Though "banana republic" is a silly term for the U.S. considering the relative wealth of the middle class here as compared to real BRs, these numbers are jaw dropping.November 07, 2010
Is America a Banana Republic?
Nicholas Kristof: "The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976. As Timothy Noah of Slate noted in an excellent series on inequality, the United States now arguably has a more unequal distribution of wealth than traditional banana republics like Nicaragua, Venezuela and Guyana."
"C.E.O.'s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001. Perhaps the most astounding statistic is this: From 1980 to 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent."
When will people see that the "conservative" policies of lowering taxes on the wealthy don't create jobs and in fact lead to a massive consolidation of wealth.
Look at this sentence!!! : In 1976 the richest 1$% of Americans took in 9% of all income, but now they take in 24%.
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