Posted on 03/29/2007 9:08:56 AM PDT by jackmercer
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.
The top 10 percent, roughly those earning more than $100,000, also reached a level of income share not seen since before the Depression.
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..............................
(Excerpt) Read more at nytimes.com ...
Illegal immigration is the reason.
Well, Putz Sulzberger spent $850,000,000 on his new office. That's quite a gap indeed.
There ought to be a law . . . .
/heavy sarc
So what?
All good news - reported as if it were bad.
Illegal immigration is the reason.
Yes, it both lowers the earnings of lower income people and raises the income of many higher income earners.
So what? Do you read any history books?
You don't really believe this garbage, do you?
mastercard/visa to the rescue....they make everybody equal!
"Do you read any history books?"
Fax me your charm school diploma and then I'll answer your question.
The implication of all these articles is that somehow rich greedy white capitalists are to blame. This is especially bad of course when a Republican is in the White House.
Let them eat cake.
This is just the NYT printing class warfare stories in the hopes that armed rabble will take to the streets for a new Socialist revolution.
If the government would just assign poor people to those well-paying jobs instead of constantly assigning rich people then maybe there would be some income equality around here, ya know?
See that's what did the Soviet Union in. They kept forcing Fuller Brush salesmen to be farmers and "poof"! no corn! If they would have just assigned FARMERS to be FARMERS it would have solved all their problems!
I believe the namesake in my tagline is working on this, however.
Stock market going up so much in the last few years along with Real Estate.
John
"Their incomes soared by about a fifth in one year, largely because of the rising stock market and increased business profits."
Bottom line, the top 300,000 are producing as much value to the economy as the botton 150 million.
Or in other words the top 300,000 are carrying the ball for the rest of us.
The first sentence talks about a person's 'share of the national income' implying there is a fixed national income and if someone gets a bigger share then someone else will get a smaller share.
See yesterday's thread "In defense of Income Inequality" from the Ayn Rand institute. http://www.freerepublic.com/focus/f-news/1808176/posts
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