Letter: Middle class vanishes while top 10 percent keep cashing in - East Valley Tribune: Letters To The Editor

Letter: Middle class vanishes while top 10 percent keep cashing in

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Posted: Tuesday, May 7, 2013 7:46 am | Updated: 11:23 am, Thu May 16, 2013.

I am constantly amazed by how difficult it is for so many Americans to add two-plus-two and come up with four, and who continue to vote against their own economic self-interest. The facts are out there if they would only take a moment to consider the facts!

Facts such as these:

We have hedge-fund managers who produce nothing tangible, yet are paid $1 million dollars per year and are paying lower tax rates than the folks building cars in Detroit or managing your local supermarket.

The U.S. Commerce Dept. report that corporate profits are at a 60-year high, as personal income dropped by 3.6 percent, the largest decline in 57 years!

The Economic Policy Institute calls the past 10 years the “lost decade” for the American middle class. As the pattern established since “Reaganomics” is the vast majority of all income gains have gone to the top 10 percent, while income stagnation, inflation and benefit cuts have been disastrous for the majority of America’s middle class.

A Washington Post investigative report found that the 30 large corporations that comprise the Dow Jones industrial average are paying substantially less of their enormous profits in taxes than they did 50 years ago.

The Culprits: CEO compensation over the past 30 years has risen from 42 times the average blue-collar worker’s pay, to 380 times!

The victims: You, me and everyone who has not shared in America’s economic successes because of the avarice and gluttony of those at the top who want it all.

Rod Livdahl

Mesa

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