Free Republic

Income disparities are an increasingly serious problem in this country. At present, the top fifth of the population receives more than 50 percent of the nation's annual income, while the bottom fifth receives around 3.5 percent. In addition, the percent of total national income has declined over the past quarter-century for the bottom 80 percent — while the share of the top 20 percent has steadily increased. As a result, we are approaching the income disparity levels of a Third World country. Those who comment on America's income disparity often speak in terms of social stress. If these disparities continue,...

WASHINGTON -- The Senate has agreed to put an additional $1 billion this year into a program to help poor people with energy costs, but only after overcoming resistance from warm state senators who said those suffering from summer heat weren't getting their fair share.The additional spending would increase to $3.1 billion the amount the federal government will have this year for the Low Income Home Energy Assistance Program, a decades-old program that subsidizes heating and cooling costs for poor families.The legislation, which still must be considered by the House, passed by a voice vote Tuesday, but only after a...

Ronald Reagan did some fine things, but the economic theory that bears his name was not one of them. Reaganomics made the world safe for today's reckless tax-cutting. And the public hardly understands the social upheaval these policies will soon unleash. Reaganomics held that cutting taxes and reducing the size of government would let loose the nation's entrepreneurial juices and lead to economic growth. Note that the theory comes in two parts. The fun part is cutting taxes. The not-so-fun part is reducing government. Do the first part without the second, and you end up with budget deficits and an...