Open Thread: Shared Sacrifice - Yes We Can!by: Dean BarkerMon Nov 15, 2010 at 06:04:23 AM EST |
The top 1 percent of American earners took in 23.5 percent of the nation's pretax income in 2007 - up from less than 9 percent in 1976. During the boom years of 2002 to 2007, that top 1 percent's pretax income increased an extraordinary 10 percent every year. But the boom proved an exclusive affair: in that same period, the median income for non-elderly American households went down and the poverty rate rose.I think the most important thing right now is making sure that 1% continues to have the tax giveaways they enjoyed under Decision Points George. They clearly need more time to turn that bonanza into jobs for the rest of us. But we're America, gosh darn it. I want to go further. Do we, the Other 99%, have the can-do spirit in us needed to get the One Percenters to enjoy a full one-quarter of all American wealth? I for one will not rest until 1% of our population earns 1 of every 4 dollars. If it means some of the money I've been putting into Social Security for decades not coming back to me on the other end, if it means skyrocketing deficits for my children and grandchildren, so be it. I know Judd's with me on this - who else? This is an Open Thread. |