The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Many people realize the rich are getting richer, but the full extent of growing income inequality is hard to believe. Jim Hightower writes in his new column, “The Disuniting Of America”:

In recent years, the insidious love of mammon (in the form of greed and excess) has not merely been tolerated in our country, but celebrated and even exalted into official public policy, marring our economy with dangerous inequality and injustice. The reigning ethos of those at the apex of our nation’s wealth pyramid is that too much is not enough. They’re not merely out to make loads of the money they love, but to make a killing, everyone else be damned.

New numbers from the Congressional Budget Office confirm that as the moneyed elites have been making their killing, wealth disparity has become extreme in a country that once prided itself on trying to build a more egalitarian society.

Analyzing 30 years of income data, the nonpartisan CBO reports that the richest 1 percent of our population has enjoyed a stunning 275 percent increase in their income during that time. As a result, these privileged few have more than doubled the slice of America’s income pie that they consume, going from 8 percent to 17 percent of the whole in just three decades.

From whom did these richest 1-percenters get their extra-big slice? From us, the 99 percent. The share of national income going to middle class and poor families shrank in this period — which is why there is such broad support today for Occupy Wall Street’s “We are the 99 percent” movement.

At the extreme tip of America’s wealth pyramid are the multimillionaire CEOs and billionaire Wall Streeters. They are the richest .01-percenters (a mere 14,836 households). These few now take 6 percent of all U.S. income — the biggest piece ever consumed by America’s mega-rich.

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Rep. Ted Budd, left, and Cheri Beasley

On Tuesday, North Carolina Republicans selected Rep. Ted Budd (R-NC), a far-right extremist who has pushed false claims about the 2020 election, to be their Senate nominee. He will face Democratic nominee Cheri Beasley, a former chief justice of the state's Supreme Court.

As of Wednesday morning, Budd had received more than 58 percent of the GOP primary vote. Former Gov. Pat McCrory received just below 25 percent of the vote, while former Rep. Mark Walker received about nine percent of the vote.

Keep reading... Show less

Stephen Colbert

It seems we can't go even a week in America without some deranged white nationalist shooter taking the lives of decent people. Of course, this type of violence is propagated on a daily basis by the far-right sh*tweasals at Fox News and, worse yet, in the ranks of the Republican Party.

After returning to the Late Show helm, Stephen Colbert weighed in on the real culprit behind the mass shootings -- the Replacement Theory popularized by Tucker Carlson.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}