"Congress members increase wealth despite the economy" (video)

MSNBC-Countdown, video (06:26).

Chris Frates and Ari Melber discuss this with Tweety.

Howie P.S.: Does this argument negate the impact of the "netroots, small donor" movement?

Matt Taibbi: "A Christmas Message From America's Rich" (with video)

Matt Taibbi with video (00:08):

But out of Abelson’s collection of doleful woe-is-us complaints from the offended rich, the one that deserves the most attention is Schwarzman’s line about lower-income folks lacking “skin in the game.” This incredible statement gets right to the heart of why these people suck.

Why? It's not because Schwarzman is factually wrong about lower-income people having no “skin in the game,” ignoring the fact that everyone pays sales taxes, and most everyone pays payroll taxes, and of course there are property taxes for even the lowliest subprime mortgage holders, and so on.

It’s not even because Schwarzman probably himself pays close to zero in income tax – as a private equity chief, he doesn’t pay income tax but tax on carried interest, which carries a maximum 15% tax rate, half the rate of a New York City firefighter.

The real issue has to do with the context of Schwarzman’s quote. MORE...

Howie P.S.: Here's the video's double entendre dialogue:

The people are revolting.
You said it, they stink on ice.

"President Obama Discusses Economy in Kansas" (with video)

C-SPAN, with video (01:02:48):

Pres. Obama travels to Osawatomie, Kansas to deliver remarks on the economy where he invoked Theodore Roosevelt's populism and challenged Republican belief in trickle-down economics.

That’s a theory that speaks to our individualism, Obama said, "but here’s the problem, it doesn’t work. It has never worked."

He highlighted the 99% protests and agreed with the premise of the demonstrators: the richest 1% are obtaining more wealth than the rest of the American population.

"This kind of inequality – a level we haven’t seen since the Great Depression – hurts us all. When middle-class families can no longer afford to buy the goods and services that businesses are selling, it drags down the entire economy, from top to bottom," he said.

The President promoted his economic priorities, including the extension and expansion of a payroll tax cut, which Congress has rejected.

Speaking to an enthusiastic audience, Obama said a strong economy starts with education, which he declared a "national mission."

The speech was billed as a "make-or-break moment for the middle class and all those working to join it," according to the White House. "We shall go up or down together," he said.

Howie P.S.: Now we have to pay attention and watch how this message plays out. Chris in Paris (AMERICAblog) gives voice to some skepticism on this front. Politico offers "Barack Obama channels Teddy Roosevelt." More skepticism about "President Obama's Latest Big Damn Speech About the Economy" from The Rude One. Chris in Paris (AMERICAblog) posts again: "Prosecuting Wall Street not possible, but prosecuting food stamp fraud is."

Horsey: "Seniors get socialism, young Americans get debt" (with cartoon)

(CLICK ON IMAGE TO ENLARGE)

David Horsey (SeattlePI.com):Socialism for the old, raw capitalism for the young – that seems to be the new American Way.

There are quite a few folks in their 60s, 70s and 80s freaked out by the phantom specter of creeping, European-style socialism who, at the same time, are oblivious to the reality that they already live in a socialist paradise. Americans over the age of 65 have free medical care and a steady income to the day they die provided by the federal government.

Meanwhile, many young people in this country cannot find jobs, cannot afford homes and are weighed down by student loan debts. For the first time, a new generation of Americans appears destined to be poorer than their parents. MORE...

"The Shocking, Graphic Data That Shows Exactly What Motivates the Occupy Movement"

Les Leopold (OCCUPY WALL STREET NEWS):

What are the Occupy Wall Street protesters angry about? The same things we’re all angry about. The only difference is the protestors turned their anger into public action. Occupy Wall Street lit the embers and the sparks are flying. Whether it turns into a genuine populist prairie fire depends on all of us.

Now is not the time for wonky policy solutions, as the media meatheads are calling for. Rather, it’s time to air our grievances as loudly as possible, which is precisely what Wall Street and its minions fear the most. Here’s a brief list of why we should be angry and the charts to back it up. MORE...

David Horsey on USA Income Inequality (cartoon)

(CLICK ON IMAGE TO ENLARGE.)

Seattlepi.com, cartoon.

Howie P.S.: That piece of middle class pie looks pretty good!

Papantonio: "America's Income Disparity Explained" (with video)

golefttv, with video (10:09):

While 68.3 million Americans struggle to get enough food to eat and wages are declining for 90 percent of the population, US millionaire household wealth has reached an unprecedented level. According to an extensive study by auditing and financial advisory firm Deloitte, US millionaire households now have $38.6 trillion in wealth. On top of the $38.6 trillion, they have an estimated $6.3 trillion hidden in offshore accounts.

Inequality in Household Income (chart)

H/t to Shaun.

David Frum: "Incredible Shrinking Workers’ Income" (chart)

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David Frum:

Workers’ share of U.S, national income is collapsing.

Two questions for the Republican presidential candidates:

1) Is this a problem?

2) If yes, what can be done about it?

H/t to Glenn Greenwald.

"80% of Americans share only 7% of ALL IN THE MONEY IN AMERICA"

H/t to Shaun.