Posted at Hartmann Report on Nov. 19, 2023
Monopoly and Fascism in America Today: The Hidden History of Monopolies
Today, things are even worse than in FDR’s time.
“The top 1 percent of families captured 58 percent of total real income growth per family from 2009 to 2014,” wrote economist Emmanuel Saez for the Washington Center for Equitable Growth.
In large part, the concentration of both wealth and income has come about in the era since the Reagan presidency and the introduction of “Reaganomics.” In the 40 years prior to Reagan, income and wealth among working people was growing at a faster rate than it was for the top 1%. Since Reaganomics was instituted—a system within which we’re still operating— the wealth and income of the top 1% has exploded.