In 2007, members of the 1 percent raked in 23.5 percent of the total U.S. national income, which was around 14 trillion dollars. Since then the 1 percent have been stealing even more, about 93 percent of all income growth, which has been roughly 1.55 trillion dollars. If you add it all together, the mathematical result is a disaster for economic recovery. The 1 percent has now stolen via government legislation over 30 percent of the nation’s total income, compared to only 7 to 8 percent thirty-two years ago.
This means the 99 percent have less and less income to spend. The standard of living for the 99 percent has dropped from 92 percent of total national income thirty-two years ago, to 76.5 percent five years ago, to roughly 69.5 percent at the midway point of 2012.
The rich don’t spend the vast majority of their money on consumer goods. They invest it in things like stocks, bonds, gold and politicians. That’s why the 1 percent are a drain on the economy. They suck the rest of us financially dry.
The economy is teetering on the brink of collapse since consumer spending accounts for 2/3 of all economic activity and business spending is dependent on consumer demand. The lack of demand is why American corporations are sitting on nearly 6 trillion dollars worldwide. In other words, and as an aside, did I mention that the rich have way more money than they need and are proving to be a parasitic drain on the rest of the nation’s citizens?
The Trans-Pacific free trade treaty will redistribute more income from the 99 to the 1 percent, as has all free trade treaties. This income redistribution aspect of free trade treaties is precisely why our presidents, senators and congress people have supported them during the last thirty years.
Deregulation and privatization scams have also been primary conduits of income redistribution. Wall Street Senator Ron Wyden, President Obama and Mitt Romney are key supporters of legislation that redistributes income from the 99 to the 1 percent. These Wall Street drones have led the United States to the brink of disaster.
Check out the links below for related information.