The Bill for America’s $50 Trillion Gluttony of Inequality Is Overdue
by Charles Hugh Smith
Posted October 15, 2020
Do you hear the pathetic bleating of America’s billionaires and their army of toadies? If not, you soon will, for a remarkable report has been released that documents the $50 trillion in earnings that’s been transferred to the Financial Aristocracy from the bottom 90% of American households in the past 45 years.
Longtime readers know I’ve reported on the astounding increase in America’s economic inequality for the past 15 years, and addressed the eventual banquet of consequences this imbalanced, destabilizing state of affairs will serve up.
But with few exceptions, the corporate media has ignored this fundamental reality of American life, and blown off the consequences as easily ignored speculation by marginalized bloggers and commentators. (“Would somebody please shadow-ban these sites going on and on about soaring inequality? Thank you, Facebook, Google and Twitter–we’ll return the favor directly.”)
The extreme rarity of paragraphs like these in the corporate media cannot be over-emphasized. The corporate media has carried water for the billionaires and America’s Financial Aristocracy for decades. (No surprise, given that the vast majority of America’s media / social media is owned by the billionaires and Financial Aristocracy. Why bite the hand that feeds you, especially when the risk of losing your career is so high?) More…