US INEQUALITY: LESS CASH EVERY
HOUR, EXCEPT FOR THE RICH
Submitted by Tyler
Durden on 09/29/2014
INTRODUCTION by Tyler Durden
As we previously noted, only the highest income
earners have seen any gains in compensation since the crisis began around 2007
to the current 'recovery' tops. It is perhaps not entirely surprising then
that, the total income controlled by the Top 1% is drastically above that of
the slave-included times of Ancient Rome and as high as the peak in the
roaring 20s. "The greatest irony is that the President is railing
against inequality as one of the most important problems of the day, despite
the fact that his policies are squeezing the middle class and causing the Fed –
with the President’s encouragement – to engage in the radical monetary policy,
which is exacerbating inequality. This simple truth cannot be repeated often
enough."
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As we
previously noted, only the highest income earners have seen any gains in
compensation since the crisis began around 2007 to the current 'recovery' tops.
It is perhaps not entirely surprising then that, the total income controlled
by the Top 1% is drastically above that of the slave-included times of Ancient
Rome and as high as the peak in the roaring 20s.
Current inequality is almost 50% worse than in Ancient Rome and as large as the end of the roaring 20s...
See IMAGE INCOME CONTROLLED BY THE TOP 1%
Source: @ConradHackett
Which is hardly surprising given that since 2007, incomes
have only risen for highest wage-earners...
We leave it to the following 139 words by Elliott's Paul
Singer to conclude - which in two short paragraphs explains everything one
needs to know about America's record class inequality, including precisely who
is the man responsible:
Inequality in the U.S. today is near its historical highs,
largely because the Federal Reserve’s policies have succeeded in achieving
their aim: namely, higher asset prices (especially the prices of stocks, bonds
and high-end real estate), which are generally owned by taxpayers in the
upper-income brackets. The Fed is doing all the work, because the President’s
policies are growth-suppressive. In the absence of the Fed’s moneyprinting and
ZIRP, the economy would either be softer or actually in a new recession.
The greatest irony is that the President is railing
against inequality as one of the most important problems of the day, despite
the fact that his policies are squeezing the middle class and causing the Fed –
with the President’s encouragement – to engage in the radical monetary policy,
which is exacerbating inequality. This simple truth cannot be repeated often
enough.
Source:
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