Oh, waaaaaaaah. Consider this:
- A generation ago, top CEOs made 30 to 40 times the pay of average workers. Last year, CEO pay outpaced average worker pay by 344 times. ¹
- As many as 43% of American workers in private industry don’t have paid sick days, according to 2007 data from the federal government²
- American workers are continuing to put in the longest hours in the industrialized world — spending nearly one week more on the job per year than they did a decade ago. ³
- Today the top 5% of households owns over 60% of America’s wealth—more than the bottom 95% of households combined. The 400 wealthiest people in America are all billionaires with a combined worth of $1.29 trillion which is more than the total GDP of Canada. The newest member of the billionaires club, John Paulson, made his money from the subprime mortgage fiasco. The bottom 20% of Americans basically have zero wealth. A household in the middle has wealth of about $ 62,000 but when you compare this to the top 1% of household’s average wealth of over $18 million, you can see what a huge difference there is in distribution. Income and wealth today are more unevenly distributed among Americans than at any time since the Roaring 20’s. 4
Class warfare isn’t so much fun when the shoe is on the other foot, now is it?
WASHINGTON – He’s not being timid, that’s for sure.
President Barack Obama’s first federal budget lays out the most far-reaching agenda for American life since Lyndon Johnson’s Great Society. But paying for it by having upper-income earners shoulder much of the cost quickly provoked cries of class warfare in Congress.
The Obama priorities reflected in the $3.6 trillion budget guarantee a fierce political battle ahead over taxes and spending. And despite the administration’s agonizing over the depth and global nature of the worst recession in decades, the new president’s budget forecasts a rapid U.S. recovery.
The budget outline includes activist initiatives on energy, health care, education and climate change.