The Wealthy are growing even more wealthy, while the middle class dies

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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.

Thom Hartmann Administrator's picture
Thom Hartmann A...
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This path that has been religiously followed since 2007, is a path to unimaginable human global catastrophe.

Again, the only reason that we are still following the path to destruction and death—which will certainly NOT ELUDE people with infinite amounts of money able to buy them absolutely nothing that they will need when it hits them—is because our planet has an overwhelming number of sociopaths steering global operations.

No way to maintain denial anymore.

Karolina's picture
Karolina
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Nov. 3, 2011 6:45 pm

It's not hard to understand given the Bush tax cuts. It is going to be an ugly battle with the repubs over extending the cuts for the rich. I can see the groundwork being laid in mainstream media about the fiscal cliff and how its not a time to raise ANY taxes. Obama must make them prove that the tax cuts for the rich created jobs. And also look at the battle lines being formed over automatic defense cuts resulting from the sequestration deal. Typical politics-everybody felt good when the sequestration deal was implemented-but now pressure is building to actually add to the defense budget. Too bad the same effort isn't being applied to social programs.

DynoDon
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Jun. 29, 2012 9:24 am

A common feature of a statist (socialist or fascist) economic system.

LysanderSpooner's picture
LysanderSpooner
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Jul. 31, 2007 3:01 pm

It started in 1980, numbskull.

Dr. Econ's picture
Dr. Econ
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