Blog

Winner Take All Politics: How Washington Made the Rich Richer And Turned Its Back on the Middle Class

Author and Professor Jacob Hacker gives a grim and critical look at todays political system. Hacker divides our country in the “haves” and “have nots”, and the gap between the two is growing wider and wider, this is all a result of politics. This narrative follows a series of events since the 1970’s that have dynamically changed our political system in the United States. Since the 1970’s Hacker demonstrates the the 1% has taken a significant amount of the nations income for themselves and have rigged the political system to benefit their bank accounts. The top 1% has acquired 40% of the Nations GDP growth since 1979. Through the unification of big business, financial deregulation of corporate business practices, and large investment in politics we have seen an incredible increase and power in the corporate world. Additionally with the unification of big business and organized money, our political system went through dramatic changes since the 70’s. Beginning with the polarization of Republican party as well as the use of the filibuster becoming more common. Simultaneously the lobbying industry exploding into a $4 billion dollar business as well as congressional campaign financing reaching new highs.

“If the effects of taxation on income at the top had been frozen in place in 1970, a very big chunk of the growing distance between the superrich and everyone else would disappear. This dramatic change in tax policy didn’t happen magically. Starting in the 1970s, the people in charge of designing and implementing the tax code increasingly favored those at the very top.”

 

By: Millie Goebel

2 Comments

  1. Millie

    Testing

  2. Ezra Oyarce

    This is a very interesting video. It actually reminded me of another video I saw discussing the same topic which employs good visuals to represent the different levels of wealth inequality in American society today. I’ll include a link at the end of this comment.

    The video discusses three different models for wealth distribution based off of what Americans think the distribution looks like, what most Americans wish wealth distribution would be, and finally, what the actual wealth distribution is. Sadly, this final model is equally upsetting to the distribution described in the Hacker video.

Leave a Comment

Your email address will not be published. Required fields are marked *