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Pay gap widens

In the Fall of 2008, the global economy was in financial collapse. To fend off imminent danger, President George W. Bush plunked-down the first of two $750 billion taxpayer bailouts to corrupt banks on Wall Street.

A few months later, the newly inaugurated President Obama unwittingly, embarked on a long and arduous journey, as the fall guy for all the strife on Earth.

Today, consistent monthly job growth has America’s prosperity breaking out; another 288,000 jobs added in June; the Dow Jones Industrial Average passing 17,000; and unemployment rate falling to 6.1 percent.

But there’s something amiss. Marked by corporate greed, money is slow to circulate, wages are stagnant and creeping inflation undermines the hopes and dreams of the middle class. In the meantime, a rigid Republican Congress refuses to raise the current $7.25 minimum wage.

Income inequality is consuming America’s middle class at an alarming rate. As proof, incomes of the highest-earning one percent soared 31 percent between 2009 and 2012, while the 99 percent below them ended up with a 0.4 percent pittance of an increase.

Today, just 10 percent of Americans devour 75 percent of its total wealth, while 290 million Americans share the remaining crumbs.

As part of his 2015 federal budget, Republican Budget Chairman Paul Ryan plans to feather the nests of the wealthy once again by reducing the top tax rate from 39.6 percent to a historic low of 25 percent. With the added advantage of tax loopholes, a millionaire’s tax burden could conceivably drop to single digits.

How then will America’s dwindling Treasury pay its bills? Ryan suggests cutting entitlements for the poor and the elderly over 10 years. This contemptible looting preys on the economic liberties of the most vulnerable among us.

The time has come to throw the bums out — and free America from conservative extremism. In November, should this blundering circus act be awarded an encore, eventually the only ones left smiling will be these clowns and those “too big to fail” high-rollers on Wall Street.

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