In America, the Rich Are becoming Richer
Published in Liberation
(France) on October 27, 2011
by Fabrice Rousselot (link to original)
(France) on October 27, 2011
by Fabrice Rousselot (link to original)
Translated from
by Greg Childers.
Edited by Andrew Schmidt.
If it's still necessary to find an explanation for the success of Occupy Wall Street, we can point to a report that was just published by the very official Congressional Budget Office, which shows exactly what the protesters have been denouncing these last days in Zuccotti Park: In America, the rich are becoming richer and the poor are becoming poorer.
Published this week, the report that was commissioned several years ago shows how the now famous 1 percent of the richest Americans have nearly tripled their incomes over the last 30 years. All the while the government has poorly redistributed this wealth, primarily because of a tax policy that has favored the wealthiest.
The document, which focuses on the period between 1979 and 2007, reveals that the incomes of the richest have grown by 275 percent during these three decades, while the poorest saw their incomes grow by only 18 percent.
Worse, according to some economists the situation has deteriorated even more since 2007 and the economic crisis. It is estimated that today the richest one percent of Americans hold more than half of the country's stock shares and the executives of the largest companies earn salaries that are, on average, 90 times greater than those of the average American.
Such figures are presented and talked about at each of the protester's demonstrations across the U.S., despite the numerous police operations in several cities to dislodge the protesters, which began this week.
Published this week, the report that was commissioned several years ago shows how the now famous 1 percent of the richest Americans have nearly tripled their incomes over the last 30 years. All the while the government has poorly redistributed this wealth, primarily because of a tax policy that has favored the wealthiest.
The document, which focuses on the period between 1979 and 2007, reveals that the incomes of the richest have grown by 275 percent during these three decades, while the poorest saw their incomes grow by only 18 percent.
Worse, according to some economists the situation has deteriorated even more since 2007 and the economic crisis. It is estimated that today the richest one percent of Americans hold more than half of the country's stock shares and the executives of the largest companies earn salaries that are, on average, 90 times greater than those of the average American.
Such figures are presented and talked about at each of the protester's demonstrations across the U.S., despite the numerous police operations in several cities to dislodge the protesters, which began this week.