President Barack Obama yesterday drew attention to the massive and growing gap between rich and poor., which has reached its greatest extent in American history, more than in many European democracies, Canada and Australia.
The middle class reached its greatest prosperity in 1973 during the administration of Richard Nixon, after the years of the Great Society of Lyndon B. Johnson, the fruition of the expansion of the New Deal of Franklin D. Roosevelt.
Since then, with the rise of conservatism under Ronald Reagan, and reaching its greatest abuses under George W. Bush, we have seen a stagnation in the economy which is shocking, to such a point that the top one percent now owns about 40 percent of all wealth, and the pay for CEOs of corporations has risen 725 percent, compared to workers and 5.7 percent growth in wages in the past four decades.
And yet, the Republican Party and conservatives are out to cut Food Stamps further; refuse to renew unemployment compensation; reject any increase in the minimum wage, which is down 35 percent in inflation adjusted value since 1968; and refuse to consider any increase in taxes on the wealthy at any time in the future!
At the same time, any thought of caring about the millions of people who had no health care, but are covered under ObamaCare , does not cross the minds of the right wing!
If people are forced into bankruptcy by medical bills, so be it is the attitude, and of course, the bankruptcy laws were made more difficult in recent years after the Great Recession of 2008 hit the nation!
And education, the major way for people to have social mobility, has been made more difficult too, and students are burdened with such debt from attending college that there is no hope ever to advance in economic status, while banks and corporations and their stockholders always know that they will be taken care of by Republicans, as they fight any regulation or accountability for bad behavior and reckless actions.
The future is extremely gloomy, unless one is from the top ten percent of the population, and the threat to democracy and social order is massive, if this situation of total deprivation of such a large portion of the population continues without any action or concern by Congress and the courts!