Wednesday, March 14, 2007
Brad Delong discusses the latest income growth between 2004 and 2005. These are the latest data points available.
Including capital gains, the top 1% got 14% wealthier, the bottom 99% got a measly 1% better off. Those tax breaks for the wealthy really are paying off. The other data point that should be alarming to most people is the percentage of income. Right now, the top 1% jumped from having 16% to over 17% in income just this year. Their amount of total wealth of course is much higher due to investments, assets, daddy gave you money in the will etc...
The last time income levels have been this out of whack was during the early years of the great depression. It has gone from about 8.5 when Reagan took office, to double that now. But, I am sure it's going to be trickled down to the rest of us sooner or later.
If democratic politicians were smart they would borrow one of the non crazy ideas by Ross Perot and just start showing alot of charts. If people understood what was being done to them, they might be more prone to having the situation fixed.
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