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We're in a Recession Because the Rich Are Raking in An Absurd Portion of the Wealth

Business  (tags: wealth, recession, ultra rich, obscene profits )

- 3150 days ago -
Our economy can't thrive when the richest 1% get an ever larger share of the nation's income and wealth, and everyone else's share shrinks.


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Friday July 9, 2010, 1:13 pm
Noted Ellyn. Another important aspect on the attack on the other 98% of us is that Obama has formed a debt reduction commission to see area's of the budget to be cut to reduce the deficit which is said to be 12 trillion dollars. Pete Peterson and other conservatives, blue dog democrats, or other republicans will head this group. Their aim is to cut social security, medicare, medicaid, and other programs but leave military spending untouched.

This is a travesty. How are you going to ask us to obsorb these cuts with an unemployment rate of over 10%. After bailing out the banks and financial services with the peoples treasury, we are now being asked to sacrifice even more with these dacronian cuts.

Friday July 9, 2010, 1:16 pm
The people need to fight back. Start with this compaign to take back our government.

Ricardo C (66)
Friday July 9, 2010, 2:01 pm
Well, with 2.5 Million Millionaires in the U.S. each making a salary that could pay 10 or more people, you could see the difference and why so many poor guys are out of work. And to think that the poor guys are making them even more Millionair because of the products they buy from them. That's the American Dream, poor guys making more Millionaires!

Past Member (0)
Friday July 9, 2010, 2:40 pm
Isn't it always the case in every country? The rich get richer and the poor get poorer.
Greed wins yet again. Time for big changes. The 2% that hold 95% of the wealth just aren't worthy of it.

Past Member (0)
Friday July 9, 2010, 2:44 pm
My two favourite quotes on this type of topic:
"Corporations have been enthroned An era of corruption in high places will follow and the money power will endeavour to prolong its reign by working on the prejudices of the people
. . until wealth is aggregated in a few hands . . . and the Republic is destroyed."
-- Abraham Lincoln

"The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic State itself. That, in its essence, is
Fascism - ownership of government by an individual, by a group or by any controlling private power."
-- FDR
I have used them frequently in recent times. Sad. Very sad.

colleen o (200)
Friday July 9, 2010, 3:04 pm

Ray Sol (0)
Friday July 9, 2010, 5:27 pm
It was the republican congress who voted for all the tax cuts to the 1%.
It was the republican congress who voted for tax breaks to big business.
It was the republican congress and Bush who voted for the war that put America into debt.
It was the republican members who voted against the stimulus package to help put America back to work.
It was the republican Reagan who first took over control of a major bank, not Obama.
It was the republican Reagan and Bush who raised taxes on the American middle-class.
It was the republican congress who tried to take over control of a person's right to live or die.
It was the republican congress who . . . . oh, what the hell, they're all bad.

Mary Donnelly (47)
Friday July 9, 2010, 5:30 pm
Thanks Ellyn for post.

John Rogers

No it is not the same in many other countries. Google "The Gini Index" to see how the USA rates on inequality of incomes.

Bonita Annis (20)
Friday July 9, 2010, 6:15 pm
Ray S. Agree on all points.. And John Rodgers, I really appreciate the quotes. Very well said.. Thanks..

Nightcat Mau (81)
Friday July 9, 2010, 7:53 pm
Noted and thanks. All too true.

DORIS L (61)
Friday July 9, 2010, 8:12 pm
Rich people/corporations get tons of tax breaks and can pay off more people than they admit to doing so to get away with all kinds of things. Every loophole is known or made available to them.

Thomas D (12)
Saturday July 10, 2010, 2:39 am

Edward M (8)
Saturday July 10, 2010, 3:24 am
So, what's new about this revelation that millions did not already know!

nobo dy (24)
Saturday July 10, 2010, 2:17 pm

Craig Zimmerman (86)
Saturday July 10, 2010, 4:47 pm
I recall Reagan saying that tax cuts for the very rich would lift all boats. In reality, the tax cuts only lifted million dollar luxury yachts.

manushya van pelt (6)
Sunday July 11, 2010, 1:35 am
so...we are realizing that to the rich bosses we are not people but juist a bunch of working human machines and as such we are treated with no respect.
If you like to forget that you are born as human and accept to be a slave made into a machine go for it but do not cry later.
If you would like to stay human and have the possibility to live as a human and even enjoy your life on the earth that forget tha car, the tv, the cd player, the mp3,etc..etc... stop consuming...learn to be happy with juist with what you need to live in a simple way and most of all to live in peace with averybody and avery thing..a very simple example...wouldn´t you prefer to travel slow but fully enjoying your life instead of travelling fast and living in war, fearing for your life and having no time to live it?

Edward M (8)
Sunday July 11, 2010, 4:49 am
Instead of stating the obvious, what, exactly, are you proposing should be done about it?

manushya van pelt (6)
Sunday July 11, 2010, 11:01 am
.make choices..stop consuming , learn to appreciate yourself and other people for what they are and not for how they look and what they have, What should be done about it? MAKE CHOICES...CHOOSE YOUR SELF HOW YOU WANT TO LIVE.

Ellyn S (48)
Monday July 12, 2010, 1:30 am
Just say no to fighting the Zionist wars so they can acquire more billions of dollars on the backs of the soldiers and the taxpayers, tearing up the Earth and creating more devastation in the lives of more and more people. Here is an article which clearly states that Iran is NOT a threat; however, the mainstream media has reporting regularly that Iran is a very real threat. The programming of the people has been very intense for quite some time now, so that when most people hear are going to war with Iran, they assume that this is just something that must happen. It is not.

Threatening World Order: US and Israel Quietly Announce Plans to Reconstitute Their Nuclear Stockpiles
Saturday 10 July 2010

by: Anthony DiMaggio, t r u t h o u t | Op-Ed
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