(Huffington Post)

(Business Insider) Long-term unemployment is at an all-time high after the recession, although corporate profits have rebounded to exceed prior levels.

(Occupy Design) (Mother Jones) While wages of workers have flatlined over the past 30 years, the incomes of CEOs and the top 1% of earners have increased enormously. Though the United States' economy has been growing, nearly all of the economic gains have gone to the richest 10%.

(Mother Jones)

The United States now ranks among the worst in the world (93rd) for economic disparity.

(Business Insider) (Mother Jones) The top 5% of the country now controls over 2/3 of the national wealth. Most Americans are not aware that the distribution is this uneven.

(Mother Jones) The top tax rate has changed significantly over the last 30 years thanks to a series of cuts. As a result, the federal government has come to rely heavily on payroll taxes, which are paid by all workers and are not applied to income earned over $106,800.

(Mother Jones)

Number of lobbyists in Washington: 175 Number of lobbyists in Washington: 2500 Capital gains tax rate cut from 48% to 28% Bill to create Office of Consumer Representation defeated (largely due to business lobbying) Reagan passes ERTA – including cuts to corporate, estate, and capital gains taxes Bush tax cuts are passed – 51% of their benefits go to the top 1% of earners Citicorp merges with Travelers Group forming Citigroup, the first financial institution that is “Too Big to Fail” 1999 Gramm-Leach-Bliley Act is passed, repealing Glass-Steagal and allowing financial institutions to conduct both regular banking AND investment banking for the first time since the Depression 2000 Commodity Futures Modernization Act prevents the SEC from investigating derivatives markets Citizens United v. FEC results in the overruling of campaign finance regulations, essentially allowing for unlimited and undisclosed donations to election campaigns from individuals, corporations, unions, and non-profits Financial institutions use new freedom to issue huge numbers of mortgage-backed securities 2008 All hell breaks loose. US households lose an estimated wealth of $14 trillion. Global losses may top $50 trillion. $3.5 billion spent by corporations on lobbying, including $32.4 million by bailed-out banks 2007 Number of lobbyists in Washington: Unprecedented funds pour into midterm elections, making up 40% of total campaign spending. In the 75 seats which changed party, 80% of the winning challengers used outside money to outspend their competitors. timeline not to scale Ivy McDaniel Much of the situation described in this presentation is the result of efforts on the part of major financial interests to influence the political process, largely through lobbying and campaign finance. As the Citizens United decision removed limits on corporations and individuals to give money to politicians, the economic trends caused by this 30-year effort are likely to accelerate.