The economic pundits tell us the recession is over. They say that 2010 was the first full year of the recovery. But somehow that recovery hasn't reached the workers on Main Street yet -- and it may be a while before it does. Unemployment is still too high (though it has dropped a little), and wages are still stagnant. In fact, the median household income in America actually fell in 2010 after inflation is accounted for by about 6.7% (to $49,909).
But while unemployment remains high and workers are still losing money, there is a group that is doing very well -- the super rich. It turns out that of all income gains made in 2010, about 93% of those gains went to the top 1%. And for the other 7% of those gains, you can be sure none of it made it down to the bottom 80% of Americans. The rich are doing great, and have more than recovered anything they lost in the Bush recession.
And these are the very people the Republicans want to give another tax cut to. They already are hogging 93% of all income growth and they want more. And to give them more, the Republicans are willing to end health care reform, cut Social Security, eliminate Medicare and Medicaid, cut education funding, cut EPA funds, and cut the tiny funds being provided for the poor. Could they be any stupider and more mean-spirited?
Meanwhile, the vast gap in wealth and income between the richest Americans and the rest of us continues to grow even larger. Soon it will be time for the pitchforks and torches.
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