by David Todd McCarty | Wednesday, November 8, 2017
The enemy is a rich guy.
No, not the orange reality star. He’s just one, horrible example of a larger trend of the ongoing redistribution of wealth from the middle and working class to the top 10% of the population. The President likes to brag about the stock market’s gains and record profits for corporations, but what he doesn’t tell you is that unless you’re really wealthy, you’re unlikely to see any of that.
It’s not just the working poor who have struggled with low wages. Middle class wages have been largely stagnant. Between 1935-1980, 70% of all income growth for Americans belonged to 90% of Americans. The top 1% only accounted for 7% of all income growth during that time. Conversely, since 1997, the top 1% account for 72% of all income growth. From 7% in the pre-Reagan years to over 70% today. Income went from workers to investors. After 1997, all income growth went to the top 10% of Americans, with the vast majority of it going to the top 1%.
That’s what happened to the American Dream. It was stolen by a rich guy.
What can Democrats do about it? A lot in fact.