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By David DeGraw, Amped Status
Posted on August 14, 2011, Printed on August 18, 2011
http://www.alternet.org/story/152016/debt%2C_debt%2C_debt%3A_90_of_americans_experience_income_decline_as_wealth_gets_sucked_back_into_top_.1_--_debt_explodes_as_we_try_to_make_ends_meet
The cuts in taxes for the mega-wealthy have led to record wealth inequality and resulted in a huge national deficit. Meanwhile, to make up for the deficit created in part by tax giveaways to one-tenth of one percent of the population, Democrats and Republicans are committed to making draconian budget cuts to vital social services, which target the poor, middle class, elderly and sick, while handing out billions more in corporate welfare annually. (Inequality = Debt = Austerity)
Just as the government has done, to make up for tax revenue lost to the mega-wealthy, Americans have made up for the decline in income by taking on large amounts of debt as well. (Inequality = Debt)
In a severely unequal society, massive debt will always be created, thus forming a vicious cycle of increasing inequality and increasing debt, until the fragmentation of society reaches a breaking point when those in debt cannot afford to pay back their debts without starving to death. (Inequality = Debt = Austerity = Civil Unrest)
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