October 27, 2011

1 in 5 dollars ends up as Wall Street Profit


Truth-Out.org highlights this salient and shocking fact from this Naked Capitalism article by David Graeber (author of Debt: The First 5,000 Years):

Given the fact that interest payments alone takes up between 15-17% of household income,[1] a figure that does not include student loans, and that penalty fees on bank and credit card accounts can often double the amount one would otherwise pay, it would not be at all surprising if at least one dollar out of every five an American earns over the course of her lifetime is now likely to end up in Wall Street’s coffers in one way or another. [emphasis added] The percentage may well be approaching the amount the average American will pay in taxes. In fact, for the least affluent Americans, it has probably long since overtaken it.