Between 2009 and 2010, 93% of All New Income Went to the Top 1%, while the Bottom 99% Earned the Remaining 7%: HAPPY 4TH OF JULY!
Published by SenatorSanders
June 27, 2012
"The American people are angry," Sen. Bernie Sanders said in a major Senate floor speech today. They are angry that the middle class is collapsing because of the Wall Street-caused recession, they are angry that unemployment is sky high, that 50 million people lack health insurance, and that working families can't afford college for their kids. Meanwhile, the wealthy and the largest corporations are doing phenomenally well and now billionaires and their congressional friends want to balance the budget on the backs of the elderly, the children, the sick and the poor."
June 29, 2012
I have transcribed a few "WOW" sections from Sanders' speech below:
"The top 1% of America owns 40% of the wealth in America. The bottom 60% owns Less than 2% of the wealth in America and the bottom 40% owns less than 3 tenths of 1% of the wealth in America.
"According to the latest study by the Federal Reserve, median net worth (of Americans) dropped by nearly 40% between 2007 and 2010, primarily because of the plummeting value of homes. The is the equivalent of wiping out 18 years' worth of savings for the average middle class family...
"The latest study on income distribution showed us that between 2009 and 2010, 93% of all new income created in the previous year went to the top 1%, while the bottom 99% had the privilege of enjoying the remaining 7%. In other words, the wealthy people of this country are becoming phenomenally wealthier, the middle class is disappearing and poverty is increasing."
Sander then goes on to describe how super rich families, like the Koch brothers are literally buying the political process, for example, pledging $400 billion to defeat the incumbent President.