It has been proposed the United States is not truly a capitalist county, but instead a “plutonomy.” . It has been argued that it really been that way all along. Recently released figures indicate that recent booms within the economy had almost everything to do with the richest few.
Plutonomy has nothing to do with cartoon dogs
The word denotes the economy revolves around a small number of very rich individuals. Good reasons exist to think the optimistic signs in the economy have had every little thing to do with what the richest of rich people are doing. According to the Wall Street Journal, Moody’s has kept track of consumer spending habits, including the richest 20 percent of the population. In the last 20 years, 37 percent of all consumers spending was from the richest 5 percent. A scant 40 percent was from the bottom 80 percent. Almost 50 percent of all income earned goes to only 10 percent of the population within the U.S.
Everyone lies but numbers do not
A 2006 Federal Reserve study by Arthur Kennickell found 70 percent of the wealth within the nation was owned by 10 percent of the population. For each and every dollar worth of wealth, 90 percent of the populace holds collectively 30 cents. The trickle Reagan talked about was no trickle going down; it was a tsunami going upwards.
In order to set up a more perfect union for the rich
It has been suggested by some historians such as Howard Zinn, among others, that the American Founding Fathers were all the richest men within the nation. Their profits were affected more by British taxes than the commoners were. they revolted and established a new nation where they would be able to start an oligarchy of privilege. No less than James Madison estimated only a 3rd of Americans were in favor of the Revolution. It is in the nature of republics to encourage aristocracies. A widening and enormous gap between the rich and poor is one of the few universal precursors of the collapse of a society.
Find more information on this subject
online.wsj.com/article/SB20001424052748703988304575413432696177258.html
en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States
federalreserve.gov/pubs/feds/2006/200613/200613pap.pdf – PDF, calls for Adobe Reader
