Sunday, March 22, 2015

Here's What the Budget Proposed by Republicans Is Meant to Do

Economist Paul Krugman called them the trillion dollar fraudsters.  What's he referring to?  The Republicans who have proposed budgets that further shift the tax burden to those in the middle and low income brackets while putting earned benefits in jeopardy.

The full op ed is here:

It's time for Republicans to own up to the impact of their proposals and stop pretending that making the rich richer will benefit all of us. Trickle down has never worked - it didn't when the shift started in the Reagan administration and it hasn't since.  Just look at where the US stands in terms of inequality of income - in 2010 the top 1% got 17% of the income in the US, and the picture is worse when it comes to concentration of wealth.
(See the sample graph below. More at

Source: An article in The Economist
A NEW paper by Emmanuel Saez of the University of California, Berkeley, and Gabriel Zucman of the London School of Economics suggests that, in America at least, inequality in wealth is approaching record levels. 
Note: the upward trend in concentration of wealth in the top one-tenth of one percent of the population beginning in the late 1970's and the corresponding drop in net household wealth of the bottom 90%.  The reality has been an upward transfer of wealth from the bottom 90% to the .1% not "trickle down".  Despite what you've heard from Republicans and others, this is not the natural order of things resulting from the free market.  It is the result of deliberate policy decisions - and Republicans are calling for more of the same and worse.

We need to call them out on this.  The Republican Congress won't look out for the interests of the 90% unless we make them.