May
2017
Tuesday, September 02, 2014
NICK HANAUER, Politico
Submitted by: Editor

Plutocrats Wary of Populist Pitchforks

Billionaire Nick Hanauer has a message for his fellow filthy rich, who live in gated bubble worlds: "Wake up, people. It won’t last."

[Hanauer] At the same time that people like you and me are thriving beyond the dreams of any plutocrats in history, the rest of the country—the 99.99 percent—is lagging far behind. The divide between the haves and have-nots is getting worse really, really fast. In 1980, the top 1 percent controlled about 8 percent of U.S. national income. The bottom 50 percent shared about 18 percent. Today the top 1 percent share about 20 percent; the bottom 50 percent, just 12 percent.

But the problem isn’t that we have inequality. Some inequality is intrinsic to any high-functioning capitalist economy. The problem is that inequality is at historically high levels and getting worse every day. Our country is rapidly becoming less a capitalist society and more a feudal society. Unless our policies change dramatically, the middle class will disappear, and we will be back to late 18th-century France. Before the revolution.

Posted by Editor on 09/02/14 at 04:27 PM •  (0) Comments

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"America does not have an aristocracy or a plutocracy."
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