Wealthy Americans own US political parties

We need a political instrument that reflects the needs of the masses of our populations; is answerable to them; and which challenges the political parties, which are really the tool and the instrument of the 1/10th of one percent of our people.”

Political commentator Ralph Schoenman

A political analyst says wealthy Americans own the country’s political parties and do not let the masses to develop businesses and bring in equality measures, Press TV reports.

“The inequality of wealth in the United States is beyond the imagination,” said political commentator Ralph Schoenman. “One percent of the population owns more than 99 percent of the population combined.”

A recent study by AlterNet (online journalism community) also documented that it is 0.1 percent that hoards most of the country’s wealth.

“This particular report by AlterNet, the economic elite versus the people, they document how the economic top 1/10th of one percent has a decisive control of most of that going to the top 1/100th of one percent. It’s enormous concentration,” Schoenman said.

He also noted that the American public cannot challenge the existing concentration of power unless the masses have a political party of their own.

“We need a political instrument that reflects the needs of the masses of our populations; is answerable to them; and which challenges the political parties, which are really the tool and the instrument of the 1/10th of one percent of our people,” he said.

Nobel Prize-winning American economist Joseph Stiglitz has also condemned America’s wealth inequality and called for government to generate opportunity for the masses.

Speaking at the World Economic Forum in Davos, Switzerland on Thursday, Stiglitz said the shrinking in size and income of the middle class is giving rise to inequality which in turn is holding back the economic recovery in the United States.