According to Paul Buchheit, a professor with City Colleges of Chicago and founder of fightingpoverty.org, “if middle- and upper-middle-class families had maintained the same share of American productivity that they held in 1980, they would be making an average of $12,500 more per year.” The size of our economy, he wrote, “has quintupled since 1980, and we all contributed to that success. But our contributions have earned us nothing. While total income has also quintupled, percentage-wise almost all the gains went to the richest 1 percent.” This upward redistribution of wealth “translates into a trillion extra dollars of income every year for the richest 1 percent.”

There are two things that are vitally important to understand about this. First, those at the top of the ladder aren’t any more virtuous, intelligent or hardworking than they were 30 years ago, and this didn’t happen by accident.

If Top 1% Hadn’t Ripped Off Trillions, You’d Likely Be Making Thousands of Dollars More Right Now [ via AlterNet]
  1. whyoccupy posted this
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