This is the chart that shows how “the 1 percent won the recovery,” explains The Washington Post‘s Dylan Matthews.
A new paper by UC Berkeley’s Emmanuel Saez and the Paris School of Economics’ Thomas Piketty quantifies something that most economists and politicians should be aware of: The recovery has been amazing — for the richest.
The trend of the 1 percent sucking up most of the economy’s raw growth — this study doesn’t account for pension and health care benefits, which are also in decline — has been getting worse and worse for decades, as a result of government policy. But in the last five years the rich have been devouring 95 percent of the economic recovery.
Don’t worry, though. House Republicans have a solution: cut SNAP benefits (food stamps) for millions of struggling Americans.
The House of Representatives is expected Thursday to take up a proposal which could make somewhere between 4 and 6 million Americans ineligible for full SNAP benefits, according to an analysis by the Center on Budget and Policy Priorities. Called the Nutrition Reform and Work Opportunity Act, the law would reduce SNAP funding by $40 billion over the next decade—nearly double the $20.5 billion which House Republicans originally tried to cut out of the food stamp program two months ago.
Republicans demand these cuts for two reasons.
Copyright 2013 The National Memo