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  1. #1
    ceelynn's Avatar
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    Income inequality worst since 1920s, according to IRS data

    Income inequality worst since 1920s, according to IRS data

    http://rawstory.com/news/2007/Wealthy_g ... _of_US_101
    2.ht ml

    Half of US senators are millionaires:

    The superrich are gobbling up an ever larger piece of the economic
    pie, and the poor are seeing their share of earnings shrink: new IRS
    data shows the top 1 percent of Americans are claiming a larger share
    of national income than at any time since before the Great Depression.

    The top percentile of wealthy Americans earned 21.2 percent of all
    income in 2005, up from 19 percent in 2004, according to new Internal
    Revenue Service data published in the Wall Street Journal Friday.

    http://online.wsj.com/article/SB1192158 ... =hpp_us_wh
    ats_news


    Americans in the bottom 50 percent of wage earners saw their share of
    income shrink to 12.8 percent in 2005, down from 13.4 percent.

    "Scholars attribute rising inequality to several factors," the Journal
    reports, "including technological change that favors those with more
    skills, and globalization and advances in communications that enlarge
    the rewards available to 'superstar' performers whether in business,
    sports or entertainment."

    The data could cause problems to President Bush and Republican
    presidential candidates, who have played up low unemployment and a
    strong economy since 2003, crediting Bush's tax cuts for contributing
    to both. In an interview with the Journal, Bush downplayed the
    significance of the income gap, saying more education is the answer to
    narrowing it.

    "First of all, our society has had income inequality for a long time.
    Secondly, skills gaps yield income gaps," Bush told the Journal. "And
    what needs to be done about the inequality of income is to make sure
    people have got good education, starting with young kids. That's why
    No Child Left Behind is such an important component of making sure
    that America is competitive in the 21st century."

    The Journal notes that many Americans fear the economy is entering a
    recession, and the IRS data show income for the median earner fell 2
    percent between 2000 and 2005 to $30,881. Earnings for the top 1
    percent grew to $364,657 -- a 3 percent uptick.

    Scholarly research suggests that top earners did not have such a large
    share of total income since the 1920s, the Journal reported.

    The Journal reports that a recent stock boom likely contributed to
    higher earnings among those in the top income bracket, with hedge fund
    managers and Wall Street attorneys seeing their incomes skyrocket in
    recent years.

    Another prominent pool or wealthy Americans gathers regularly on
    Capitol Hill to write the nation's laws. The Center for Responsive
    Politics, which tracks campaign spending and politicians' wealth, says more than
    a third of Congress members are millionaires, with at least half the
    Senate falling into the millionaires club.

    http://www.opensecrets.org/pfds/overview.asp

    Forbes reported that last year's
    incoming class of new Senators did "little to shake the Senate's image
    as a millionaires club," with half of the newly elected members having
    seven- eight- or nine-figure personal fortunes.

    http://www.forbes.com/businessinthebelt ... e-politics
    -washington-biz-wash_cx_jh_1120senate.html

    Freshman Sen. Bob Corker (R-TN) is worth between $64 million and $236
    million, and newly elected Sen. Claire McCaskill's (D-MO) fortune is
    between $13 million and $29 million.

    Roll Call estimates Sen. John Kerry
    (D-MA) is the chamber's richest member with an estimated net worth of
    $750 million; another Democrat, Wisconsin Sen. Herb Kohl, is among the
    chamber's richest with between $220 million and $234 million in
    personal assets.

    http://www.forbes.com/businessinthebelt ... e-politics
    -washington-biz-wash_cx_jh_1120senate.html


    Income-Inequality Gap Widens

    http://online.wsj.com/article/SB1192158 ... =hpp_us_wh
    ats_news


    http://rawstory.com/news/2007/Wealthy_g ... _of_US_101
    2.html

  2. #2
    Senior Member
    Join Date
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    Location
    Oregon (pronounced "ore-ee-gun")
    Posts
    8,464
    Yes, it's sadly true.
    The one hallmark feature of one of, maybe the greatest experiment in self-governance is our middle-class and precious civil liberties. They evolved symbiotically each with the other.

    Now, however, the distribution of wealth and income is becoming perilously near to the distribution that occurs in many 3rd world nations. Now, approx. 1% of the population controls about 90%+ of the entire wealth here.
    This distribution is more similar to 'banana republics' than to the modern nation-states of the EU, Japan, Australia/New Zealand/etc.
    This is has ominous implications for the long-term stability of the society.
    I hope that it can be dealt with soon and fairly.
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

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