Dee Dee Myers has an important article in Politico describing the class warfare currently being waged against the middle and lower income classes.
It’s indisputable that the gap between the rich and everyone else in this country has grown dramatically. The top 1 percent of Americans now take home nearly a quarter of all income and control more than 40 percent of the country’s wealth — roughly the same amount as the bottom 90 percent.
It’s also indisputable that that gap has gotten far bigger in the past 25 years. In the past decade alone, the wealthiest percentile has seen its income grow by a robust 17 percent, while the middle class has seen its real income fall.
Myers goes on to describe a tax system that now skews its benefits towards the most affluent, including how even tax breaks designed for the middle class are now giving those with the highest incomes the highest benefits.
This system has created awful results. As Myers describes:
So the dirty little secret is that the pool man, who’s making $30,000 a year, is subsidizing the million-dollar mortgage for the family whose pool he cleans. No wonder people want to get rid of tax breaks for corporate jets.
The late economist Herb Stein used to say that something unsustainable tends to stop. One wonders when the American people are going to realize how poorly the current system serves them.