Sunday, November 13, 2011

Rachel Maddow: Top 1% Thrives Due To Economic Policies Since Reagan

Rachel Maddow outlines how, since Reagan, the top one percent has pulled away from the rest of us. Did they work so much harder? No. It was due to economic policies that benefit the wealthiest. According to the Congressional Budget Office, “The equalizing effect of federal taxes was smaller” in 2007 than in 1979, as “the composition of federal revenues shifted away from progressive income taxes to less-progressive payroll taxes”–a trend to which the majority of the nation objects. Of course, Republicans such as Rep. Paul Ryan (WI) state that those who object are engaging in “class warfare”–to which Maddow responds, “It is true that Americans are divided on the basis of class. The class division is between the top one percent and everybody else. But saying that, describing that, naming that truth…is not what has created the division; this division is real…and it is a shocking affront to the American dream.” Watch:

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