It’s time most Americans recognized that there is a war going on in this country. Not Iraq or Afghanistan. No. The war is being waged by some of the wealthiest and most powerful people against working families, against the disappearing and shrinking middle class of our country. The billionaires and filthy rich corporate execs of America are on the warpath.
Greed’s at issue. They want more and more and more.
In 2007, the top 1 percent of all income earners made 23.5 percent of all income. Let me repeat that: The top 1 percent earned over 23 percent of all income; that is, more than the bottom 50 percent.
One percent here – to fifty percent here.
But for the very wealthy, that is apparently not enough. The percentage of income going to the top 1 percent nearly tripled since the 1970s. All over this country people are angry, frustrated. But one of the reasons people are angry and frustrated is they are working incredibly hard. There are people who don’t work one job, two jobs; there are people working three jobs and four jobs, trying to cobble together an income in order to support their families. And while people are working harder and harder, in many cases their income is going down.
The fact is, 80 percent of all new income earned from 1980 to 2005 has gone to the top 1 percent. Let me repeat that because that is an important fact. It explains why the American people are feeling as angry as they are. They are working hard, but they are not going anyplace. In some cases, in many cases, their standard of living is actually going down.
Now the Republican Party, after converting huge surpluses into huge deficits during the Bush era, after opposing deficit-reducing health reforms, student loan reforms and big-bank taxes during the Obama era, after continuing to clamor for trillions of dollars in deficit-expanding tax cuts while gutting House pay-as-you-go rules to make it easier to expand the deficit – yes, these very same Republicans — threaten to blow up the entire economy for us all and throw the United States of America into a default for the first time in its history. . .
— unless, of course, we make drastic reductions to spending on domestic programs, on our schools, on our infrastructure, on unemployment entitlements, on all the things that serve to give working people a chance at a dignified life.
Oh, but we can’t eliminate tax breaks for the wealthiest one percent who hoard all the money, say the Republican demagogues. That will kill jobs. So they preach.
Will it? Get a lesson from history and get a grip.
Ever wonder why “trickle down” economics does not work? “Trickle-down economics” and “the trickle-down theory” are pejorative terms that refer to the policy of providing across the board tax cuts or benefits to businesses, such as tax breaks, in the belief that this will indirectly benefit the broad population. While the idea of letting ‘deserving rich’ keep more of their ‘hard earned money’ so that they will reinvest it to create more jobs sounds plausible — experience with greed in the last 30 years proves otherwise. Wealthy greed. Lowering taxes on the rich without linking that tax break to any incentive to invest in the economy and create jobs has – time and again– been linked to job loss, not gain.
We’re fast approaching the 11th hour. It’s time for Americans to stand up to the Republican tyrants who hold our economy hostage, and demand that the Republicans raise the debt ceiling – something they did seven times under George Bush while piling on massive debt from two wars – without condition. Or face extinction as a political party come next fall.
Image: Down With Tyranny