The following comes from the Real World Economic Review blog and shows the percentage growth in income for three groups in the USA from 1979 to 2007.
Of course the data will be slightly different in the UK, but not much.
This is what #occupylondon is about
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And those incomes in the high bracket are rising because they’re being stolen from the incomes in the lower bracket. We are being weakened to make them stronger. That’s why I say the banks must be allowed to fail now (and should have been years ago) before the rich have all the world’s assets and we have none. If the collapse happens then, who apart from them is likely to survive? The fact people will lose their pensions is immaterial in that context, and they’ll lose their pensions anyway because they’re being made valueless the longer this goes on.
BB
And that’s what neo-liberalism was all about. 1975-2011, from Friedman’s Chile to the latest days of the financial crisis, it’s been a conspiracy of the rich against ordinary working people. Only working tax credits were stopping the rot for a brief period but as they decline and as inflation eats away people’s savings then it’s pretty much algebra from now on…do the math and watch the anger and discontent grow. No amount of rolling up of the sleeves, or orchestrated sideshows over Europe, are going to save this neo-liberal polity. R.I.P compassionate conservatism, 2005-2010.
Could it be the top 1% are smarter than the bottom 10% ?
They may be
But they also have access to all the cards a the start of the game to make sure they win
What right do we have to take away from them, unless we can prove through the judicial system — which is supposedly impartial and of our peers — that they’ve committed a crime?
When will our leaders enforce the laws equally, regardless of income or importance of person?
I think gideon osborne disproves that all by himself
Why does that matter? The days of mistreating the mentally challenged/ill should be well behind us.
This is the tip of the iceberg. Inequality is sewn into the fabric of the system. While we have a debt based money supply, there is no way of achieving equality, even if the political will were there.
The good news is, there is a solution: total monetary reform. At present money is created, as debt, by commercial banks, for profit. Positive Money have a solution whereby this power is taken away from the banks and money creation is made a public service for the good of all. They are gaining strength but need the support of everyone to succeed.
See positivemoney.org.uk for details.
(It may be interesting to know that Guernsey – a very rich little island indeed – adopted this system while on the brink of bankruptcy about 200yrs ago).
It may well be that the figures are very similar for the UK, but to argue the case it’s necessary to prove it. Does someone have the figures?