Robert Reich: The 1 percent is gutting America’s middle class

The richest Americans hold more of the nation’s wealth than they have in almost a century. What do they spend it on? As you might expect, personal jets, giant yachts, works of art, and luxury penthouses. And also on politics. In fact, their political spending has been growing faster than their spending on anything else. It’s been growing even faster than their wealth. According to new research by Emmanuel Saez of the University of California at Berkeley and Gabriel Zucman of the London School of Economics, the richest one-hundredth of one percent of Americans now hold over… Read more…

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