The Class War Launched by America’s Wealthiest Is Getting More Savage
By Larry Beinhart, AlterNet
Posted on January 13, 2011, Printed on January 18, 2011
We’re in a class war.
It’s the corporations and the very wealthiest against all the rest of us. We’re losing.
In 1962 the wealthiest 1 percent of American households had 125 times the wealth of the median household. Now it’s 190 times as much. Is that a case of a rising tide lifting all boats, just a few of them a little bit higher? No.
From 1950 to 1965, median family income rose from $24,000 a year to $38,000 a year. That’s close to 4 percent a year, close to 60 percent over 15 years. That’s a rising tide.