A NYT article runs this headline today referring to the income inequalities in the US. What the author forgot to mention is that 42 million Americans were on food stamps during the month of August. The circumstances of Mr. Change’s visit to India – 600 security guards, 9 escorting air planes, 3 booked hotels, a tunnel to the Taj Mahal and removal of all coconuts hanging over Obamas footpath – support imo also his view :
The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976. As Timothy Noah of Slate noted in an excellent series on inequality, the United States now arguably has a more unequal distribution of wealth than traditional banana republics like Nicaragua, Venezuela and Guyana.
C.E.O.’s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001. Perhaps the most astounding statistic is this: From 1980 to 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent.
The richest 0.1 percent of taxpayers would get a tax cut of $61,000 from President Obama. They would get $370,000 from Republicans, according to the nonpartisan Tax Policy Center. And that provides only a modest economic stimulus, because the rich are less likely to spend their tax savings.