Crazy Graphs: Rich Vs Middle Class & Poor

Modern Day advocates of this intellectually bankrupt strategy (primarily Republicans) will say "A rising tide lifts all boats". Interestingly, this aphorism was originally credited to JFK, who was defending a dam project. This was also a favorite quote of CitiGroup's Robert Rubin (who was also the U.S. Treasury Secretary during President Clinton)

The following video illustrates that, quite definitively, that the term 'trickle-down' is not apt. It turns out the wealth never even so much as trickled down. More than 70% of the nation's wealth is controlled by the top 10% and the bottom half of the country only has 2.5% of the nation's wealth. This is the biggest disparity of incomes since the 1920s.

Supply-Side, or Trickle-Down economics promised that by cutting taxes for the rich, the middle class would flourish. Turns out the never happened. Other graphs in this clip include a graph that compares the share of capital income earned by the top 1% versus the bottom 80%.

Description by Chris Novembrino.

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• Category

  News & Politics

[ingestthebest]

America was founded as a republic not a democracy, its getting to the point where being a republic will not save the US from the wealthy, once US goes so does the rest.

how can you us citizens not see this, im from canada and its clear as day to me

[AandresHernandezZ]

1913. WORST . YEAR. EVER. 

[DAVID Edwards]

It would be interesting to see the CEO pay broken down by sector, the reason why is because most minimum wage jobs are in the service sector, so if the CEO at lets say the restaurant industry, or even retail. Just look at the CEO rates in 2000 compared to the minimum wage. that was during the beginning of the Bush Administration.

[DAVID Edwards]

How much of that wealth do you suppose can be linked to inheritance?

[Mileah Lyon]

What an idiot...He says the top 1% have 38% of our Wealth...The point is, it's "their" wealth, not "ours"...If you want some then work hard, don't hold your hand out waiting for the Government to give you some of "theirs"....Just makes me sick.

[FARKINGRUVEN]

The ones with the jack, control the crack.

Ask yourself, as a citizen, what are you prepared to do about it!

[clintcastle]

The rich have used the Fed to rob the people of their gold(real money) by tricking them into trading it for worthless pieces of paper and using the government to do it. Then they have inflated the amount of the worthless paper to astronomical proportions. This debases the value of the work that the dollar is supposed to represent. They have told us that "a little bit of inflation is good" and they are damned good liars.The rich get this hoarded money from inflation and we get the effects of it.

[akinadownhillace]

The rich horde money if off shore accounts. It is not being spend in the USA. Why is this so difficult for people like yourself to understand?

[clintcastle]

The fed has created this gap, not tax rates. To suggest that tax rates can control the entire socio-economic structure of America is absurd and intellectually lazy. If the left wants to claim that taxes can have an effect on everyone's wealth then maybe they should look at it from a common sense perspective, that taking money from the people does not create wealth at all no matter how rich or poor they are.

[sozo45]

Here we go again..."please educate yourself", "go read some books". I see you know a lot about the line between pride and arrogance. Those two words ARE interchangeable. We "owe to the french and the greeks on freedom and democracy more than to America." Democracy yes, freedom no.

[Sattack210]

When did I say freedom and democracy are the same??? Dude, learn to READ!! The line that divides pride and arrogance is very thin and you have lost it... Yeah, I´m a fat cat, but never insulted your intelligence, you did it yourself... I wonder how young you are, maybe young enough to see first hand the fall of the american empire...

[sozo45]

Yea, the times we live in encourage technological innovation because of the U.S. Not entirely, no, but we've done the best job in the "implementation" of technology, democracy, and freedom. Freedom and Democracy are not interchangeable as they do not mean the same thing. Anyway, I guess cats like you can't discuss something without insulting the intelligence of another. Check yourself.