During the last Presidential election, Republican Mitt Romney railed against Democrats and Socialists whom he said wanted to redistribute the nation’s wealth and income. What he didn’t mention is that wealth and income had already been redistributed, and he was one of the recipients.
The great shift in wealth started in the 1980s, but really accelerated at the start of the Great Recession. This shift has been a big factor in the decline of the middle class and rise of serious economic inequality.
To set the stage, here are a few facts: From 2009 to 2011 (during the recovery) the richest […]