Economic gains squandered

 

In her Jan. 24 Other Views piece, Can U.S. lead in solving the income divide?, Ann McFeatters quotes the Oxfam report, Working for the Few, which says that “70 percent of everyone in the world lives in a country where income inequality has increased in the last 30 years.”

An interesting fact given that in those 30 years, the United States had Republican administrations that reformed the economy to benefit the rich and, for good or bad, the rest of the world tends to imitate U.S. trends.

Her claim that, “In America the 1 percenters got 95 percent of all economic growth from 2009 to 2012 while 90 percent of Americans got poorer,” can be easily explained by the laws of physics and math.

Once basic regulations and laws have been changed to favor the rich for as long as 30 years, inertia and the exponential factor come into play, resulting in the rich getting richer and the poor getting poorer.

While the United States had a good start in the 1960s with the War on Poverty, it squandered the next 30 years.

Graciela C. Catasus, Miami Beach

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