Paul Krugman paints an accurate and a bit frightening picture:
“1973 and 2000 the average real income of the bottom 90 percent of American taxpayers actually fell by 7 percent. Meanwhile, the income of the top 1 percent rose by 148 percent, the income of the top 0.1 percent rose by 343 percent and the income of the top 0.01 percent rose 599 percent.“
It is the “Wal-Martization” of the American economy and therefore of the world: The proliferation of dead-end, low-wage jobs and the disappearance of jobs that provide entry to the middle class.
Instead of doing everything to hold the tide, current politics are accelerating this trend. Very sad. [Via Marc]