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Politics : President Barack Obama
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To: RetiredNow who wrote (103518)10/27/2011 6:58:16 AM
From: RetiredNow  Read Replies (1) of 149317
 
Without a vibrant middle class, we won't have a vibrant Democracy. What makes the US different is the "American Dream"...the idea that anyone from any background can become wealthy from the efforts of their own labor and ingenuity. But statistics increasingly show that this dream is dying. The rich are getting richer and the rest are getting poorer. I submit that the policies of both the GOP and the Dems of recapitalizing banks by stealing from the 99% are one of the major root causes of the shift in wealth in the last 3 years, which has contributed to an ongoing trend in other policies over the last 30 years.

Top Earners Doubled Share of Nation’s Income, Study FindsSpecifically the report made these points:
http://www.nytimes.com/2011/10/26/us/politics/top-earners-doubled-share-of-nations-income-cbo-says.html

¶ The share of after-tax household income for the top 1 percent of the population more than doubled, climbing to 17 percent in 2007 from nearly 8 percent in 1979.

¶ The most affluent fifth of the population received 53 percent of after-tax household income in 2007, up from 43 percent in 1979. In other words, the after-tax income of the most affluent fifth exceeded the income of the other four-fifths of the population.

¶ People in the lowest fifth of the population received about 5 percent of after-tax household income in 2007, down from 7 percent in 1979.

¶ People in the middle three-fifths of the population saw their shares of after-tax income decline by 2 to 3 percentage points from 1979 to 2007.

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