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Here are some documented facts; the share of total income going to the richest 1% of Americans in 1928 was over 23%.  Similarly the share of total income going to the richest 1% of Americans in 2007 was also (SURPRIZE) over 23% according to Thomas Piketty and Emmanuel Saez, authors of “The Evolution of Top Incomes: A Historical and International Perspective”. After 1928, the ratio declined steadily. Between 1953 and 1983, the ratio was around 10%. In 1987, second term of Ronald Reagan, the ratio jumped to almost 16%. The same ratio also jumped from  17% in 2002 to 23% in 2007 under George W. Bush. Of course, you don’t have to be a rocket scientist to figure out that Great Depression was precipitated by the 23% ratio of 1928. Similarly, the Great Recession of 2008 was precipitated by the 23% ratio of 2007, which brings me to the great GOP fallacy that giving more to rich creates jobs. If we want to get out of this economic mess, we must reduce this ratio down to 10% by taxing rich and passing the saving to consuming segment of the economy. Cutting spending while keeping tax breaks to the super rich will have a devastating effect on the economy, possibly leading to food riots and social unrest. Although debt issue is a critical one, it should be addressed after economy sufficiently recovers from its current slump.  I sincerely hope that we will wake up in time to save our economy and our way of life. To find out more about this subject, I suggest you read Robert Reich’s book “Aftershock: The Next Economy and America’s Future”.