Summary of Rep Reed’s Voting Record
Rep. Reed’s Voting Record on AAUW Issues
Reed’s ZERO Planned Parenthood Rating
Rep. Reed’s Votes on Seniors: Retired Citizens Issues
All The Wealth The Middle Class Accumulated After 1940 Is Gone !!
A just released study by two economists who specialize in income growth and tax policy have demonstrated that the top 0.1% (about 16,000 individuals) have acquired nearly the same amount of wealth as the bottom 90%. The top 10% control more than 3/4 of all the wealth in the U.S.
They define the middle class now as the bottom 90%. “Many middle class families own homes and have pensions, but too many of these families also have much higher mortgages to repay and much higher consumer credit and student loans to service than before,” Saez and Zucman wrote. http://gabriel-zucman.eu/files/SaezZucman2014.pdf (The appendix at the end of the paper have many tables and graphs that clearly depict how much the middle class has been screwed–)—a summary is also at http://www.huffingtonpost.com/2014/10/20/middle-class-wealth-shrinks-1940s_n_6014874.html
OnTable 2 in the appendix of the paper it shows that:
Since Reagan was President (1986) the top 1% has accumulated wealth at nearly 40 times the rate of the bottom 90%. Another important factor has been that incomes have stagnated for most Americans over the past few decades, once adjusted for inflation. Along with rising debt levels, stagnant wages have made it impossible for most families to save very much money.
While tax policy since Reagan and Bush 1 and Bush 2 have contributed to this wealth gap they suggest that . . .aside from changing .. .” tax policy is not the only channel. Other policies can directly support middle class incomes—such as access to quality and affordable education, health benefits cost controls, minimum wage policies, or more generally policies shifting bargaining power away from shareholders and management toward workers.”
They further conclude that rising inequality of wealth will continue leading to more income and wealth disparity in the future. The rich will live off the income generated by their wealth while the rest of those not in the top 1% will keep falling further behind.
The Ryan budget plan which Tom Reed supports will further this wealth disparity especially for seniors and those on fixed income. Reed needs to come clean about how his support for tax policies benefit middle class folks in the 23rd district–he voted to extend permanently earned income child tax credits for families earning up to 200k and neglected to do the same for folks earning less than 50k whose credit will expire in 2017. He voted against allowing those with student loans to refinance their loans at today’s low interest rate and seniors would pay more for medicare premiums and be given vouchers to pay for their medical expenses based on Reed’s vote. We can’t afford Mr Reed–that’s why I’m supporting Martha Robertson.
Great research, James. You are right, we can not afford Mr Reed. We will find out in two weeks if we have to put up with him. I know our votes can only control one person, but by electing Martha there will be one less person in the Republicans (i.e. Tea Party) has in their pocket.
You have to remember that Tom Reed does not work for you, he works for ALEC.
Fill in your details below or click an icon to log in:
You are commenting using your WordPress.com account.
( Log Out /
You are commenting using your Twitter account.
( Log Out /
You are commenting using your Facebook account.
( Log Out /
Connecting to %s
Notify me of new comments via email.
Notify me of new posts via email.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Visit Our Facebook Page