Mainstream Politics and Economics Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Mainstream Politics and Economics

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: TimF who wrote (21400)	7/31/2012 1:44:56 PM
From: Sun Tzu	1 Recommendation Read Replies (2) of 85487

You may have noticed that the article did not provide a link to the CBO report it cites. And that is because, as I suspected, the CBO report actually disproves the author's theses. If you look at that report, you will notice that the top 1% is the only group who's income has gone up since 2009. In fact the top 1% is the only group whose income has gone up since 1984! Now this is a much better proof of the "rich getting richer" axiom than the short time span the author notes. Furthermore, the top 1% make the bulk of their money from financial instruments rather than their weekly paycheck from their employer. Therefore it is not surprising that their income is far more volatile than the rest of us. To choose the short timespan during the market downfall and say it proves the rich are not getting richer is very disingenuous. Finally, if you are barely making ends meet, then a 5% decline in your income is a lot more painful than if you if you already own personal jets and gold toilets. Just to be clear, this is what the 36% decline meant: "For households in the top one percent, income fell by 36 percent, reducing their share of before-tax income from 18.7 percent to 13.4 percent." ST

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next