10-12-2007, 09:29 AM #1
Just In Case You Were Wondering
IRS says rich getting richer:
NEW YORK (Reuters) - The richest one percent of Americans earned a postwar record of 21.2 percent of all income in 2005, up from 19 percent a year earlier, reflecting a widening income disparity among different classes in the nation, the Wall Street Journal reported, citing new Internal Revenue Service data.
The data showed that the fortunes of the bottom 50 percent of Americans are worsening, with that group earning 12.8 percent of all income in 2005, down from 13.4 percent the year before, the paper said.
It said that while the IRS data goes back only to 1986, academic research suggests that the last time wealthy Americans had such a high percentage of the national income pie was in the 1920s.
The article cited an interview with President Bush, who attributed income inequality to "skills gaps" among various classes. It said the IRS didn't identify the source of rising income for the affluent, but said a boom on Wall Street has likely played a part.
10-12-2007, 04:45 PM #2Registered User
- Join Date
- Feb 2007
No surprise here, and it won't change until there's a groundswell of anger in favour of more egalitarianism. Educating the poor would be a start, but it's advantageous for the rich that the underclasses remain largely ignorant.
10-12-2007, 05:22 PM #3
10-12-2007, 05:27 PM #4
Since they effectively have edged out middle class status now, this comes as no surprise. And the rich will continue to get richer..."WE SEEK FOR THE TRUTH. WE SEEK JUSTICE.
THE COURTS REQUIRE IT. THE VICTIMS CRY FOR IT
AND GOD DEMANDS IT!"
A quote spray painted on the wall by search
and rescue workers, Team 5, at the OKC Bombing site 4-19-1995.
What I post are my opinions only.
10-12-2007, 05:39 PM #5
10-12-2007, 10:54 PM #6
Fortunately for me, I've been a beneficiary of the stock market, Keoghs, Ira's etc. but people have got to have something to invest in the first place!!!
Many in the middle class are struggling; of course probably many of us don't manage money well; not willing to give up the meals out, Starbucks, movies, etc.
I think there need to be tax incentives that begin to empower the middle class again, and also more reasonably priced products, like health care, for them.
10-13-2007, 03:02 AM #7Registered User
- Join Date
- Jun 2004
He knew daddy would get him anything he wanted and anywhere he wanted to get to.
His tax breaks to the rich and his oil wars and vetoing every little bit of help going the way to poor or middle class and letting the corporations get away with everything and anything is are the major reasons this gap is widening.
He has the nerve to put down others skills? There are so many smart, wonderful people in this country who would have done great had they had the life he was born to. If he was born to a poor family I bet he'd be sweeping the floors at McDonalds and he'd probably screw that up.
10-13-2007, 03:04 AM #8
10-13-2007, 03:29 AM #9Registered User
- Join Date
- Sep 2004
10-13-2007, 10:35 AM #10
It's the philosophy of the political parties:
Democrats believe that if you take care of the middle and lower classes, they'll prosper. In turn, they'll help out the upper classes by patronizing their businessess and spending their money, etc. - Just look at Clinton's economy.
Republicans believe if you take care of the rich, upper classes, they'll in turn take care of the middle and lower classes by giving them jobs, etc. The problem is, is that the rich only care about themselves, thus getting richer while the middle / lower classes hurt more. - Just look at Bush's economy.
So, thanks to Bush... the rich get richer and the little guys get screwed.
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.” Sir Arthur Conan Doyle, Sr.
10-13-2007, 10:38 AM #11"The greatest crimes do not arise from a want of feeling for others but fromover-sensibility for ourselves and an over-indulgence to our own desires."~~ Edmund Burke
10-13-2007, 01:35 PM #12
Bush: Protectionism will cost U.S. jobs
WASHINGTON - Alarmed by slipping support for free trade even among Republicans, President Bush is arguing that protectionism will cut Americans out of chances for more — and better — jobs. Bush has launched a blitz on behalf of pending free trade pacts with four nations. He continued the push Saturday in his weekly radio address. "More exports support better and higher-paying jobs," the president said. "And to keep our economy expanding, we need to keep expanding trade."
His radio address followed a speech on trade he delivered Friday in Miami. Bush also granted interviews this week to business-oriented news organizations.
Since Democrats took control of Congress in January, it has not approved any free trade agreements that the administration has negotiated, and it has allowed Bush's authority to negotiate future deals under expedited procedures to expire. Before lawmakers now are agreements with Peru and Panama, considered likely to pass, and with Colombia and South Korea, both seen as precarious. The deal with Colombia is in trouble over human rights issues and there is strong opposition to the South Korea agreement because of barriers erected by Seoul to keep out U.S. autos and beef.
The administration already has reached agreement with Democrats to include tougher language on protecting worker rights and the environment. But critics say five consecutive years of record U.S. trade deficits have played a major role in the loss of more than 3 million manufacturing jobs since Bush took office in 2001. "I know many Americans feel uneasy about new competition and worry that trade will cost jobs," Bush said. "So the federal government is providing substantial funding for trade adjustment assistance that helps Americans make the transition from one job to the next. We are working to improve federal job-training programs. And we are providing strong support for America's community colleges, where people of any age can go to learn new skills for a better, high-paying career."
10-13-2007, 06:40 PM #13
I'm sure in most thriving Democracies, there is a STRONG, HAPPY MIDDLE CLASS.
10-13-2007, 06:53 PM #14
10-13-2007, 10:25 PM #15