Five Reasons Why The Very Rich Have NOT Earned Their Money
Five Reasons Why The Very Rich Have NOT Earned Their Money
by Paul Buchheit
April 16, 2012
1. They've Taken All the Middle Class Wage Increases
In 1980 the richest 1% of America took one of every fifteen post-tax income dollars. Now, according to IRS figures, they take THREE of every fifteen (doc) post-tax income dollars. They've tripled their cut of America's income pie. That's a trillion extra dollars a year.
For every dollar the richest 1% earned in 1980, they've added three more dollars. The poorest 90% have added ONE CENT.
Yet the average American factory worker, according to Berkeley economist Enrico Moretti, produces $180,000 worth of goods a year, more than three times what he or she produced in 1978, in inflation-adjusted dollars.
So workers have TRIPLED their productivity over 30 years while the richest 1% have TRIPLED their share of income. Worker pay remained flat as the top 10% took almost all the productivity gains since 1980.
2. They've Mismanaged Key American Industries
3. They've Benefited from 50 Years of Public Research
4. They've Increased Their Incomes By Not Paying Taxes
5. They've Contributed Little to Society
Read the full article and details on reasons 2-5 at:
http://www.commondreams.org/view/2012/04/16
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