Wednesday, July 18, 2012

Mitt vs. the Middle Class

The following excerpt comes from a post in The Democratic Strategist written by Mike Lux, author of The Progressive Revolution: How the Best in America Came to Be:
As someone in Romney’s opposing camp, I am enjoying the spectacle. But this whole mess with Romney and his financial secrets reminds us again of a bigger, deeper truth: the rich--at least people who got rich the way Romney did--really are different from you and I. The story of how Mitt Romney got so wealthy, and then how he hid all that wealth and avoided taxes on it, is also the story of the modern decline of America’s middle class. Right around the time Mitt Romney went into business in the early ’80s was the moment when, aided directly by Reagan administration policies and the kind of corporate sharks Romney became, the middle class in this country began to decline in size, strength and prosperity. Mitt Romney and his fellow Wall Street sharks became so stunningly wealthy precisely because most of the rest of us got poorer. The working and middle class in this country got laid off, down-sized, out-sourced; their wages went down or flat, their out-of-pocket health care costs went up, and their pensions disappeared; the price of energy and groceries and other necessities went way up; and when the bubble caused by the out of control speculation of Wall Street burst, their one remaining asset--their homes--lost much of its value. Meanwhile, the guys like Romney who were doing the out-sourcing, lay-offing, wage and benefit-slashing, and financial speculating got filthy rich, and then because of our unprogressive tax laws and because they used Cayman Island and Swiss bank accounts to hide their money, they paid a smaller share of their taxes than those hard-pressed folks in the middle class.
You’ll find the whole post here.

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