posted on Feb, 12 2009 @ 05:12 PM
Yes, the graph is scary.
That's why the big hurry to get that enormous stimulus package passed. Obama isn't pushing it for his health. Most reputable economists have
predicted this recession/depression for a while now and the concesus is generally that this will alleviate, if not cure, much of the problem. It's
also universally acknowledged that if the stimulus comes too late (as happened in Japan, for example) it won't do much good.
As for the question of how the wealth in this country got redistributed: it was largely done through tax cuts and tax loopholes for the very rich
(for example, being able to write off much of one's income as capital gains, which is taxed at a lower rate). Also through increasing cutbacks in
employee benefits and retirement plans and salary freezes and layoffs to reduce the costs of production and worker compensation for the benefit of the
shareholders and CEOs and corporate bottom lines.
And there are numerous other ways, too many to go into here.
Basically, the decades since Ronald Reagan have been years of greed by the wealthiest class, whose wealth has grown exponentially, with few and
diminshing gains for the middle and working classes.