Go Get'em Liz!

Dec 2010
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Virginia
The Social ContractBy PAUL KRUGMAN
Published: September 22, 2011

This week President Obama said the obvious: that wealthy Americans, many of whom pay remarkably little in taxes, should bear part of the cost of reducing the long-run budget deficit. And Republicans like Representative Paul Ryan responded with shrieks of “class warfare.”

It was, of course, nothing of the sort. On the contrary, it’s people like Mr. Ryan, who want to exempt the very rich from bearing any of the burden of making our finances sustainable, who are waging class war.

As background, it helps to know what has been happening to incomes over the past three decades. Detailed estimates from the Congressional Budget Office — which only go up to 2005, but the basic picture surely hasn’t changed — show that between 1979 and 2005 the inflation-adjusted income of families in the middle of the income distribution rose 21 percent. That’s growth, but it’s slow, especially compared with the 100 percent rise in median income over a generation after World War II.

Meanwhile, over the same period, the income of the very rich, the top 100th of 1 percent of the income distribution, rose by 480 percent. No, that isn’t a misprint. In 2005 dollars, the average annual income of that group rose from $4.2 million to $24.3 million.

So do the wealthy look to you like the victims of class warfare?

To be fair, there is argument about the extent to which government policy was responsible for the spectacular disparity in income growth. What we know for sure, however, is that policy has consistently tilted to the advantage of the wealthy as opposed to the middle class.

http://www.nytimes.com/2011/09/23/opinion/krugman-the-social-contract.html?_r=1
I really loved the comment by Elizabeth Warren: “There is nobody in this country who got rich on his own. Nobody,” she declared, pointing out that the rich can only get rich thanks to the “social contract” that provides a decent, functioning society in which they can prosper."

She is currently running to reclaim the Massachusetts Senate seat from Scott Brown. I hope she wins because the Senate has been missing a REAL, dyed in the wool, honest to GOD Massachusetts liberal Democrat since Edward Kennedy died.


Go get 'em Liz!
 

jackalope

Former Staff
Jan 2010
51,139
17,672
Maine
I'd need to see a pic. She'd have to be pretty hot to overcome those political views with me...

brains, mord, she's got da brains :) (lol I was gonna say she's cute if you like middle aged Librarian types, but then that was weird. LOL !!!)

I bought one of her books awhile ago.
 
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Reactions: Mordent
Jan 2011
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east coast
Didn't Obama nominate her to be the top dog of something?, and the GOP immediately fought tooth and nails not to have her appointed. I think it had to do with the bill for oversight on credit card companies and wall street that Obama passed. If the GOP didn't want her then, what a kick it if she becomes a Senator instead.
 

jackalope

Former Staff
Jan 2010
51,139
17,672
Maine
Didn't Obama nominate her to be the top dog of something?, and the GOP immediately fought tooth and nails not to have her appointed. I think it had to do with the bill for oversight on credit card companies and wall street that Obama passed. If the GOP didn't want her then, what a kick it if she becomes a Senator instead.

Yes, the Consumer Watchdog Agency. Except I'm not sure if he ever nominated her. But yes, the GOP didn't want her. It would be a kick in the shorts, if she wins. And beats the golden boy - Scott Brown.