Monday, March 28, 2011

Obama the Marxist

Glenn Greenwald on billionaire self-pity:
Since Obama was inaugurated, the Dow Jones has increased more than 50% -- from 8,000 to more than 12,000; the wealthiest received a massive tax cut; the top marginal tax rate was three times less than during the Eisenhower years and substantially lower than during the Reagan years; income and wealth inequality are so vast and rising that it is easily at Third World levels; meanwhile, "the share of U.S. taxes paid by corporations has fallen from 30 percent of federal revenue in the 1950s to 6.6 percent in 2009." During this same time period, the unemployment rate has increased from 7.7% to 8.9%; millions of Americans have had their homes foreclosed; and the number of Americans living below the poverty line increased by many millions, the largest number since the statistic has been recorded. Can you smell Obama's radical egalitarianism and Marxist anti-business hatred yet?
UPDATE: I find this chart helpful:

UPDATE 2: Reading Steiglitz today is truly unsettling:
All the growth in recent decades—and more—has gone to those at the top. In terms of income equality, America lags behind any country in the old, ossified Europe that President George W. Bush used to deride. Among our closest counterparts are Russia with its oligarchs and Iran. While many of the old centers of inequality in Latin America, such as Brazil, have been striving in recent years, rather successfully, to improve the plight of the poor and reduce gaps in income, America has allowed inequality to grow...
And yet trying to reach the people falling behind to get them to turn off Fox News, stop fighting the wrong targets (unions, teachers) and start fighting the right ones (banksters, huge corporations, Republicans) is proving beyond our grasp. What, more letters to the editor? More knocking on doors? They don't hear us no matter what we say. It's like tapping on the window with a sponge.