In yesterday’s NY Times, Nicholas Kristof writes, “It’s Now the Canadian Dream” – “A report last month in The Times by David Leonhardt and Kevin Quealy noted that the American middle class is no longer the richest in the world, with Canada apparently pulling ahead in median after-tax income. Other countries in Europe are poised to overtake us as well.” . . . “the American economy has, over all, grown more quickly than France’s. But so much of the growth has gone to the top 1 percent that the bottom 99 percent of French people have done better than the bottom 99 percent of Americans.” “Three data points: • The top 1 percent in America now own assets worth more than those held by the entire bottom 90 percent. • The six Walmart heirs are worth as much as the bottom 41 percent of American households put together. • The top six hedge fund managers and traders averaged more than $2 billion each in earnings last year, partly because of the egregious “carried interest” tax break.
Posted on: Fri, 16 May 2014 15:19:22 +0000
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