Dreier: Bush's Class Warfare

Great and eye-opening statistics quoted by Peter Dreier in his essay Bush's Class Warfare posted at CommonDreams.org and at Huffington Post.

As Robert Kuttner observes in his new book, The Squandering of America, from 1966 to 2001, the wealthiest one-tenth of all Americans captured the lion’s share of society’s productivity growth. But it was the top one tenth of 1 percent that gained the very most. Those between the 80th and 90th percentiles about held their own. Those between the 95th and 99th percentiles gained 29 percent, while those between the top 99 and 99.9 percentile, gained 73 percent.

“But,” Kuttner writes, “it was those at the very pinnacle –the top one tenth of 1 percent of the population - one American in a thousand - who gained a staggering 291 percent.”

Wealth has become even more concentrated during the Bush years. Today, the richest one percent of Americans has 22 percent of all income and about 40 percent of all wealth. This is the biggest concentration of income and wealth since 1928. In 2005, average CEO pay was 369 times that of the average worker, compared with 131 times in 1993 and 36 times in 1976. At the pinnacle of America’s economic pyramid, the nation’s 400 billionaires own 1.25 trillion dollars in total net worth - the same amount as the 56 million American families at the bottom half of wealth distribution. MORE

NOTE: But is is actually not just Bush's Class Warfare, it is the Republican's Class Warfare. Look at their debates. They don't care about the poor and America's middle class either. And some Democrats are corporatists, too. We need a new president who care's about the rest of us. (See: John Edwards and/or Dennis Kucinich).