[QODLink]
Fault Lines
The top 1%
With 1% of Americans controlling 40% of the country's wealth, we examine the gap between the rich and the rest.
Last Modified: 12 Oct 2011 07:15

The richest one per cent of Americans earn nearly a quarter of the country's income and control an astonishing 40 per cent of its wealth.

Inequality in the US is more extreme than it has been in almost a century - and the gap between the super-rich and the poor and middle class people has widened drastically over the last 30 years.

Meanwhile, in Washington, a bitter partisan debate over how to cut deficit spending and reduce the US' $14.3 trillion debt is underway. As low and middle class wages stagnate and unemployment remains above nine per cent, Republicans and Democrats are tussling over whether to slash funding for the medical and retirement programmes that are the backbone of the US' social safety net, and whether to raise taxes - or to cut them further.

The budget debate and the economy are the battleground on which the 2012 presidential election race will be fought. And the US has never seemed so divided - both politically and economically.

How did the gap grow so wide, and so quickly? And how are the convictions, campaign contributions and charitable donations of the top one per cent impacting the other 99 per cent of Americans? Fault Lines investigates the gap between the rich and the rest.

 

Click here for more Fault Lines.
Source:
Al Jazeera
Topics in this article
Country
City
Featured on Al Jazeera
The story of Egypt's Muslim Brotherhood and its emergence into the political arena after decades of suppression.
People & Power goes undercover to reveal how 'voluntourism' could be fuelling the exploitation of Cambodian children.
Facebook's now-public status may encourage its board and policy staff to respond to privacy, free expression concerns.
Two prominent figures in the American establishment break away from the mould and chastise the GOP - but is it enough?
Spotlight
Latest news and analysis as Egyptians elect first new president in post-Mubarak political era.
In-depth coverage of an escalating regional debate about Iran's geopolitical power and the West.
Violence continues as UN observers are deployed to monitor both sides' compliance with a peace plan.
join our mailing list

Enter Zip Code
Go