(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)

(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

1970

1978

1981

1982

2001

1998Citicorp merges with Travelers Group forming

Citigroup, the first financial institution that is “Too Big to Fail”

1999Gramm-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

2000Commodity 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

2009

2006Financial institutions use new freedom to issue huge numbers of mortgage-backed securities

2008All 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: 17000

2010Unprecedented 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 scaleIvy 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.