Wealth inequality is as extreme today as it was during the Great Depression years. In real terms, the wealthy hold the majority of this nation’s wealth and income. The problem in this country is mass disillusionment. In a recent study by Duke and Harvard University they found many Americans believe that the top 20% of our nation’s wealthiest own 60% of the wealth. The real figure is the top 20% own 84% of our nation’s wealth and it is increasing every year.
When the respondents were asked to pick an unlabeled pie chart “How much should the top 20% own?” 92% of them preferred the Swedish model of income distribution over the current American economic model. The Swedish economic model, which is the top 20% own 36% of the nation’s wealth.
Here is the actual study.http://www.people.hbs.edu/mnorton/norton%20ariely%20in%20press.pdf
92% of the respondents believe in the socialistic economic wealth distribution of Sweden. Unfortunately, Americans have been persuaded to vote for these regressive Republicans for the last thirty years who favor this income inequality. In Sweden the top income tax rate is 56%, which is far lower than the American tax rate of the 1950s.
This current Republican Great Recession has started to open the eyes of many Americans. These Americans that have bought into a failed economic policy of trickle down economics and crony capitalism and now realize the error of their ways, including Alan Greenspan.
Look around the country and you will see town hall meetings in predominately conservative districts erupt in anger over the possible implementation of a Medicare Voucher system.
The people are getting restless, the jobs are scarce and the jobs that are available pay lower wages than before due to a higher supply of labor in the market. Instead of focusing on jobs, the current crop of Republicans in Washington D.C. would rather focus on cutting programs that are keeping real Americans afloat during this Republican Recession. They would rather defend the Defense of Marriage Act and curb abortion right for women.
The Republicans are using this past election as an avenue to further a political ideological agenda rather than move this country toward a more prosperous future.