Author: Donald Earl Collins
Published on: 27/03/2025 | 00:00:00

AI Summary:
The 20th-century idea of an “American Dream” is mostly dead in the second quarter of the 21st. The richest 10 percent of Americans drove half of all US consumer spending (about $10 trillion) between September 2023 and September 2024. 12.7 million households could collectively outspend much of the rest of the nation. By the measure of most experts, the economic power of ordinary Americans peaked sometime between 1970 and 1974. More than six out of 10 Americans could claim middle-class status, and Black, Latinx, and other Americans of colour had begun to climb into the US middle class in larger numbers. The combination of higher unemployment and higher inflation ended a three-decade run of endless US economic dominance and prosperity. Reagan claimed in his diary in 1982 that the press is dying to paint him as now trying to undo the New Deal. For years, Reagan alleged that fascism was really the basis for the new deal. Reagan said the opposition party, and particularly those of a liberal persuasion, have dominated the political debate. Corporate taxes are at an all-time low of 21 percent as of the Trump tax cuts during his first term in office. These policies have led to a massive shift in wealth from middle-class, working-class to impoverished Americans, towards the rich and massive corporations. Between 1975 and 2018, tax cuts and social welfare austerity had led to nearly $50 trillion transfer of wealth from the bottom 90 percent of Americans to the top 10 percent in wealth. The US, then, is back to its pre-Great Depression economy. Except that in 2025, it’s an economy in which the consumer habits of the wealthiest 10 percent have an outsized influence compared with the bottom 300 million Americans. This was the end goal of wealthy Americans pretty much all along, with help from both political parties.

Original: 1333 words
Summary: 307 words
Percent reduction: 76.97%

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