From Frank Rich in the New York Times, 11/13/2010.
"The top 1% of American earners took in 23.5% of the nation's pretax income in 2007--up from less than 9% in 1976. During the boom years of 2002 to 2007, that top 1 percent's pretax income increased an extraordinary 10% every year. But the boom proved an exclusive affair: in that same period, the median income for non-elderly American households went down and the poverty rate rose."
Republican policy has sucked the life blood from the American middle class, with free trade treaties, off-shoring of American jobs and two major stock market crashes during the reign of George W. Bush that crippled the IRAs and pension plans of most average wage earners.
Too bad the Democrats have not been able to grasp these facts and respond to the plight of middle America. I am pragmatic enough, that I went to the polls and voted for Democrats as the lesser of two evils. I realize that with Republicans in power I don't have a ghost of a chance, unless I can stomach a steady diet of cake. However, 29 million voters who supported Obama two years ago just stayed home.
Now Obama just rolls over for Repulican tax cuts for the rich, and I am not happy about it, but not really surprised either. I think Obama's nickname should be Rover, since rolling over is what he does best.