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San Francisco City College political scientist Rick Baum’s analysis of Federal Reserve Board data shows that the top one percent of the population has increased its share of the national wealth from 23.3% in 1989 to 31.1% in the first quarter of 2019 – a boost of over 33 percent in just a generation and a half. Meanwhile, beginning in 2014 under President Obama, the share of wealth held by the bottom 90 percent dwindled to less than that amassed by the One Percent for the first time since 1989.
The neoliberal policies imposed by both halves of the corporate electoral duopoly over the last 30 years have been highly profitable to the top 1%, and especially to the billionaire class, whose ranks have increased from 55 in 1989 to 412 in 2012,the mid-point of Barack Obama’s presidency, to 609 in 2018 . Baum’s stats show the “average person in the top 1% holds net wealth that is worth 1,200 times the net wealth of an average person among the poorest 50% of the U.S. population.â€
Possibly even more disturbing, is that the top one-tenth of one percent (.1%) of the population -- households making $2.757 million a year -- now number almost 200,000 families, a cohort big enough to create and inhabit a large and coherent social world of its own. From their rich enclaves in every state of the country, this formidable “base†of truly wealthy folks effectively dictate the politics of their regions for the benefit of themselves and the oligarchs at the top of the pyramid.
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Sanders’ “socialism†is no threat to the rule of capital, or to the 200,000 multimillionaire families – except for grossly overpaid doctors and pharmaceutical and insurance executives that might be wiped out by Medicare for All. But even enactment of the full Sanders wish list would leave the oligarchs owning the commanding heights of the economy, and free to gobble up as much more of the national assets as they wish. The reason the ruler’s have decreed “anybody but Bernie†is that Sanders’ (and to a lesser perceived degree, Warren’s) campaign proposals challenge the austerity regime that has been relentlessly erected since the 1970s precisely to set American workers and the whole capitalist world on a Race to the Bottom, in which each year brings lower living standards and more insecurity to the population at large. The obscene increases in wealth inequality are the desired result and true essence of austerity, which is designed to force working people to be happy to take any job, at any wage, under any conditions because, in the words of Margaret Thatcher, Ronald Reagan’s mentor, “There is no alternative.â€
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Barack Obama was a champion of austerity who succeeded in imposing its harshest discipline on Black America by virtue of his race and the false hopes of his strongest supporters. Obama not only oversaw the most dramatic evisceration of Black wealth in history during the Great Recession, but his economic “recovery†was purely a consolidation of wealth and power for the oligarchs and a drastic degradation of the life prospects for almost everyone else. Fully 94 percent of the 10 million new jobs created under Obama were temporary, contract positions, or part-time "gig" jobs, according to a study by economists Lawrence Katz, of Harvard University, and Alan Krueger at Princeton. This “son of Africa†did his corporate duty to reduce U.S. workers to the insecurity and desperation that the global capitalist ruling class is imposing on every acre of the world under their control.
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They would rather the Democrats lose to Trump than win with Bernie. Should Sanders secure the nomination, the moneyed classes will immediately set about creating a “centrist†party to preserve the austerity regime, “grandfathering†in current “moderate†Democrats, en mass.
In other words, leftish anti-austerity forces can get their own party, either by inheriting the Democratic shell after a Sanders victory, or by abandoning the Party after witnessing the full menu of dirty tricks the rulers and their minions will inflict on Sanders this season.
