More 01 Rich
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Are the bottom 90% of wage earners that earn 50% of wages in the U.S. Lazy Or is Capitalism best for the Rich?
A new study by Economist Emmanuel Saez revealed this week that income inequality in the U.S. is more severe today than at any time since World War I, and the current recession is taking its heaviest toll on the worst-off members of our society.
Saez's new data on income inequality is, as Paul Krugman put it, "truly amazing." Saez, who teaches at the University of California at Berkeley, found that the top 0.01% of U.S. earners had 6% of total U.S. wages, more than double the level in 2000.
Earners in the top 10%, meanwhile, took home an astonishing
49.7% of all wages. That gap is larger now than during the Great Depression or the Gilded Age of the Roaring '20s.
http://www.commondreams.org/view/2009/08/21-11
http://krugman.blogs.nytimes.com/2009/08/13/even-more-gilded/
I'm gonna say capitalism is best for the rich but I'd say more. Capitalism is only good for the rich.
The Obama administration has no intention of imposing the kind of financial regulation or tax increases on the rich that Saez suggests could lessen social polarization and the concentration of wealth. On the contrary, all of its policies have been directed at bailing out the banks and the financial elite, while demanding that workers accept drastic pay and benefit cuts, the destruction of their jobs, and a series of counter-reforms in health care and other essential social programs.
Commenting on the controversy over Wall Street pay and benefits last week, White House spokesman Robert Gibbs defended the bankers’ plundering of the economy, telling the press “I don’t think the American people begrudge that people make big salaries, as long as they’re not jeopardizing the good will of the public in doing so.”
The only alternative to the destruction of working class living standards to maintain the wealth of the financial aristocracy is a socialist one. It requires a break with the Democratic Party and the building of an independent mass political movement of the working class fighting for an end to the domination of society by the financial parasites of Wall Street.
The banks and finance houses must be taken out of private hands and placed under public ownership and the democratic control of working people. The vast fortunes accumulated by the CEOs and financial speculators should be reclaimed to pay for jobs, education, health care, housing and other vital social needs.
The return of income polarization to the level of 1917 has profound significance. That was the year of the October Revolution in Russia, marking the first time that working people took political power and initiated the task of placing society on socialist foundations on a worldwide basis. The social gap that now dominates US society, and indeed the entire planet, cannot continue without producing an explosive resurgence of class struggle and a new period of social revolution.