We’re not Broke. We’ve been Robbed!
April 29, 2011
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We’re not broke. We’ve been robbed by the super-rich and big corporations who are raking in the cash and running up the deficit. Our economy is still more than twice as large as any other country in the world. With 4% of the world’s population, we generate 24% of its wealth. We spend more on our military than almost all other nations combined and more than twice as much per person on health care as other developed countries. But over the past three decades, the rich have gotten richer while their tax rates have plummeted. While the income of the richest 400 Americans quadrupled — they now have more wealth than the 155 million Americans on the other end — their effective tax rates were cut almost in half.
One thing is for sure: corporate America is not broke. Sitting on some two trillion in cash, fattened every quarter by record profits, corporate taxes are at an historic lowin terms of the economy and share of federal revenues. And that includes Wall Street, which was rewarded with bailouts, bonuses and bonanza profits for igniting the deepest recession in three-quarters of a century.