What You Need To Know About The Top 1%

Income inequality in the U.S. is higher than at any other time since the Great Depression, and the U.S. is currently more unequal than countries like the Ivory Coast, Ethiopia, and Pakistan. Though Republicans dismiss concerns over the gap as “class warfare,” the ever-increasing level of disparity has tangible consequences, leading to poor work performance and a greater gap in life expectancy.

And now, according to a new Finance & Development study, income inequality also “kills economic growth.” Looking at how to sustain economic growth, the research found that “making an economy’s income distribution 10 percent more equitable prolongs its typical growth spell by 50 percent.”

Mother Jones’ Josh Harkinson noted that this lesson is nothing new, pointing to Depression-era Federal Reserve Chairman Marriner Eccles, who “blamed the Great Crash on the nation’s wealth gap.”

More on this topic in another Jobsanger post that's worth taking the time to read:

Are you one of those people who thinks "wealth redistribution" is a dirty term, and something we should never do in this country? If so, then you don't understand much about economics in the United States (and elsewhere). The truth is that wealth redistribution is going on all the time in every country, and that includes the United States.

The problem with the wealth redistribution that is happening now in the U.S. is that the wealth is being redistributed from the vast majority of Americans to the richest Americans -- especially the top 1%. This has created a wealth and income inequality not seen in this country since the 1920s -- before the Great Depression. And that vast equality was the major cause of both the Great Depression and our current Great Recession.

Here are some facts you need to know about the richest 1% of Americans:

Read the full Jobsanger post...

Outrageous

From the Texas panhandle Jobsanger blog

Political Strategy Notes For Oct 5th 2011

The Democratic Strategist

At HuffPo Pollster, Mark Blumenthal's post "Obama's Approval Rating Is Underwater, But Don't Try To Predict 2012 Yet," notes that, despite lowered approval ratings, President Obama lead GOP frontrunners Romney and Perry. Although approval ratings are slightly better predictors of election results than trial heats, "none of these polling numbers can predict the winner of the presidency a year or more before the election," as Blumenthal points out.

Obama Paid Another Visit To Texas Today

For the second time this year, President Barack Obama paid a visit to Texas. Obama attended a fundraiser in Dallas before heading to Mesquite for a 2:55 p.m. speech at Eastfield College. President Obama got a warm reception at his campaign stops at both the Sheraton Hotel in Dallas, Texas and again at Eastfield College in Mesquite, Texas.

-- Obama's concluding remarks at Eastfield College --
Dallas, the next election is 13 months away. I need you all to lift your voice -- not just here in Dallas, but anyone watching, anyone listening, everybody following online. I need you to call and tweet and fax and visit and email your congressperson...

At both stops the President pitched his American Jobs Act legislation to crowds of enthusiastic supporters.

Obama used unusually blunt language to rebut critics who say he's engaged in class warfare quoting Ronald Reagan's argument from 26 years ago that tax loopholes for the rich were unfair.

“Last time I checked, Republicans all thought Reagan made some sense,” he said at his Mesquite stop: Now, when I point this out, some of the Republicans in Congress say, ‘oh you’re engaging in class warfare.’ Let me tell you something. Years ago, one great American had a different view. I’m going to get the quote, just so you know I’m not making this up. A great American said that he thought it was ‘crazy’ that certain tax loopholes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary. Alright. You know who this guy was? It wasn’t a Democrat. It wasn’t some crazy socialist. It was Ronald Reagan. It was Ronald Reagan. Last time I checked, Republicans all thought Reagan made some sense. So next time you hear one of those Republicans in Congress accusing you of class warfare, you just tell them I’m with Ronald Reagan. I agree with Ronald Reagan that it’s crazy that a bus driver pays a higher tax rate than some millionaire because of a loophole in the tax code. And by the way, I don’t mind being called a warrior for the working class. You guys need someone working for you.