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Feature Article by Paul Rosenberg
I don't particularly like the phrase, "the one percent." It reeks of envy and thus of socialism. But at the same time, the wealthiest people in the West really have become much wealthier in the past decade or two, while working people have, perhaps, stayed even. That's a legitimate issue, regardless of the unfortunate terminology.
The roots of this go back to the changes of the 1980s, when the financialization of the US economy took hold. It's crucial to understand that the Wall Street complex thrives on the skim: moving money from place to place to place and taking a percentage each time. This is not productive. Rather, it absorbs the fruits of production. As of 2016, that skim was a significant percentage of the US gross domestic product. (It was 7.3% for finance and insurance combined, so a guess of 5% for Wall Street may be close.)
In the end, that means that some trillion dollars per year is skimmed from the US economy by Wall Street a
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