Wednesday, August 03, 2011

Fault Lines - The Top 1%

Isn't it amazing how the main stream media "misses" this story?


Maggie Beddow said...

This video does a good job explaining the nation's political and economic quagmires, but I hope that the Dems do like the GOP and come up with some talking points to help folks understand this easier. We need to be on the offense with the Tea Bagger extremists, rather than constantly compromising and talking rationally,thinking that behavior will be reciprocal. The progressives and the so-called middle class and poor are suffering and are getting more frustrated each day. What can we do?

Kathy Emery said...

the mainstream media in the form of the NY TIMES hasn't missed this story. In today's Times (August 4) it was on the front page - Even Marked Up, Luxury Goods Fly Off Shelves by stephanie Clifford. "While the free spending of the affluent may not be of much comfort to people who are out of jobs or out of cash, the rich may contribute disproportionately to the overall economic recovery.

“This group is key because the top 5 percent of income earners accounts for about one-third of spending, and the top 20 percent accounts for close to 60 percent of spending,” said Mark Zandi, chief economist of Moody’s Analytics. “That was key to why we suffered such a bad recession — their spending fell very sharply.” "

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