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| Subject: Oro you said people were gaining in income . | |
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Author: Bev |
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Date Posted: 17:01:33 04/11/07 Wed however not all are gaining equally In fact 90 percent are losing . http://www.post-gazette.com/pg/07099/776331-192.stm Close the gap: America's growing great divide is over income Monday, April 09, 2007 Pittsburgh Post-Gazette The numbers are enough to make you cringe. In a country where the president repeatedly tries to sell the notion that a better economy is unfolding, the reality in most American households is anything but. First, let's look at it President Bush's way. In 2005, total reported income in the United States rose over the previous year by almost 9 percent. Pretty good, huh? Actually, it depends on who you are. A new study of tax data from the Internal Revenue Service shows that, now more than ever, the old adage is true: the rich get richer while the poor get poorer. As reported in The New York Times, the research found that those making the top 1 percent of income, $348,000 or more per year, saw an increase in earnings of 14 percent in 2005. That compares with Americans in the bottom 90 percent of the income ladder, whose earnings slipped by 0.6 percent. The numbers get worse the more closely you look, and together they paint a troubling picture of a growing income gap in the United States. The study, done by economist Emmanuel Saez at the University of California at Berkeley with Thomas Piketty at the Paris School of Economics, found that the top 1 percent of earners collectively held in 2005 the largest share of the nation's total income in eight decades -- 21.8 percent. Only a year earlier, the top 1 percent had 19.8 percent of all income. To see when the rich copped its largest chunk of the nation's income, 23.9 percent, you'd have to go back to 1928, during the Calvin Coolidge administration. Is anyone really surprised that, after six years of economic policy under George W. Bush, America's rich have done almost as well? The widening income gap worries Mr. Saez. "If the economy is growing but only a few are enjoying the benefits, it goes to our sense of fairness," he told the Times. "It can have important political consequences." Like, say, electing a president in 2008 who is committed to a stronger middle class? That would seem to entail campaigning for policies like letting Mr. Bush's deep tax cuts to the rich expire, discouraging the export of good-paying American jobs and making health insurance more -- not less -- available. That's one way to do good with some bad economic data. It's time for a president who works for an economy that closes, not widens, the income gap. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Re: Oro you said people were gaining in income . | Oropan | 08:26:30 04/12/07 Thu |
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