We are non-commercial, all volunteer and supported by our readers. Please help sustain the Dew by making a donation.
The 99 Percent Spring
The people aren’t powerless in the face of extreme inequality.
At the root of this discontent are the extreme inequalities of income, wealth, and opportunity that have emerged over the last four decades.
The richest 1 percent now owns over 36 percent of all the wealth in the United States. That’s more than the net worth of the bottom 95 percent combined. This 1 percent has pocketed almost all of the wealth gains of the last decade.
In 2010, the 1 percent earned 21 percent of all income, up from only 8 percent in mid-1970s. The 400 wealthiest individuals on the Forbes 400 list have more wealth than the bottom 150 million Americans.
These trends among the 1 percent are bad for the rest of us. Concentrated wealth translates into political clout — the power to use campaign contributions to rent politicians and tilt the rules of the economy in their favor.
Websites dramatizing the “We are the 99 percent” movement are full of personal stories of young people who are saddled with debt and no futures, and middle class families that have seen the American Dream collapse around them, losing jobs, homes, and hopes for the future.
“I used to dream about becoming the first woman president,” one woman wrote. “Now I dream about getting a job with health insurance.”
Reading these stories, I’m struck that the underlying conditions that have squeezed millions of Americans aren’t going away. The current political system, captured by large corporations and the wealthy, is incapable of responding to their needs.
The “99 to 1″ dichotomy may strike some folks as polarizing and inaccurate. Yet it’s a powerful lens for understanding what’s happened to our society and economy over the last several decades. The rules guiding our economy have been skewed to benefit the 1 percent at the expense of the 99 percent. These rules include tax policies, global trade agreements, and government actions that benefit asset owners at the expense of wage earners.
Who is the “1 percent”? Primarily it consists of households with annual incomes that top $500,000 and wealth exceeding $5 million. The 1 percent isn’t a monolithic interest group. Plenty of people within this group have devoted their lives to building a healthy economy that works for everyone. But there’s a small segment within the 1 percent — the “rule riggers” — who use their power and wealth to influence the political game so that they and their corporations get more power and wealth.
Just as individuals in the 1 percent are diverse actors, the 1 percent of corporations is also not unified. There are several thousand multinational corporations — the Wall Street inequality machine — that are the drivers of rule changes. But they are the minority. There are millions of other built-to-last corporations and Main Street businesses that strengthen our communities and have a stake in an economy that works for everyone.
We must defend ourselves from the bad actors — the built-to-loot companies whose business model is focused on shifting costs onto society, shedding jobs, and extracting wealth from our communities and the healthy economy.
This spring, watch for millions of people in motion, participating in protests at banks, outside lawmakers’ offices, and in the streets. They’ll be pressing for an economy that works for the 100 percent, not just the 1 percent. This is a healthy sign for our nation because it dramatizes that the people aren’t powerless in the face of extreme inequality.
Worthy of Comment
Also on the Dew
Recently a gunman walked into a church with intent to murder, cause mayhem and start a revolution against black people. Instead, his killing of nine church members brought people of all faiths and color together, finding even those closest to the people he shot to forgive him. God moves in mysterious ways. The rampage in Charleston, S.C., known as the Holy City, indeed turned the people of that city not toward recrimination and violence, but to love, grace and forgiveness. While shootings in other cities have turned into rioting and burnings of buildings, instead the people of Charleston saw another way. Their actions Read on →
Only one hundred and fifty years after Appomattox, southern states are beginning to give up public displays of Confederate battle flags and other emblems of what my two grandfathers called the War for Southern Independence or the War of Northern Aggression. But what about private displays? And what about memories of private displays? Here are two memories of private displays: Growing up in Louisiana during the Second World War, I was nurtured by the rival stories of my grandfathers Smith and Riggs about their fathers' service under P. G. T. Beauregard. General Beauregard, according to many accounts, was the gallant leader who insisted Read on →
That my first visit to the Lincoln memorial in 48 years would bring tears was unexpected. Yet on a sunny September Sunday in 2012, at the feet of his massive marble likeness, staring solemnly upon the chiseled words of President Abraham Lincoln’s Gettysburg Address, salty drops dot my face. There is poignancy simply in standing where I scampered a lifetime ago as an unknowing four-year-old. But, my tears this day are for something more immediate – at least for me. This moment, the text of our 16th President’s second inaugural speech, and especially his Gettysburg Address fall this day upon a heart Read on →
“In this intimate body of work, she uses mixed media, collage and painting to explore the demands of motherhood, preservation of memory, and repetitious patterns of thought and behavior.” Huh? I recently received this invitation and quickly decided it was probably something I don’t want to even be seen near, let alone attend. Perhaps my reluctance to go has something to do with the description. I just have no idea what the promoters are talking about. Besides, when you use “intimate body of work” to put a fence around “thought and behavior,” I get a bit light headed. Perhaps my reaction was just a quirk Read on →