Hurray! We’re back to Depression-era stratification levels… Neoliberal mission accomplished:
As the article notes;
“As you’ll notice, from the 1950s onwards, income distribution in the US remained broadly stable until the Thatcher-Reagan revolution. The neoliberal policies pursued by the Reagan administration – tax cuts for the wealthy (the top rate of tax was reduced from 50 per cent to 28 per cent), deregulation and privatisation, led to a dramatic rise in inequality.
As for the UK, we’re not doing much better. The richest 10 per cent now receives 31 per cent of national income and owns almost half of the country’s personal assets, while the poorest 10 per cent takes home just 1 per cent of the total income. The coalition’s decision to rely on spending cuts (which hit the poorest hardest), rather than tax rises, to reduce the deficit will inevitably widen the gap. Conservatives may criticise the Occupy London movement but they cannot deny that it reflects a grim empirical reality.”