NY Times OpEd Piece on the Super-Rich

[Dromond]

Who Will Stand Up to the Superrich?

The columnist, ironically named Frank Rich, outlines how the super-rich have gotten spectacularly more so over the last forty years. He also goes into a bit of detail how the Bush tax cuts have been great for them, bad for the rest of us, and how the current administration is wavering in the face of the Republican win this November. Part of what he says puts the lie to how bad a tax increase would be for private businesses. They'd barely notice the change.

A short exceprt:

The top 1 percent of American earners took in 23.5 percent of the nation’s pretax income in 2007 — up from less than 9 percent in 1976. During the boom years of 2002 to 2007, that top 1 percent’s pretax income increased an extraordinary 10 percent every year. But the boom proved an exclusive affair: in that same period, the median income for non-elderly American households went down and the poverty rate rose.

I do not understand how so many people can support something that is so obviously detrimental to their own interests.

 

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