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Long on the 1% – “Huey Long”, T. Harry Williams

September 14th, 2012 · No Comments · Economics, History, Policy

Springing another Long innovation on the Senate, he had prepared and mounted a number of charts showing the continuing concentration of wealth in the country, and as he explained the bills, he pointed in schoolmaster fashion to data on the charts. His speech was largely a rehash of things he had said before, but in one section he struck a new and significant theme. He demonstrated on his charts that the middle-income group was being gradually squeezed out; a few members of it worked themselves up into the ‘plutocracy of one per cent’ that owned most of the wealth, but most of them sank back into the ‘general class,’ the ninety-nine percent of the people that owned very little of the wealth. “There is no Middle Class,” he proclaimed.

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