need more, more. It is similar to an addiction. Fifty million is not enough. They need $100 million. One hundred million is not enough; they need 1 billion. One billion is not enough. I am not quite sure how much they need. When will it stop?
Today, in terms of wealth as opposed to income, the top 1 percent now owns more wealth than the bottom 90 percent. When we went to school, we used to read in the textbooks about Latin America, and they used to refer to some of the countries there as "banana republics," countries in which a handful of families controlled the economic and political life of the nation. I don't wish to upset the American people, but we are not all that far away from that reality today. The top 1 percent has seen a tripling of the percentage of income they earn. Since the 1970s, the top 1 percent owning 23 percent of all income, more than the bottom 50 percent. The top 1 percent now owns more wealth than the bottom 90 percent. That is not the foundation of a democratic society. That is the foundation for an oligarchic society. The rich get richer. The middle class shrinks. Poverty increases. Apparently, God is not good enough yet for some of the richest people.
I say "some of the richest" because there are a lot of folks with a lot of money who do love this country, they are not into greed, but there are some who are. More, more more, that is what they need.
For example—this galls me and galls many of the people in this country—the horrendous recession we are in right now, where millions and millions of people have lost their jobs, their savings, their homes, this recession was caused by the greed and recklessness and illegal behavior on Wall Street. These guys, through their greed, created the most severe economic recession since the Great Depression. The American people bailed them out. Now, 2 years after the bailout, they are giving themselves more compensation than they ever have. They are saying to the American people: Sorry we caused this recession because of our greed. Sorry you are unemployed. Sorry you lost your house. But that is not all that important. What is important is that I, on Wall Street, continue to get millions of dollars in compensation and in bonuses, that I have big parties. How can I get by on one house? I need 5 houses, 10 houses. I need three jet planes to take me all over the world. Sorry. We have the money. We have the power. We have the lobbyists here on Wall Street. Tough luck. That is the world, get used to it.
The rich get richer. The middle class shrinks. Not enough, not enough. The very rich seem to want more and more and more, and they are prepared to dismantle the existing political and social order in order to get it. So we have the economics and distribution of income and wealth as one thing, but then we must discuss politics.
What happened last year, as I think most Americans know, is the Supreme Court made a very strange decision. The Supreme Court decided that corporations are people and they have the right of free speech and the right without disclosure—all of this is through the Citizens United Supreme Court decision—to put as much money as they want into campaigns all over the country. In this last campaign, that is what we saw: Billionaires, in secret, pouring money into campaigns all over the country. Does that sound like democracy to anybody in America; that we have a handful of billionaires probably dividing up the country? I will put this amount in Virginia, California, wherever.
That is what they were able to do. The rich get richer, and they don't sit on this money. What they then do is use it to elect people who support them and to unelect people who oppose their agenda and they use their political power to get legislation passed which makes the wealthy even wealthier.
One of the manifestations of that is, in fact, the agreement reached between the President and the Republican leadership. The wealthy contribute huge sums of money into campaigns. The wealthy have all kinds of lobbyists around here through corporate America. What they are going to get out of this agreement are huge tax breaks that benefit themselves. That is not what we should be supporting.
We should understand this agreement is just the beginning of an assault on legislation and programs that have benefited the American people for 70 or 80 years. Mark my words, there will be an intensive effort to privatize Social Security and Medicare and Medicaid. Furthermore, it is part of the Republican agenda. They want to expand—and it is not only Republicans here, some Democrats as well—our disastrous trade policies so large companies can continue their efforts to outsource American jobs to China and other low-wage countries. Any objective analysis of our trade policies has shown it has been a grotesque failure for ordinary Americans. It is hard to calculate exactly, but I think it is fair to say we have lost millions of decent-paying jobs. During the Bush years alone, some 48,000 factories shut down. We went from 19 million manufacturing jobs to 12 million manufacturing jobs. Historically, in this country, manufacturing jobs were the backbone of the working class. That is how people made it into the middle class. That is how they had decent health care benefits and pensions. Every day we are seeing those jobs disappear because corporate America would prefer to do business in China or other low-wage countries.
I returned from a trip to Vietnam last year, a beautiful country. People there work for 25, 30 cents an hour. Sometimes when you go to a store, you may see a shirt made in Bangladesh. That shirt, in all likelihood, is made by a young girl who came in from the countryside to one of the factories there. The good news is that in Bangladesh, the minimum wage was doubled. It went from 11 cents an hour to 23 cents an hour. Are American workers going to be able to compete against desperate people who make 23 cents an hour?
So my view—and I think it reflects the views of the American people—is that of course we want to see the people of Bangladesh and the people of China do well. But they do not have to do well at the expense of the American middle class. We do not have to engage in a race to the bottom. Our goal is to bring them up, not us down. But one of the results of our disastrous trade policies is that in many instances wages in the United States have gone down.
I believe in the coming months you are going to see an intensification of efforts to expand unfettered free trade. I think that will be a continuation of a disastrous policy for American workers.
Let me personalize this a little bit. This gentleman, shown in this picture I have in the Chamber—I have no personal animus toward him at all; I think I met him once in a large room. His name is James Dimon. He is the CEO of JPMorgan Chase. Over the past 5 years, Mr. Dimon, who is the CEO of JPMorgan Chase, received $89 million in total compensation—a bank that we now know received hundreds of billions in low-interest loans and other financial assistance from the Federal Reserve and the Treasury Department.
So Mr. Dimon received $89 million in total compensation. His bank was bailed out big time by the taxpayers. But under the legislation the President negotiated with the Republicans, Mr. Dimon—I use him just as one example for thousands; nothing personal to Mr. Dimon—will receive $1.1 million in tax breaks. So $1.1 million in tax breaks for a major CEO on Wall Street, who over the last 5 years received $89 million in total compensation.
Meanwhile—just to contrast what is going on here—2 days ago, I brought before the Senate legislation which would provide a $250 one-time check to over 50 million seniors and disabled veterans, who for the last 2 years have not received a COLA on their Social Security. Many of those seniors and disabled vets are trying to get by on $14,000, $15,000, $18,000 a year. The total package for that bill was approximately $14 billion that would go out to over 50 million seniors and disabled vets. We won that vote on the floor of the Senate 53 to 45. But just because you get 53 votes in the Senate does not mean you win. Because the Republicans filibustered, I needed 60 votes. I could not get 60 votes. I could not get one Republican vote to provide a $250 check to a disabled veteran trying to get by on $15,000 or $16,000 a year.
But Mr. Dimon, who made $89 million in the last 5 years, will get a $1 million tax deduction if this agreement is passed. Now, that may make sense to
