America\u2019s \u2018Primal Scream\u2019<\/a> by Nicholas D. Kristof<\/li><\/ul>\n\n\n\nThree factoids underscore that inequality:<\/p>\n\n\n\n
- The 400 wealthiest Americans have a greater combined net worth than the bottom 150 million Americans.<\/li>
- The top 1 percent of Americans possess more wealth than the entire bottom 90 percent.<\/li>
- In the Bush expansion from 2002 to 2007, 65 percent of economic gains went to the richest 1 percent.<\/li><\/ul>\n\n\n\n
- The rise of the Regressive Right and the Reawakening of the rest of us<\/a> by Robert Reich<\/li><\/ul>\n\n\n\n
In the late 1970s the richest 1 percent of Americans received 9 percent of total income and held 18 percent of the nation\u2019s wealth; by 2007, they had more than 23 percent of total income and 35 percent of America\u2019s wealth. CEOs of the 1970s were paid 40 times the average worker\u2019s wage; now CEOs receive 300 times the typical workers\u2019 wage. <\/p>\n\n\n\n
This concentration of income and wealth has generated the political heft to deregulate Wall Street and halve top tax rates. It has bankrolled the so-called Tea Party movement, and captured the House of Representatives and many state governments. Through a sequence of presidential appointments it has also overtaken the Supreme Court.<\/p>\n\n\n\n
- A Long, Steep Drop for Americans’ Standard of Living<\/a> by Ron Scherer<\/li><\/ul>\n\n\n\n
Bottom line: The average individual now has $1,315 less in disposable income than he or she did three years ago at the onset of the Great Recession \u2013 even though the recession ended, technically speaking, in mid-2009\u2026 The diminished standard of living, moreover, is squeezing the middle class, whose restlessness and discontent are evident in grass-roots movements such as the tea party and “Occupy Wall Street” and who may take out their frustrations on incumbent politicians in next year’s election.<\/p>\n\n\n\n
What has led to the most dramatic drop in the US standard of living since at least 1960? One factor is stagnant incomes: Real median income is down 9.8 percent since the start of the recession through this June, according to Sentier Research in Annapolis, Md., citing census bureau data. Another is falling net worth \u2013 think about the value of your home and, if you have one, your retirement portfolio. A third is rising consumer prices, with inflation eroding people’s buying power by 3.25 percent since mid-2008.<\/p>\n\n\n\n
“In a dynamic economy, one would expect Americans’ disposable income to be growing, but it has flattened out at a low level,” says economist Bob Brusca of Fact & Opinion Economics in New York.<\/p>\n\n\n\n
- 99%: A Warning to #OWS and the Rest of Us<\/a><\/li><\/ul>\n\n\n\n
A joke making the rounds on the Internet goes like this:<\/p>\n\n\n\n
“There’s a plate of 12 cookies sittng on a table. The rich take 11 cookies leaving only 1 cookie left on the plate. They then turn to the Tea Party and say \u2018Those unions are trying to take your cookie.'”<\/em><\/p>\n\n\n\nThis works about equally well with Republicans vs. Democrats.<\/p>\n\n\n\n
It’s why Republicans versus Democrats is largely a false divide. The monied interests would rather have us arguing Republican vs. Democrat (50\/50 split) than Rich vs. Everyone Else (1\/99 split).<\/p>\n\n\n\n
- The shocking truth about the crackdown on Occupy<\/a> by Naomi Wolf<\/li><\/ul>\n\n\n\n
So, when you connect the dots, properly understood, what happened this week is the first battle in a civil war; a civil war in which, for now, only one side is choosing violence. It is a battle in which members of Congress, with the collusion of the American president, sent violent, organised suppression against the people they are supposed to represent. Occupy has touched the third rail: personal congressional profits streams. Even though they are, as yet, unaware of what the implications of their movement are, those threatened by the stirrings of their dreams of reform are not.<\/p>\n\n\n\n
Sadly, Americans this week have come one step closer to being true brothers and sisters of the protesters in Tahrir Square. Like them, our own national leaders, who likely see their own personal wealth under threat from transparency and reform, are now making war upon us.<\/p>\n\n\n\n