During a Senate Budget Committee hearing Sen. Bernie Sanders took his turn questioning a panel of economists about the need to get some fairness back
During a Senate Budget Committee hearing Sen. Bernie Sanders took his turn questioning a panel of economists about the need to get some fairness back into our tax structure and to do something about the millions of Americans who are hurting right now. When Sen. Sanders made the point which was the topic of this column at the Huffington Post, he was met with laughter from some in the hearing room.
Sanders: I think you have a society which is moving in many ways toward an oligarchy where you...
I thought I heard a laughter....
Well some of them sitting right in this room... some of whom think it's funny when we talk about oligarchy when the richest 1% have more than the bottom 90% and we see that trend growing wider, that's what I would call oligarchy.
The American people are hurting. As a result of the greed, recklessness and illegal behavior on Wall Street, millions of Americans have lost their jobs, homes, life savings and their ability to get a higher education. Today, some 22 percent of our children live in poverty, and millions more have become dependent on food stamps for their food.
And while the Great Wall Street Recession has devastated the middle class, the truth is that working families have been experiencing a decline for decades. During the Bush years alone, from 2000-2008, median family income dropped by nearly $2,200 and millions lost their health insurance. Today, because of stagnating wages and higher costs for basic necessities, the average two-wage-earner family has less disposable income than a one-wage-earner family did a generation ago. The average American today is underpaid, overworked and stressed out as to what the future will bring for his or her children. For many, the American dream has become a nightmare.
But, not everybody is hurting. While the middle class disappears and poverty increases the wealthiest people in our country are not only doing extremely well, they are using their wealth and political power to protect and expand their very privileged status at the expense of everyone else. This upper-crust of extremely wealthy families are hell-bent on destroying the democratic vision of a strong middle-class which has made the United States the envy of the world. In its place they are determined to create an oligarchy in which a small number of families control the economic and political life of our country.
The 400 richest families in America, who saw their wealth increase by some $400 billion during the Bush years, have now accumulated $1.27 trillion in wealth. Four hundred families! During the last 15 years, while these enormously rich people became much richer their effective tax rates were slashed almost in half. While the highest paid 400 Americans had an average income of $345 million in 2007, as a result of Bush tax policy they now pay an effective tax rate of 16.6 percent, the lowest on record. Read on...