American Dream Is Dead—If You Are In The 99% - Page 2
However, the most shocking part of the report is here: “Meanwhile, the best means for climbing the income ladder — improved education — is growing more uncertain and more expensive…Also, the federal government is facing huge budget deficits, meaning that policies that would help bolster working poor families, such as a higher minimum wage, are unlikely to be implemented.”
According to the Nobel Laureate economist Joseph Stiglitz, the richest 1% of Americans now own 40 percent of the nation's wealth, a rise from 33 percent in 25 years, in contrast the bottom 80% own only 7%. Since the time of Great Depression, the wealthiest 1% of Americans is taking home a larger portion than at any other time. The 400 richest individuals have more wealth than half of all Americans combined.
How has this happened?
Simple, people, pay attention.
Remember the name Ronald Reagan? Before he became President, the top income tax rate was 70 percent. He brought it down to the low thirties, and at the same time raised taxes on the middle class several times. Then came Bill Clinton, a conservative in the disguise of a progressive, who led the way to NAFTA, CAFTA, SHAFTA… dismantled Glass Steagal Act, and sealed the nation’s history with The Telecommunications Act of 1996.
So people, this is not an act of God, this is a deliberate manipulation of wealth transfer. Vast number of Americans, who gradually slide into poverty, do not go there because they are lazy, or stupid, it happens because of manipulation.
Open your eyes; connect the dots; make the connection between the two headlines. Your future depends on that.