The Gilded Age returned with a vengeance in our time. It slipped in quietly at first, back in the early 1980s, when Ronald Reagan began a "massive decades-long transfer of national wealth to the rich." As Roger Hodge makes clear, under Bill Clinton the transfer was even more dramatic, as the top 10 percent captured an ever-growing share of national income. The trend continued under George W. Bush – those huge tax cuts for the rich, remember, which are now about to be extended because both parties have been bought off by the wealthy – and by 2007 the wealthiest 10% of Americans were taking in 50% of the national income. ...
You will hear it said, "Come on, this is the way the world works." No, it’s the way the world is made to work. This vast inequality is not the result of Adam Smith’s invisible hand; it did not just happen; it was no accident. As Hodge drives home, it is the result of a long series of policy decisions "about industry and trade, taxation and military spending, by flesh-and-blood humans sitting in concrete-and-steel buildings."
October 29, 2010, in the Howard Zinn Lecture Series at Boston University. See the entire speech and following Q&A here.)
Revolutionary thought of the day: