For over three decades, the US economy has slowly declined into a shell of its former self. As working Americans, the middle class and the poor have struggled to keep their heads above water, some members of society have been doing just fine. According to Mother Jones magazine and a recent study, over the last thirty years, Wall Street salaries have risen by over 11%, at the same time salaries in other sectors have risen less than 2%.
This study is just another example of why greed is not good. Capitalism, with the correct amount of regulation, could be very successful. However, with the constant deregulation of the financial industry, the money will continue to slip out of the hands of the low and middle class and into the hands of the top 1%. Ronald Reagan lowered the top tax bracket from 70% to 28% in the eight years he was president, and was the first president to lower the top tax bracket while raising taxes on the lowest income earners. While cutting taxes for the rich, Reagan tripled the national debt and stole money from the Social Security trust fund to try to pay down the mess he created. The same economic model was unleashed on the United States over the last decade as George W. Bush gave away the Clinton surplus, deregulated Wall Street and helped cause the biggest financial meltdown in over seventy years.
As conservatives try to cover up their tracks by blaming teacher unions, planned parenthood and President Obama, the majority of Americans are starting to open their eyes and speak up. According to an NBC News/Wall Street Journal poll, over 63% of all Americans agree with President Obama's jobs bill that would put to work just under 2 million Americans. Over 70% of Americans, including 53% of Republicans, believe raising taxes on the top 1% is the best way to get the country back on track. These are real numbers, but numbers that the Republican party will turn their cheek to in order to get their agenda through. That agenda is to destroy the economy, point their finger at President Obama and buy their way into the White House in 2012.
Comments