Five lessons for progressives from our first century of income taxes.
Growing income inequality—approaching now obscene levels—is not simply a ‘moral outrage’. It not only represents a gross violation of historically held American values or reasonable equality for all. It is a condition that has served, and continues to serve, as a major cause of the lack of sustained economic recovery in the US now for five years—as well as a major factor in explaining why the US continues today to drift toward another ‘double dip’ recession.
Contrary to some political rhetoric of late, wage stagnation for American workers and rising inequality is not due to lack of effort; the broad middle class has increased its productivity, upgraded its educational attainment, and worked more hours. Rather it is due to certain policies that have weakened the bargaining position of low- and middle-wage workers. Among these policies is the refusal to set a the minimum wage at an enforceable 50 percent of the average wage.
You know why black folk in the south don’t vote? According to the New York Times and the experts at the Pew Charitable Trust, they’re just too damn fat!
The richest 1 percent now own more than 35 percent of all of the nation’s household wealth, and 38 percent of the nation’s financial assets – including stocks and pension funds. The richest 400 Americans have more wealth than the bottom 150 million of us put together. 6 Walmart heirs have more wealth than bottom 33 million American families combined. So why are we even contemplating cutting programs the middle class and poor depend on, and raising raising their taxes?
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