Class Warfare Revisited
Warren Buffett the second wealthiest man in the world said: “The rich people are doing so well in this county, I mean we never had it so good. It's class warfare, my class is winning, but they shouldn't be.”
Recently, the Dow Jones Industrial Average hit an all-time high. For the first time in our nation's history, the Forbes list of the 400 wealthiest Americans includes only billionaires.
The rich are getting richer, while the middle class struggles, because real wages are falling. According to the Census Bureau, the real median earnings of full-time working males fell 2 percent last year, and the real wages of working women fell by 1.3 percent. Consequently, more Americans are living in poverty, living without health care, paying more for housing and for public education. Many homeowners have been pulling equity out of their houses in order to keep up with escalating college tuition bills, health care costs and energy costs.
The number of Americans without health coverage rose by 1.3 million last year. One in every 10 children are now uninsured. Fewer employers are providing health care to their employees and those who are still lucky enough to receive employer provided coverage are paying a much larger share. The cost of family health insurance is up 87 percent since 2000.
Prices for the most popular brand-name prescription drugs this year rose substantially higher than the annual inflation rate. The AARP concluded prices for the top 193 drugs climbed 6.3 percent over the last 12 months, while inflation went up only 3.8 percent.
Gasoline prices are temporarily on the decline, but many are shelling out double what they used to pay. Gas prices are about 60 percent higher than in January 2001.
Presently, corporate taxes as a percentage of total taxes raised are very close to the historical low. Unconscionable tax cuts for the wealthiest 2 % are partly responsible for the deep schism, which has opened between the very rich and the middle class.
Recently, the Dow Jones Industrial Average hit an all-time high. For the first time in our nation's history, the Forbes list of the 400 wealthiest Americans includes only billionaires.
The rich are getting richer, while the middle class struggles, because real wages are falling. According to the Census Bureau, the real median earnings of full-time working males fell 2 percent last year, and the real wages of working women fell by 1.3 percent. Consequently, more Americans are living in poverty, living without health care, paying more for housing and for public education. Many homeowners have been pulling equity out of their houses in order to keep up with escalating college tuition bills, health care costs and energy costs.
The number of Americans without health coverage rose by 1.3 million last year. One in every 10 children are now uninsured. Fewer employers are providing health care to their employees and those who are still lucky enough to receive employer provided coverage are paying a much larger share. The cost of family health insurance is up 87 percent since 2000.
Prices for the most popular brand-name prescription drugs this year rose substantially higher than the annual inflation rate. The AARP concluded prices for the top 193 drugs climbed 6.3 percent over the last 12 months, while inflation went up only 3.8 percent.
Gasoline prices are temporarily on the decline, but many are shelling out double what they used to pay. Gas prices are about 60 percent higher than in January 2001.
Presently, corporate taxes as a percentage of total taxes raised are very close to the historical low. Unconscionable tax cuts for the wealthiest 2 % are partly responsible for the deep schism, which has opened between the very rich and the middle class.
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