This is good news for Republicans, supply-siders, and those who like to stick their ideological economic heads in the sand: the rich are getting richer. The top 0.1 percent of the population (those making about $1.7 million or more) now have an average income of $5.6 million per year. This is a 385% increase since 1970 (inflation adjusted).
Think of all the jobs the rich people must create! Think of the rising tide, which raises all boats! You do understand how the tide works, right? Except for the fact it's a pretty shitty analogy when applied to the economy.
The bottom 90%? The 137 million rest of us (my income happens to be in the 89th percentile--personally, I'm doing just fine)? Our income decreased 1% since 1970. The average income for 90% of Americans: $31,244.
You might think this is fair. Capitalism at its finest. But it's not. You see, it's easier to make money when you have money. Because then you can charge rent (literally and figuratively). Because then you can lobby (ie: bribe) politicians to have the system give you more money. Because you can create virtual monopolies. Just cause it's (barely) legal doesn't make it right.
You see, the system? It ain't on the level. I think of Paddy "Chicago Ain't Ready For Reform" Bauler's other line: "Them guys in the black suits and narrow ties, them Ivy-League types, them goo-goos - they think the whole thing is on the square." Except these days it's not the Ivy-League types who think that. It's too many of the rest of us who have been deceived. It's people who, despite all the evidence to the contrary, buy the crazy idea that tax breaks for the rich benefit the rest of us.
It's no surprise that the rich look out for their own self-interests. But the rest of us don't have to help them! For starters, we have to put words and concepts like "income redistribution" are taboo. There is nothing "communist" about progressive taxation. And there is much evidence to support the idea higher taxes on the rich benefits all of society. And that even benefits the rich.