We've Gotten Off Track

One percent of the people in the US hold 40% of the nation’s wealth, while 40% of the people hold 1% of the nation’s wealth. This is the greatest imbalance of our nation’s wealth since the 1920’s. Theodore Roosevelt warned the Oil, Railroad, and Steel Barons that if they allowed the mounting imbalance of the nation’s wealth to continue we would face revolt jeopardizing Capitalism and the American way of life.

Over the past eight years middleclass incomes decreased by $2,000, expenditures on gasoline increased by $2,200, cost of health insurance increased by $363, food costs increased by $220 and mortgage payments increased by $1700; 5.2 million homeowners are facing foreclosure.

Tuesday Robert Steel, the president of Wachovia, announced the elimination of 11,000 jobs. Robert’s compensation package consist of a $1.1 million annual salary, an annual bonus of as much as $12 million, a restricted stock option valued at $10 million and a potential long-term incentive award of $15 million. (July 10 regulatory filing)

A close look at McCain and Obama’s tax plans reveal the following:


Your Annual Income McCain’s Plan Will Obama’s Plan Will
$38,000 - $66,000 Save you $319 Save you $1042
$66,000 - $112,000 Save you $1009 Save you $1290
$112,000 - $161,000 Save you $2,614 Save you $2,204
$161,000 - $227,000 Save you $4,380 Save you $27,89
$227,000 - $603,000 Save you $7,871 Save you $12
$603,000 - $2.9 million Save you $45,361 Increase Tax $115,974
Over $2.9 million Save you $269,364 Increase Tax $701,885

I think we’ve gotten off track.