Gap between rich, poor seen growing

[NeoConsSuck]

Source: CNN.COM

The income gap between the wealthiest and poorest Americans grew to its widest level since the 1920s, according to a report published Friday.

Citing Internal Revenue Service data, the Wall Street Journal reported that the wealthiest 1 percent of all Americans earned 21.2 percent of all the nation's income in 2005, up from the previous high of 20.8 percent in 2000.

Conversely, the bottom half of working Americans earned just 12.8 percent of all the nation's income, down from 13.4 percent in 2004 and slightly lower than 13 percent in 2000.

While the IRS data only dates back as far as 1986, academic experts told the paper that the last time the rich had this large of a share of income was during the 1920s.




Read more: http://money.cnn.com/2007/10/12/news/economy/income/index.htm

[glowing]

1. Well, isn't that the elite goal.. Eternal slavery for the rest of the population.

[gateley]

2. War against the middle class

Lou Dobbs (everybody's favorite at DU) wrote a book called "War Against The Middle Class". It's an eye-opener. Sobering.

[gateley]

3. From the same article, look at what "Median Income" is now:

At the same time, the median American income, however, slipped 2 percent during that same period to $30,881.

[Tandalayo_Scheisskopf]

4. If they keep it up...

The shit is gonna come down hard. That's not a threat, that's a lesson of history.

[Bravo Zulu]

5. Where are you on this pie chart?

Where are you on this pie chart?

Story:
The richest Americans' share of national income has hit a postwar record, surpassing the highs reached in the 1990s bull market, and underlining the divergence of economic fortunes blamed for fueling anxiety among American workers.

The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue Service. That is up sharply from 19% in 2004, and surpasses the previous high of 20.8% set in 2000, at the peak of the previous bull market in stocks.

The bottom 50% earned 12.8% of all income, down from 13.4% in 2004 and a bit less than their 13% share in 2000.

The IRS data, based on a large sample of tax returns, are for "adjusted gross income," which is income after some deductions, such as for alimony and contributions to individual retirement accounts. While dated, many scholars prefer it to timelier data from other agencies because it provides details of the very richest -- for example, the top 0.1% and the top 1%, not just the top 10% -- and includes capital gains, an important, though volatile, source of income for the affluent.

The IRS data show that the median tax filer's income -- half earn less than the median, half earn more -- fell 2% between 2000 and 2005 when adjusted for inflation, to $30,881. At the same time, the income level for the tax filer just inside the top 1% grew 3%, to $364,657.

[someone else]

6. Unhealthy balance

Every functioning society needs some reasonable balance. We would'nt function too well if 80% of us were rocket scientist and conversely, 80% of us can't be low wage workers either. We are creating too large an underclass that is on the road to being permanent. At some point, either collapse or revolution will follow.

[Double T]

7. It is 1929 and history is about to repeat itself because of the SOS.........

'conservative' insatiable greed. bastards!!

[Tyler Durden]

8. I prefer 1929 to 1917!

And I'm a SOCIALIST.

The Great Depression didn't do us in...Did a number on GERMANY though.

Whenever the gap reaches this disparity, Revolutions tend to ferment.

Happened to Athens, Rome, Venice, Russian and dozens of others.

[xchrom]

9. i just wish we could past the notion that his isn't by design.

not here at du -- but in general.

this points to rank and file republick party people who cannot see themselves slipping toward oblivion by their own love of economic policies that damage them.

and america is seriously, seriously divided on this.

[begin_within]

10. The game of Monopoly ends when one player acquires so much wealth that the others

can't pay their bills.