by Stephen Lendman
With help from Democrats controlling both Houses, Obama put a criminal cabal in charge of furthering the greatest wealth transfer in history. In the process, he's hollowing out America, eliminating the middle class, centralizing power, eroding social services, destroying jobs and communities, and creating poverty, unemployment, homelessness, hunger, a permanent underclass, and depravation under militarized homeland repression.
A man of the people promising change, in fact, is a shameless demagogue, a serial liar, a hardline corporatist serving big money wealth and power against ideals candidate Obama professed. He facilitated a Wall Street coup d'etat, lavished handouts on other corporate favorites, and now his latest December 6 betrayal, capitulating to Republicans on tax cuts for the rich and super-rich, throwing crumbs at working Americans to soothe public anger. A previous article explained, accessed through the following link:
Is America the target of class warfare? That claim, though widely made, misses the point. The problem is more serious and the long-term effects far more troubling. Though the facts are compelling, that conclusion is misleading.
In 2007, 1% of U.S. households claimed 24% of the national income. Those figures were compiled well before a debt-induced recession cost the jobs of millions of Americans. And well before the payment this year of a $144 billion bonus to Wall Street’s elite.
The topmost 1% now owns 34% of all private net worth; the bottom 90% owns 29%. Is that evidence of class warfare or is there something else at work?
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