It used to be possible, with only a modest amount of hypocrisy or ignorance, to watch A Christmas Carol and feel relief that the conditions Dickens described and Scrooge mocked or ignored had passed into the dustbin of history, banished by progress, material and moral. No longer.
Wealth
Scrooge was a piker. In 2007 (apparently the most data available) the cumulative wealth of the Forbes 400 was roughly the same amount of wealth held by the entire bottom fifty percent of American families. Six members of the Walton family had a combined worth equal to the total wealth of the entire bottom thirty percent.104
Income
According to the Congressional Budget Office,
• For the 20 percent of the population with the lowest income, average real after-tax household income was about 18 percent higher in 2007 than it had been in 1979.
• For the 60 percent of the population in the middle of the income scale (the 21st through 80th percentiles), the growth in average real after-tax household income was just under 40 percent.
• For those just below the top, the 81st through 99th percentiles, average real after-tax household income grew by 65 percent.
• For the 1 percent of the population with the highest income, average real after-tax household income grew by 275 percent between 1979 and 2007.• Between 2005 and 2007, the after-tax income received by the top one percent exceeded the after-tax income of the remaining 80 percent.105
• For the 1 percent of the population with the highest income, average real after-tax household income grew by 275 percent between 1979 and 2007.• Between 2005 and 2007, the after-tax income received by the top one percent exceeded the after-tax income of the remaining 80 percent.105
From another report:
• The share of the nation’s income flowing to the top 1 percent of households increased from 16.9 percent in 2002 to 23.5 percent in 2007, a larger share than at any point since 1928.
• Income gains have been even more pronounced among those at the very top. The incomes of the top one-tenth of 1 percent of U.S. households have grown by 94 percent, $3.5 million per household, 2002 to 2007 (and more than 400 percent over the period from 1979 to 2005).
• The share of the nation’s income flowing to the top one-tenth of 1 percent of households is at the highest level since 1913, surpassing even the previous peak in 1928. 106
The average Bush tax cut in 2011 for a taxpayer in the richest one percent is greater than the average income of the other 99 percent.107
Not only do our numbers look awful absolutely, they do so relatively. The GINI index measures income inequality; the higher the number, the more unequal the distribution. The U.S., at 45, has the worst rating among developed nations. Scrooge’s United Kingdom is at 34, Canada at 32.1; the European Union average is 30.6, almost exactly that of Australia.108
Poverty
An additional 2.6 million people fell into poverty in the United States last year, and the number below the official poverty line, 46.2 million people, is the highest in the 52 years the statistic has been kept. The poverty rate was 15.1% in 2010, the highest level since 1993. About 6.7 percent of the population, 20.5 million people, fell into deep poverty, defined by an income less than half the official poverty line. The number of uninsured Americans increased by 900,000 to 49.9 million.109
Bah, humbug
As the problems resemble those of Dickens’ era, so do the responses of the insufficiently frightened rich:
Home Depot Co-founder Bernie Marcus, referring to Occupy protesters: “Who gives a crap about some imbecile? Are you kidding me?”
Home Depot Co-founder Ken Langone: “I am a fat cat, I’m not ashamed . . . If you mean by fat cat that I’ve succeeded, yeah, then I’m a fat cat. I stand guilty of being a fat cat.”
Former BB&T Bank CEO John Allison: “Instead of an attack on the 1 percent, let’s call it an attack on the very productive. This attack is destructive.”
Paychecx Inc. Founder Tom Golisano: “If I hear a politician use the term ‘paying your fair share’ one more time, I’m going to vomit."110
Visitation by ghosts won’t budge this lot.
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104. http://thinkprogress.org/economy/2011/12/09/385941/walmart-heirs-worth-30-percent-bottom/
105. http://cbo.gov/ftpdocs/124xx/doc12485/10-25-HouseholdIncome.pdf
106. http://www.cbpp.org/cms/index.cfm?fa=view&id=2908 ;
http://www.nytimes.com/2011/11/04/opinion/oligarchy-american-style.html
107. http://thinkprogress.org/economy/2011/11/23/375654/bush-tax-cut-one-percent/
108. https://www.cia.gov/library/publications/the-world-factbook/fields/2172.html
109. http://www.nytimes.com/2011/09/14/us/14census.html?pagewanted=all
110. http://thinkprogress.org/economy/2011/12/20/393090/one-percent-call-occupy-imbeciles/
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