There have been an abundance of articles and a few new books published very recently comparing our economic conditions in the U.S. with those in third world nations. They are very convincing and they consistently warn us that if we are not there yet, we are getting very close.
On recent blogs and posts I have begun to show what has happened to the distribution of wealth/income in this country over the past thirty years. The trend has been continuous and only interupted somewhat by the economic policies of President Clinton. But the reinstitution of trickle-down economics under President Bush after 12 years of Reagan-Bush, which began in 1981, has created a totally unstable situation. The top 2% of the wealthy class now control about 25% of the wealth and the top 10% control about 50% of the wealth. As was recently described this situation is worse than Argentina!! Warren Buffet, the third richest man in America (with wealth above 40 billion) recently stated that he observed his tax rate was less than 16 other people in the room with whom he had gathered. Something may not be “rotten in Denmark”, but it certainly is in the United States. And most people in this country don’t even know how rotten it is; they just know something is very wrong. In subsequent posts, I will show how we got in this mess. This first figure shows that there is an enormous difference between Democratic and Republican administrations in their positions on fiscal responsibility. These have led directly to the differences in income/wealth that we experience today. And the Republican Party wants people to believe they are fiscally responsible?? LOL It is amazing to me that the Democratic Party does now show these data. (Click on graph to increase size.)