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The previous post outlined the intellectual bankruptcy of some of America’s billionaires along with “the back to the 1890s” philosophy of the Republican Counterrevolution. What that post did not tell you is what the consequences haven been of the New Gilded Hypocrites. These were notes in a previous post which cited a study by Emmanual Saez and Thomas Picketty.
What they found is best explained in their letter to the Wall Street Journal.
Our work has shown the top 1% income share has increased dramatically in recent decades and has reached levels which had not been seen since before World War II and even since before the Great Depression when including capital gains.
The letter estimates:
the top 1% disposable income share has most likely more than doubled since 1980.
And we all know who became president in 1980, marking the beginning of the GOP Counterrevolution.
This leads to the teaser question for this Tuesday: What is the major factor the two believe “mechanically exacerbated the discrepancy in disposable income between the rich and the rest of us?”
A hint: the answer is in a previous post.
Another hint: The Democrats have wimped out on this issue for two decades.
As last week, the first winning answer gets a free post.
BTW, no citation, that would make it too easy. It’s in the post also.
Have fun researching.
LAST WEEK’S ANSWER: Last week’s question asked about the connection between Bill Clinton, Andrew Carnegie, FDR and Sanford Weill. That answer appeared in yesterday’s post. No one even took a shot at it.
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