Today- A powerful look at the growing inequality based on new data from the Fed that in 33 years the bottom American 90% will own almost nothing, continuing the wealth redistribution towards the Republican goal.
The Hartmann Report
Thom Hartmann
4.5 • 1.3K Ratings
🗓️ 9 August 2019
⏱️ 62 minutes
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Summary
New Federal Reserve data shows that if trends since 1980 continue, in 33 years the bottom 90 percent of the U.S. population will own almost nothing. Thom powerfully shows that increasing inequality continues to make the rich richer while everyone else gets screwed. - John in Minnesota reminds us there is no political freedom without economic freedom. And Thom has a long thoughtful discussion with libertarian John in Bangor. - Talk Media News correspondent Bob Ney reports on the surveillance gathered on migrants recently arrested in the ICE raids. - Thom speaks with David in San Francisco whose ancestor signed the Constitution. - Kyle, Thom's "Republican Troll" discuss the corruption of private health insurance. - Thom reads from the new book "Kochland: The Secret History of Koch Industries and Corporate Power in America" by Christopher Leonard.
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Transcript
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| 0:00.0 | This is the Tom Hartman program. |
| 0:19.0 | Well, it's just getting weirder and weirder out there. |
| 0:22.0 | Greetings from Portland, Oregon, Tom Harbin here with you. |
| 0:25.0 | Beautiful day up here at the Pacific Northwest, but wow, our country continues to be |
| 0:31.4 | torn apart at so many levels by this insane behavior coming |
| 0:38.4 | out of the Republican Party. |
| 0:39.6 | It's just... and Fox News and Right Wing Hate Radio. |
| 0:43.0 | Let me just provide you with a beginning point for all this. |
| 0:47.0 | The Federal Reserve just released statistics about who's getting rich and how in the United States. |
| 0:55.0 | And a reporter, guy with the Economic Policy Institute, |
| 0:58.0 | did an analysis of this and found that if this current trend which began with Reagan, right, keep in mind from World War |
| 1:08.7 | 2 until the 1980s during that period of time. |
| 1:15.0 | The middle class, the wealth of the middle class and the income of the middle class. |
| 1:19.0 | You know, wealth is everything you own, income is your paycheck. Both the wealth of the middle class and the |
| 1:26.8 | income of the middle class grew more rapidly than the wealth or income of the top 10%. |
| 1:38.0 | And people in poverty were accumulating wealth and income at a higher rate than were the very rich. |
| 1:46.4 | I mean the very rich were getting rich, make no mistake about it. |
| 1:49.1 | And you know in terms of absolute dollars of course they were making more than the |
| 1:55.0 | middle class or the poor but the middle class and the poor were actually growing |
| 1:58.4 | really rapidly and a lot of this was because of the labor movement. It was a really substantial thing. So then |
| 2:05.5 | Reagan comes along in 1980. Reagan comes along in 1980 and starts this new program. He says, you know, we're going to take |
| 2:16.0 | this whole Keynesian economics model which back in 1776 Adam Smith laid out and Wealth of Nations and said this is how it works right and |
... |
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