The war on the middle class
By Bernie Sanders JUNE 12, 2015
HERE IS THE reality of the American economy. Despite an explosion in technology and a huge increase in worker productivity, the middle class continues its 40-year decline. Today, millions of Americans are working longer hours for lower wages and median family income is almost $5,000 less than it was in 1999.
Meanwhile, the wealthiest people and the largest corporations are doing phenomenally well. Today, 99 percent of all new income is going to the top 1 percent, while the top one-tenth of 1 percent own almost as much wealth as the bottom 90 percent. In the last two years, the wealthiest 14 people in this country increased their wealth by $157 billion. That increase is more than is owned by the bottom 130 million Americans – combined.
Over the last 40 years, the largest corporations in this country have closed thousands of factories in the United States and outsourced millions of American jobs to low-wage countries overseas. That is why we need a new trade policy and why I am opposed to the 12-nation Trans-Pacific Partnership now before Congress.
Large corporations and their lobbyists have created loopholes enabling corporations to avoid an estimated $100 billion a year in taxes by shifting profits to the Cayman Islands and other offshore tax havens. That is why we need real tax reform which demands that the very wealthy and large corporations start paying their fair share of taxes.
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What Bernie advocates are only moderate measures considering the abuse the nation has endured.