The presidential election has given us two myths about the rich. First, that their incomes, and income inequality, are at all-time highs. Second, that the wealthy pay less in taxes than ever, and lower taxes than the rest of us.
A recent report from the Congressional Budget Office, however, suggests that both may be false.
Let’s consider income first. Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent. On a pre-tax basis they fell 36 percent in the same period.
That may sound like a minor haircut for One Percenters compared to people who lost their jobs. But when you take into account federal transfers, assistance and taxes paid, the incomes of the bottom 20 percent grew by 3 percent, while it fell a modest 2 percent for the middle 20 percent.
In other words, the incomes of the top one percent fell 18 times more than the incomes for the middle class at the start of the recession.
Robert Frank
CNBC Reporter
& Editor
The reality all around us, shows us more and more hungry people, and homeless people...since the crowd of homeless and hungry continues to grow at record setting pace OBVIOUSLY income inequality is a MAJOR issue right now...
More people ARE losing their homes, and jobs in america, than are buying homes, and getting jobs...The jobs created number is ALWAYS much smaller than the jobs lost number in EVERY job report we hear these days, and it has been this way FOR YEARS...
The ONLY outcome of our economy bleeding more jobs than it creates is income inequality...That article sounds like a well spun piece to try to make Obama not look like a total failure
if you like the socialistic process of taking from those who work and give to those do not work, pls, pls go to Cuba, Yemen, Sudan....they employ the system you liek so much. leave the US!
The jobs created number is ALWAYS lower than the jobs lost...How in the fuck do you jump to the conclusion i must support this system because I point that out? WTF do you smoke?
http://www.cnbc.com/id/48092010 80,000 jobs created, but one MUST wonder what they consider "jobs created" with this admin
yet 374,000 people filed for unemployment
http://www.bloomberg.com/news/2012-07-05/fewer-americans-than-forecast-filed-jobless-claims-last-week.html
and one MUST wonder how many people lost their jobs that don't qualify for unemployment insurance..
We are LOSING more jobs than we're replacing....and because I point this out I must be sociaslist....You are losing your mind man if that is the conclusion you jumped to...
I am a REAL libertarian conservative, you are a BIG R conservative...which means you are liberal.. Because I don't support growing the military or wars, and you do, you've jumped to the conclusion I am a liberal... When it is YOU that is the state-ist here...You're the one blindly supporting a bigger government, not me...I want it small and limited..
The bigger the military, the more wars we fight..the larger the police force the more wars they fight (war on drugs poverty and the general public)
MORE people are losing their homes than are buying new homes, more people are losing their jobs than are getting new jobs this situation IS leading to income inequality in the USA.. we are seeing the middle class getting slaughtered...and we are close to having 2 classes..the haves, and the have nots...and this system of haves and have not's HAS NEVER WORKED BEFORE IN HISTORY...
What made america GREAT was the middle class, and that class appears to be under attack...
-- Modified on 7/21/2012 8:44:05 AM
More people ARE losing their homes, and jobs in america, than are buying homes, and getting jobs...The jobs created number is ALWAYS much smaller than the jobs lost number in EVERY job report we hear these days, and it has been this way FOR YEARS...
The ONLY outcome of our economy bleeding more jobs than it creates is income inequality...That article sounds like a well spun piece to try to make Obama not look like a total failure