So it is perhaps unsurprising that our recent economic crisis had some characteristics of boom-and-busts in less developed nations. It was triggered, in part, by 1 percenters on Wall Street persuading regulators to remove restrictions on their casino. It led workers to pile on debt to supplement falling incomes. It ended with a vast deployment of tax dollars to bail out fallen plutocrats. And our political system seems unable to deal with the aftermath.
The Republican right is pushing back hard against the 99 percent movement and its focus on the widening chasm between the fortunes of the few at the summit of the income scale and everybody else.
Newt Gingrich, who led the field of Republican presidential candidates last week, argued that the concept of the 99 percent versus the 1 percent is ‘un-American’. His rival Rick Perry, who led the Republican pack in September, answered a question about taxes and inequality by saying “I don’t care about that.”