An interesting article that is worth the time it takes to read.
“I hear all this, ‘well, this is class warfare, this is whatever’. No. There is nobody in this country who got rich on his own. Nobody. You built a factory out there? Good for you. But I want to be clear:
You moved your goods to market on the roads the rest of us paid for; you hired workers the rest of us paid to educate; you were safe in your factory because of police forces and fire forces that the rest of us paid for. You didn’t have to worry that marauding bands would come and seize everything at your factory, and hire someone to protect against this, because of the work the rest of us did.”
– Elizabeth Warren
– 61 per cent of Americans “always or usually” live paycheck to paycheck, which was up from 49 per cent in 2008 and 43 percent in 2007
– 66 per cent of the income growth between 2001 and 2007 went to the top 1 per cent of Americans
– 43 per cent of Americans have less than $10,000 saved for retirement
– 24 per cent of American workers say that they have postponed their planned retirement age
– Only the top 5 per cent of US households earned enough to match the rise in housing costs since 1975
– In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1; since the year 2000, that ratio has exploded to between 300 and 500 to 1
– The bottom 50 per cent of income earners in the US now collectively own less than 1 per cent of the nation’s wealth
– More than 40 per cent of Americans who are actually employed are now working in service jobs, which are often low paying.