Huge Victory for the GOP – Bottom 90% Completely F'd!
Victory in our time!
They said it couldn't be done, they said that people in a "Democracy" would never allow it to happen but, in the past 5 years we have actually taken 15% of the income AWAY from the bottom 90% of American wage-earners and re-distributed it to the top 10% and, since there are much less of them, it has boosted their incomes by 115% over the same period!
In the words of the great Winston Churchill (as redefined by the Conservative Bible): "Never was so much taken from so many for so few." As you can see from the chart above, the Reagan Revolution successfully reversed years of gains for the average American and began shoveling all of the economic gains to the top 10% for the last 30 years but only in the last 5 has this policy gone into overdrive as we actively TAKE the money from the bottom 90% – and look how rich it makes us!!!
As noted by Zero Hedge:
"Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve's policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets. The Fed is doing all the work, because the President's policies are growth-suppressive. In the absence of the Fed's moneyprinting and ZIRP, the economy would either be softer or actually in a new recession."
Of course, if you are in the top 10% (family income over $160,000) and don't feel 125% richer, that's because you are lazy enough not to be in the top 1% (family income over $1,000,000) who are, according to a new study by the ECB, much richer than previously thought.
Rather than holding 30% of the total household wealth in the US, as is often cited, the top 1% actually have more like 37% – over 20% more money than previously estimated while the top 5% (family income over $3M) hold over 60% of America's wealth. Of…
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.