PressTV
The widening gap between the rich and poor seems to be swallowing the American Dream, with no sign of attempts to fix the problem, says a US expert.
“I haven't seen any signs of attempts to fix the problem -- and there are many,” Paul Sheldon Foote, professor of accounting at California State University, told Press TV on Tuesday.
The dispiriting remarks come in the wake of a new report released on Tuesday, stating that the income gap in the United States is on the rise.
The official census report shows that the Gini index was at its highest level since 1967 when the US Census Bureau began recording household incomes.
The report says that poor families have less income than last year, while the wealthiest five percent of Americans have added to their income.
“Corporations are out of control," Foote said. "In the good old days people would buy stocks for the long term, they would attend annual meetings; they would vote people in and out of management.”
He went on to observe that an entirely different trend is prevalent today. “In running corporations today, people are in and out of stocks within a day or within a few weeks."
"The problem is rooted in the fact that the few people running major corporations, build factories overseas rather than in America," Foote said.
“They make decisions about their personal expenditure desires that leaves out everyone else at the other end of the poll in the country's system,” he added.
“People who are at the top are going to be making decisions that benefit them and people at the bottom are too stupid and they continue voting for the democrats,” Foote explained, concluding that he therefore sees no end to the problem in the near future.
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