Class warfare anyone? Bring it on!
Republicans are right. It is class warfare that is developing in this country. But they started it more than 30 years ago with the Reagan doctrine. Since then the rich have become insanely richer while middle class income has remained stagnant and the poor are poorer than ever
By the end of the Bush administration, Bloomberg reported that the average tax rate paid by the richest 400 Americans dropped a quarter to a stunning 17.2 percent and their average income doubled to $263.3 million, mostly because of the steady Bush effort to keep cutting capital gains rates. The Congressional Budget Office points out that the average post-tax income of the top one percent of households, adjusted for inflation, jumped by a million dollars since 1979, while the pay for most families has only barely climbed faster than the inflation rate.
If this is class warfare, the tanks of the rich have been grinding the rest of us down into the mud for 30 years. Lawrence Summers, the former Clinton treasury secretary turned Obama economic advisor, used to say that, in effect, families in the bottom 80 percent of earners were each sending an annual check of $7,000 to the top one percent.
President Barack Obama is about to turn the tables on this outrage and the Republicans, led by Rush Limbaugh (?) are attacking him and hoping "he fails"
