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Politics : PRESIDENT GEORGE W. BUSH
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To: craig crawford who wrote (252117)4/30/2002 10:23:25 PM
From: DavesM  Read Replies (1) of 769670
 
re:"shortly after harry truman signed GATT (General Agreement on Tariffs & Trade), in 1949 the top 1% of americans held 21% of the wealth. today after a half century of free trade the top 1% holds more than 40% of the wealth and the top 10% hold nearly three quarters of the wealth."

IMHO, the widening division in wealth, began in the Kennedy Administration, when top income tax rates began to decrease. I believe that this is because the wealthy became more interested in creating more wealth, than sheltering income. The upside of this, is that more money was able to be invested into the private sector. Because of this, IMO the economy probably grew more than it would have otherwise. One by product of this, is that the percentage of Americans living in poverty, they are near all time lows .
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