POSTED BY ORHAN
In the latest issue of Vanity Fair, Nobel laureate Joseph Stiglitz notes that the richest 1% of the population now make 25% of America’s income and control 40% of America’s wealth, up from 12% and 33% 25 years ago, while middle class income has fallen during the same period. All the growth has gone to the top. The countries now competing with America for the same level of income inequality are Russia and Iran – others, including the old Latin American standbys – are nowhere close. And the inequality keeps growing.