Vanity Fair throws it down in the article “of the 1%, by the 1%, for the 1%”. The whole article is great. My favorite parts:
In terms of income equality, America lags behind any country in the old, ossified Europe that President George W. Bush used to deride. Among our closest counterparts are Russia with its oligarchs and Iran. While many of the old centers of inequality in Latin America, such as Brazil, have been striving in recent years, rather successfully, to improve the plight of the poor and reduce gaps in income, America has allowed inequality to grow.
Those who have contributed great positive innovations to our society, from the pioneers of genetic understanding to the pioneers of the Information Age, have received a pittance compared with those responsible for the financial innovations that brought our global economy to the brink of ruin.
So true. And what else?
But one big part of the reason we have so much inequality is that the top 1 percent want it that way. The most obvious example involves tax policy. Lowering tax rates on capital gains, which is how the rich receive a large portion of their income, has given the wealthiest Americans close to a free ride….Much of today’s inequality is due to manipulation of the financial system, enabled by changes in the rules that have been bought and paid for by the financial industry itself—one of its best investments ever
boom! The gauntlet has been thrown. This article continues to break down different ways in which this inequality affects our entire nation’s well-being, including an insightful piece about foreign policy. I never knew vanity fair was so fierce. All it’s missing are the words “class warfare”. Seems like this kind of analysis belongs on the news. Too bad our media has been bought off by the highest bidder.