Posted on 06/21/2011 4:23:07 AM PDT by SunkenCiv
The gap between America's rich and poor is reportedly at an extreme high, much higher than many developing countries like Cameroon, the Ivory Coast, and even Yemen.
According to the Central Investigative Agency's (CIA) World Fact Book, which ranks countries in terms of how 'equally' wealth is distributed, the U.S. is the 42nd most unequal country in the world, the Daily Mail reports.
It has been ranked way behind the European Union and the United Kingdom in terms of equality of pay. In fact, the situation is so extreme that it has even been placed behind countries such as Cameroon, the Ivory Coast, Egypt, Tunisia and Yemen.
It is reportedly just ahead of Uganda and Jamaica.
Although income disparity in the U.S. has been growing for decades, the latest figures show that it has now reached levels not seen since the Great Depression.
Ten percent of the total personal income in America was taken home by the top 0.1 percent of earners in 2008, the latest year for which figures are available.
Research suggests the reason for this extraordinary disparity is a huge rise in pay for company executives.
'Basically, executives represent a much bigger share of the top incomes than a lot of people had thought. Before, we just didn't know who these people were," economist Jon Bakija, a professor at Williams College who with his co-authors is continuing the research, said.
(Excerpt) Read more at dailyindia.com ...
Quite correct -- the poor in the US live as well as the middle class in much of the rest of the world (forget about the working class there)
and we’ve crossed that limit. 14 billion in debt??? That’s insane. If we stopped NOW, how long would it take to pay off that debt? And forget about the routine borrowings needed — we’re enslaving our children and grandchildren and great-grandchildren ===> Vote for obama 2012, ensure that the US is a fourth-world country by 2020
Actually, it’s just a website and a small one. The big newspapers there in English are the Times of India, the Hindustan times, the Telegraph, the Pioneer etc.
Nancy Pelosi’s wealth increased 67% last year. The Washington DC area has four of the five richest counties in the country.
I suspect the word robber baron was a media generated buzz word to stir up trouble and newspaper sales.
Oh yeah, you’re absolutely right. :’) Oops. Still works though. ;’)
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