We have a growing crisis of income inequality in this country. We are at levels of income disparity that we have not seen since right before the Great Depression, in 1928. Over the last 30 years, the failed GOP policies of Reaganomics and weakening regulation has led to a situation where the middle class has shrunk and the richest 1% own 34% of our nation’s wealth - - that’s more than the bottom 90% of American who own 29 percent.
Now the Republicans -- the same ones who squandered the surplus by giving tax breaks to the wealthiest Americans and engineered the policies that allowed Wall Street to drive our economy off the cliff, -- are demanding sacrifice from the middle and low-income earners.
The Republicans want to slash the bedrock safety net programs by promoting deep cuts to Social Security, Medicare and, Medicaid, and other vital domestic spending programs. Not only would these cuts punish those who have suffered the worst under the failed GOP policies, they would put an additional 600,000 to 800,000 people out of work. Despite GOP cries for austerity and fiscal restraint, they continue to defend corporate subsidies like tax breaks for oil companies and more tax breaks for the wealthiest.