The Wealthy hoard money, while holding the middle class hostage
The heirs of the Wal Mart fortune – the Walton family – have gotten a lot wealthier since the Bush recession began in 2007, while the rest of us have gotten a lot poorer. According to data from the Federal Reserve, median family wealth in America dropped by nearly 40% between 2007 and 2010. But, during that same, the wealth of the Walton family increased 22% to nearly $90 billion.
So now, the six Walton heirs have more wealth than 48 million American families – or more than 41% of all American families – COMBINED. And yet, despite the incredible wealth disparity – Republicans in Congress are pushing for even more tax breaks for the Wal Mart heirs – and other millionaires and billionaires who fund Republican candidates.
This is a make-or-break moment for the American middle class, as Democrats try to extend tax cuts for working Americans, while cutting them off for the Walton heirs. We’ll see if Republicans go along with this common sense solution, or if they hold the middle class hostage so that their billionaire buddies can hoard even more wealth. Stay tuned.