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Tuesday, September 15, 2015

Crony Capitalism to Blame Not Free Markets

Two fatal developments are converging during this election in the United States. The decoupling of the super-rich from the rest of society is an accelerating trend in recent years. And also the consequences of a series of rulings by the Supreme Court in 2010 that enable politicians and support groups to accept unlimited donations. This confluence of events is undermining the development of the world's proudest democracy. 

The distribution of wealth in the United States is getting absurd... The emerging chasm is so enormous it can be described as being no less than a gulf. The debate in Germany over the growing divide between the highest echelons of society and the lowest pales by comparison. 

The idea that free markets will ultimately create the best possible living conditions is, of course, a wonderful one. But the reality in America looks like this: The yearly income of a typical middle-class family has fallen by almost $5,000 since 1999. If you factor in inflation, male workers last year earned on average $783 less than they did 42 years ago. For the country's richest, on the other hand, things are going swimmingly. The highest 0.1 percent possesses almost as much wealth as the lowest 90 percent taken together. The family of Sam Walton, founder of supermarket chain Walmart, has amassed over $149 billion in wealth. The family possesses as much as all of the lowest 42 percent of the country combined. 

1 comment:

Anonymous said...

The super rich getting richer because of the feds zero percent interest rate,only government to blame.