We have a feeling that when Senator Bernie Sanders takes a look at the new study released by UC Berkley, Oxford University and the Paris School of Economics that he’s going to blow his stack. Sanders, one of just two independents in the Senate, has sort of become the working class champion over time. He has been one of the few Senators consistently on his message about the ever-widening gap between the “haves” and the “have a lot less or not at alls.” So when he reads that last year the top one percent of earners hit a new bench mark for wealth increases — 19.6 percent to be exact — we think it’ll only make Senator Sanders double-down on his efforts to protect Social Security and Medicare.
By comparison, the rest of the 99 percent of us only saw our wealth increase by 1 percent. The richest of the rich picked up nearly another 20 percent of their fortunes last year, while the working class saw nearly a flat-line of income growth. Though initially the One Percent were hit hardest by The Great Recession, since then they have seen the most amount of income growth. A staggering 95 percent of the wealth acquired since the recession has gone right up the ladder straight into the One Percent’s coffers. The question will soon become “how long can we sustain these historic levels of income inequality before poverty starts creating crime, drug abuse and hunger pandemics?”
Watch this appearance from February 2013 where Senator Bernie Sanders explains to MSNBC host Ed Schultz how income inequality impacts Americans, and what can and should be done to combat it.