(Huffington Post)

1
(Huffington Post)
2
Long-term unemployment is at an all-time high
after the recession, although corporate profits
have rebounded to exceed prior levels.
(Business Insider)
3
While wages of workers have flatlined over the
past 30 years, the incomes of CEOs and the top 1
of earners have increased enormously. Though the
United States' economy has been growing, nearly
all of the economic gains have gone to the
richest 10.
(Occupy Design)
(Mother Jones)
4
(Mother Jones)
5
The United States now ranks among the worst in
the world (93rd) for economic disparity.
6
The top 5 of the country now controls over 2/3
of the national wealth. Most Americans are not
aware that the distribution is this uneven.
(Business Insider)
(Mother Jones)
7
The top tax rate has changed significantly over
the last 30 years thanks to a series of cuts. As
a result, the federal government has come to rely
heavily on payroll taxes, which are paid by all
workers and are not applied to income earned over
106,800.
(Mother Jones)
8
(Mother Jones)
9
(Mother Jones)
10
Much of the situation described in this
presentation is the result of efforts on the part
of major financial interests to influence the
political process, largely through lobbying and
campaign finance. As the Citizens United decision
removed limits on corporations and individuals to
give money to politicians, the economic trends
caused by this 30-year effort are likely to
accelerate.
Number of lobbyists in Washington 175
1970
Capital gains tax rate cut from 48 to 28 Bill
to create Office of Consumer Representation
defeated (largely due to business lobbying)
1978
Reagan passes ERTA including cuts to corporate,
estate, and capital gains taxes
1981
Number of lobbyists in Washington 2500
1982
Citicorp merges with Travelers Group forming
Citigroup, the first financial institution that
is Too Big to Fail
1998
Gramm-Leach-Bliley Act is passed, repealing
Glass-Steagal and allowing financial institutions
to conduct both regular banking AND investment
banking for the first time since the Depression
1999
Commodity Futures Modernization Act prevents the
SEC from investigating derivatives markets
2000
Bush tax cuts are passed 51 of their benefits
go to the top 1 of earners
2001
Financial institutions use new freedom to issue
huge numbers of mortgage-backed securities
2006
2007
Number of lobbyists in Washington 17000
All hell breaks loose. US households lose an
estimated wealth of 14 trillion. Global losses
may top 50 trillion. 3.5 billion spent by
corporations on lobbying, including 32.4 million
by bailed-out banks
2008
Citizens United v. FEC results in the overruling
of campaign finance regulations, essentially
allowing for unlimited and undisclosed donations
to election campaigns from individuals,
corporations, unions, and non-profits
2009
Unprecedented funds pour into midterm elections,
making up 40 of total campaign spending. In the
75 seats which changed party, 80 of the winning
challengers used outside money to outspend their
competitors.
2010
timeline not to scale Ivy McDaniel