If you are in the middle class, you’re painfully aware of the data.
After the last recession, corporate profits have skyrocketed to new levels.
This time, the corporations are replacing workers with artificial intelligence, machine learning and robots.
The Republican leadership in the White House and Congress is seeking additional tax breaks for corporations and high-income individuals who may or may not pay any taxes like Trump.
They are a corporate dream come true.
The inequality gap between the rich and everyone else has been growing since 1970.
In “Striking It Richer,” a 2013 analysis by University of California at Berkeley economist Emanuel Saez, he said that “during the years 2009 to 2012, 95 percent of total income gains were hoovered up by the wealthiest 1 percent.”
In about 2005, Citigroup’s famous “plutonomy” memo, intended for only their wealthiest clients, advised them to stay away from the stocks catering to the rapidly dissolving American middle class and instead focus on sellers of luxury goods and services aimed at the richest consumers, according to the Dec. 28, 2008, New York Times.
Watch Bill Moyers interview economist Paul Krugman on YouTube (“What the 1% Don’t Want You to Know”).
Warren Buffett’s quote sums it up perfectly: “There is class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”
The Trump election represents the political takeover of the United States by the Republican rich-class plutocrats.
Michael McCarty,
Port Angeles