inequality, according to a recent report from 30-nation Organization for Economic Co-operation and Development - or OECD. Here's a link to the The U.S. has the 4th worst income inequality, behind Mexico, Turkey and Portugal of the 30 OECD nations. Here's a link to the report summary for the United States.
Report highlights: - The U.S. has the 4th worst income inequality, behind Mexico, Turkey and Portugal of the 30 OECD nations.
- U.S. wealth inequality is even worse. The richest 1% hold 25-33% of the country's total net worth, the top 10% hold 71%. (By comparison, OECD average: top 10% hold 28% of wealth.)
- Redistribution of income by government plays a relatively minor role in the United States. Only in Korea is the effect smaller. This is partly because the level of spending on social benefits such as unemployment benefits and family benefits is low – equivalent to just 9% of household incomes, while the OECD average is 22%.
- The distribution of earnings widened by 20% since the mid-1980s which is more than in most other OECD countries. This is the main reason for widening inequality in America.
- Social mobility is lower in the United States than in other countries like Denmark, Sweden and Australia. Children of poor parents are less likely to become rich than children of rich parents.
Republicans preached "trickle down" Reaganomics, but what we got was geyser up. This was no accident or inevitable result of globalization or free market Darwinism. Plutocrats in robes of free market theology designed the system to deliver the goods by changing tax code, trade policy, labor policy and corporate governance, by reducing oversight and regulation, and by attacking safety nets in place since the New Deal. Bill Moyers examines the current financial crisis and growing income divide in the October 24 edition of Bill Moyers Journal. Does anyone recall if the Republicans' "Contract with America" included a claw-back clause on our economy? |
