Top 1 percent got 2/3 of all U.S. income gains - 2002-07 »
Posted By ameliog 3 months ago in Business & FinanceTwo-thirds of all American income gains from 2002 to 2007 flowed to the top 1% of U.S. households, giving that privileged minority a larger share of income at the end of the period than at any time since 1928.
During the period, the average inflation-adjusted income of the top 1% of households soared by 62% compared to a gain of just 4% for the bottom 90% of households.
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ameliog
Choice of attention - to pay attention to this and ignore that - is to the inner life what choice of action is to the outer. In ...
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CRYMTYPHON3 months ago
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That isn't enough, to distrust the politicians .
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We must distrust the voters.
Particularly the ones who come to us with pointless paranoid distractions.
Voting out the politicians, will allow us to vote in
cats, dogs, rubber trees and qualified shoe salesmen.
It isn't an improvement; dogs are dumb and cats are dishonest.
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bigG3 months ago
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Note the correlation between the 1928 date (one year before the collapse of the stock market in 1929, and subsequent Great Depression) and now.
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Wow, ya think supply side economics is BS now?
What some people fail to understand is that the economy is 70% based on consumer purchasing by the masses. Take away the purchasing power of the masses and see what you get?
All of the investing by the wealthy doesn't amount to squat unless people can afford to buy the goods produced.
A country gets wealthy based on the velocity of money, not the hoarding of it by a few. -
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Charlson3 months ago
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Since 1928 and the subsequent Great Depression, responsible politicians sought to narrow the gap between the have nots, have little and the have a lot. The gap had grown astronomically so far apart by 1929 that our economic system collapsed. And since Reagan, our politicians have worked to reverse that process and again spread the wealth back to the wealthy. And by 2008 succeeded in ushering in a Great Recession. Re-tax the rich back to the levels taxation was before Reagan and give tax cuts to the lower and middle class. That will stimulate the economy much more than tax cuts for the rich and pittance to the rest.
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