Tuesday, January 25, 2011

Chart of the Week: Squeezing the Middle

After being trickled on for three decades, the middle class in the United States is now behind their counterparts in other developed countries in terms of share of GDP.  GOP claims to be dead set against "income redistribution" as a socialist evil.  But the fact is income has been redistributed: to the upper levels of the income strata beginning with their corporatist hero, Ronald "Where am I?" Reagan.  Socialist countries like Japan, Sweden, Germany and France show a smaller share of GDP belonging to the über rich.  The chart excludes capital gains.