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It Wasn’t Always This Way: America’s 99 Percent Used To Have A Much Greater Share Of The Nation’s Riches

It Wasn’t Always This Way: America’s 99 Percent Used To Have A Much Greater Share Of The Nation’s Riches

2011-10-26
Source: Think Progress


The 99 Percent Movement was born out of the fact that the country has grown incredibly unequal and millions of Americans are struggling to get by. The richest 1 percentof the country now owns more than 40 percent of the wealth and takes home nearly a quarter of national income.

The common retort to this by the defenders of the economic status quo is that these disparities are a natural result of capitalism, and that those who complain about them are fundamentally against markets. Indeed, when the protests on Wall Street began, much of the media instantly referred to demonstrators as “anti-capitalist.”

But the truth is that the American economy wasn’t always structured in a way that so generously rewarded the one percent while giving the 99 percent less and less....





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