Steve Lendman October 21 2013
Former Clinton administration Labor Secretary Robert Reich explained, saying:
“Of all developed nations, the United States has the most unequal distribution of income, and we’re surging towards every greater inequality.”
America’s 400 richest elites have more wealth than half the population. Jacob Kornbluth’s new documentary film “Inequality for All” examines disturbing truths.
US inequality is at historic highs. Since 1970, America’s economy doubled. The top 1% benefitted hugely. They earn more than 20% of national income. It’s triple their 1970 percentage.
The gap between rich and all others keeps widening. Inequality hurts everyone, says Reich. Since economic recovery began in 2009, America’s top 1% got 95% of the gains.
Adjusted for inflation, median household income keeps declining. Where will most people “get the money they need to keep the economy going,” asked Reich?
“We’re the richest economy in the history of the world. For the majority of Americans not to get the benefits of this extraordinarily prosperous economy, you know, there’s something fundamentally wrong.”
America has less upward mobility than any other developed country. If you’re poor, you’ll stay that way.
If you’re lower middle class, “the cards are going to be stacked against you. You will probably never get anywhere,” says Reich.
“Who is actually looking out for the American worker? The answer is nobody.”
The nation is headed toward becoming a “100 percent plutocracy.” Inequality this extreme fuels public anger. It hurts economic growth. Force-fed austerity assures worse ahead.