Millions of Jobs, Trillions of Dollars: We Can’t Afford the Republican Right
The story begins with the financial crisis and recession of 2008. Reports say that the incoming Obama Administration reduced its proposed stimulus because it thought Republicans would reject the actual level of spending needed to rescue the economy. The resulting stimulus package saved or created millions of jobs, but the country remained in the grip of an ongoing recession that limited both job creation and wage growth. Further stimulus spending became politically unfeasible after they won the House in 2010.
The result? Wealth inequality has became worse since the crisis. The top 1 percent of American earners saw their income increase by a staggering 32 percent in 2012, even as millions of others remained mired in an ongoing de facto depression. For the first time since they began tracking the numbers a century ago, the wealthiest 10 percent of the country captured more than half its total income.