Thursday, November 3, 2011
Paul Krugman has posted the chart to the left, based on the recent CBO report on income inequality. What it makes clear is that the income inequality has not been driven by education differences, but by policy of huge tax cuts for the rich, and "deregulation" which enabled them to plunder the economy. While the top twenty percent, less the top one percent, barely increase in relation to others, the huge shift was from the lower 80% to the top 1%. And, as Krugman points out, it is actually the top .1% who really made out like bandits—perhaps because they were bandits, legalized or not.