Sunday, February 12, 2012

The Nation: Income Inequality "Wasn't An Act Of Nature"

It is a point that can't be made too often: the economic injustice we have experienced over the past few years is due to deliberate policies. Rachel Maddow pointed out how the top one percent have thrived due to such policies since Reagan. The Congressional Budget Office reported on the trend toward regressive taxation. In an editorial, The Nation magazine reminds us that these policies and their consequences are the result of a campaign that benefits the wealthiest at the expense of the rest:

The administration has warned against the extreme inequality corrupting our democracy. The wealthiest Americans captured nearly all the rewards of growth in the decade before the collapse. This wasn’t an act of nature; they used their resources to deregulate finance, lower taxes, defend their privileges and trample on workers’ rights. Middle-class families worked longer hours and took on debt to buttress stagnant incomes, even as Wall Street speculators went on a rampage. Romney and Gingrich, the “vulture capitalist” and the lavishly rewarded Washington insider, represent not success but the corruptions that brought us the Great Recession.

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