Lisa McCormick responded to Working Families Alliance endorsing Wall Street billionaire Phil Murphy by releasing the following statement:
“New Jersey Working Families Alliances talks about progressive change for all of us, but by endorsing Wall Street billionaire Phil Murphy, the group reveals its agenda is not centered on the lives our state’s middle and working class.
“There is a class war going on in America and it is time for those of us among the 99 percent of the population that have been robbed and cheated to start fighting back.
“Phil Murphy spent 23 years as a top executive at Goldman Sachs, the premiere source of Republican Donald Trump’s cabinet and a notorious investment back that triggered the financial crisis with unrestrained greed.
“Wall Street billionaire Phil Murphy set out to destroy democracy when he decided to buy this election and our entire political establishment sold us out when they surrendered to him but some of us will keep fighting because this is a war where we can accept “no retreat and, baby no surrender.”
“Wall Street billionaire Phil Murphy is among the wealthiest one out of 1,000 households. He is not one of us and he cannot represent us as governor.
“To make it into the 1 percent, you need to have, according to some estimates, at least about $750,000 a year in income, or around $8 million accumulated in wealth. At the lower end of the 1 percent spectrum, the “lower-uppers,” as they have been called, you’ll find people like successful doctors, accountants, engineers, lawyers, vice-presidents of companies, and well-paid media figures.
“All told, the 0.1 percent now owns about as much wealth as the bottom 90 percent of America combined. And that’s just the official numbers. Plenty of their wealth is parked overseas and in places where it’s hard to get an accurate count of what they’ve accumulated. To get into the club, which comprises around 115,000 households, you need to start with a nest egg of $20 million—and that’s at the very bottom of the super-rich group. George W. Bush just barely makes the cut. He’s very rich, but not among the highest fliers in today’s second Gilded Age.
“By 2015, the wealthiest 20 people owned more wealth than half the American population. Increasingly, they are populated by people who are not self-made entrepreneurs, but thanks to several decades of regressive tax policy, by those who inherited their wealth and comprise the new hereditary aristocracy.
“The super-rich tend to get what they want, and above all, what they want is not to pay taxes or have their activities regulated. That’s why you will continue to hear politicians insist that the paltry amount you can expect in Social Security is too much and that “we can’t afford” to send kids to college without plunging them into debt peonage.
“Wall Street billionaires are not worthy of our support. They are the ones we are fighting against. It is time to take this revolution to the next level and fight back like our lives depended on it.”