Thursday, March 29, 2007

The rich get richer...

The numbers speak for themselves.
Income inequality grew significantly in 2005, with the top 1 percent of Americans — those with incomes that year of more than $348,000 — receiving their largest share of national income since 1928, analysis of newly released tax data shows.

While total reported income in the United States increased almost 9 percent in 2005, the most recent year for which such data is available, average incomes for those in the bottom 90 percent dipped slightly compared with the year before, dropping $172, or 0.6 percent.

The gains went largely to the top 1 percent, whose incomes rose to an average of more than $1.1 million each, an increase of more than $139,000, or about 14 percent.

The new data also shows that the top 300,000 Americans collectively enjoyed almost as much income as the bottom 150 million Americans. Per person, the top group received 440 times as much as the average person in the bottom half earned, nearly doubling the gap from 1980.
Think about that for minute, 300,000 rich guys raked in as much money as the rest of us 150 million working schlubs all put together earned. Now aren't you glad Bush gave these guys all those badly needed tax breaks?

And just when did this income gap start, you ask? During the Reagan years of course. Scroll down here for No More Mister Nice Blog's handy chart and his commentary on Giuliani's place in this pyramid scheme.

As John Cole notes, if the GOP want to figure out why they got trounced at the polls and no one likes them anymore, they should look at these numbers. They can tout the booming economy all they want, but the masses get a little cranky when they start feeling the pinch in their wallet.


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Anonymous Anonymous said...

I never understand this whole thing. why is it bad if people are getting rich? doesn't that mean they'll spend the money in the economy?

1:25:00 PM  
Blogger Libby Spencer said...

Nothing wrong with people getting rich Lester. It's concentrating all the wealth into the hands of only a few people that causes the trouble. They don't spend it in ways to benefit the economy as a whole, they spend in ways to subjegate the masses and to amass personal power over the people.

Never a good thing.

3:01:00 PM  

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