America as a Banana Republic

Nicholas Kristoff in the New York Times:

The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976. As Timothy Noah of Slate noted in an excellent series on inequality, the United States now arguably has a more unequal distribution of wealth than traditional banana republics like Nicaragua, Venezuela and Guyana.

C.E.O.’s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001. Perhaps the most astounding statistic is this: From 1980 to 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent.

Fuck yeah, America.  It’s fairly amazing that Republicans have managed to convince most Americans that cutting taxes on the richest Americans somehow benefits us all.  Which, I guess, despite their twisted logic, is still preferable to the Democrats, for whom we don’t know what they stand for.

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