Top 1 Percent's Income Grew 275 Percent From 1979 to 2007

[Roland99]

Source: ABC News

The income of the richest 1 percent in the U.S. soared 275 percent from 1979 to 2007, but the bottom 20 percent grew by just 18 percent, new government data shows.

The Congressional Budget Office (CBO) released a study this week that compared real after-tax household income between 1979 and 2007, which were both after recessions and had similar overall economic activity.

While the income of the richest 1 percent nearly tripled, increases were smaller down the economic ladder. After the 1 percent, income for the next highest 20 percent grew by 65 percent, much faster than it did for the remaining 80 percent of the population but still lagging well behind the top percentile.

...



The report states that without the growth of the top percentile, income inequality still would have increased, "but not by nearly as much." The study was prepared at the request of Sens. Max Baucus, D-Mont., and Charles Grassley, R-Iowa.

Read more: http://abcnews.go.com/Business/income-doubles-top-percent-1979/story?id=14817561

[rrneck]

1. And they were already rich. nt

[RussBLib]

2. So, where are all the jobs?

Oh, yeah. China. Malaysia. Vietnam. Bangladesh. India.

[Roland99]

4. How do you think the rich got richer?

fattening corporate profits on offshored cheap labor and raking in bigger salaries and bonuses and stock options and....

[Crazy Dave]

8. And bailouts and tax breaks and government subsidies and...

[FarLeftFist]

3. Imagine society if those raises were reversed. The economy would be BOOMING!

[SoapBox]

5. Gasp!!!!

And the STOOPID crowd (aka., GOPBaggers/T.HaterBaggers) will be supporting the 1% all the way...

from the living room of their trailer in the rural South, with gun in hand and the CONfederate Flag flying...oh ya, with FuxNoose on their TV.

[ladjf]

6. This chart should be all it would take to educate the 99% on the

subject of wealth distribution in the U.S. Similar numbers are applicable around the World.

[ladjf]

7. There isn't enough money left in circulation to sustain business. nt

[unblock]

9. "grew by 275%" is nearly QUADRUPLED, not nearly tripled.

grew by 100% is doubled.
grew by 200% is tripled.
grew by 300% is quadrupled.

[Roland99]

10. ABC News apparently lacks a firm grasp on the basics of mathematics.

[unblock]

12. she said that she was working for the abc news/it was as much of the alphabet as she knew how to use

on of elvis costello's many wicked put-downs.

[No Elephants]

11. Wake me wshen the job creators finally have enough money to, you know,

actually create jobs.

[UrbScotty]

13. Where's my share of the trickle-down? (nt)

[Kingofalldems]

14. Yeah but we need the government out of the way, and we're self made and and...

[BigD_95]

15. Top 1% are getting even richer

Source: CNN Money

NEW YORK (CNNMoney) -- From 1979 to 2007, average household income for the nation's top 1% more than tripled, while middle-class incomes grew by less than 40%, according to a new report from a research arm of Congress. While those at the top have seen their incomes soar over the past three decades, middle-class and lower incomes have stagnated, the report by the Congressional Budget Office found.

For the top 1% of the population, average inflation-adjusted household income grew by 275%. The rest of wealthiest fifth of the population, not including the top 1%, saw household income grow by 65% during that time, faster than the rest of the population, but "not nearly as fast as for the top 1%."
For middle-class earners, it was a different story.

Household income grew by just under 40% and the poorest fifth of the population saw their incomes rise by just 18% in a little less than 30 years, according to the study, which was based on IRS and Census data.

During that time, income ballooned at the top of the spectrum and government policy did less to redistribute wealth, the CBO found.
"The rapid growth in average real household income for the 1% of the population with the highest income was a major factor contributing to the growing inequality in the distribution of household income between 1979 and 2007," the report said. "Shifts in government transfers and federal taxes also contributed to that increase in inequality."

Read more: http://money.cnn.com/2011/10/26/news/economy/cbo_income/index.htm

[TBF]

16. Recommend. nt

[karynnj]

17. Why do I get an image of Cookie Monster's evil twin gobbling all the dollars instead of cookies?

I think it would be a great idea if the Democrats, who have raised the income inequality issue, state that they will not vote for any solution that increases the concentration of wealth at the top. This would be far more flexible than the Norquist pledge not to raise any tax or even close loopholes that Republicans signed onto. Unlike the Norquist pledge, this would be a statement of principle that the majority of the voters want. Our democracy has always depended on a strong middle class. How much of the country's wealth can the top 1% of the country grab before the majority of people in the country have too little to be considered middle class?

[SpiralHawk]

18. "Hooray for us 1% fatcat Republicons! Smirk." - Rush DraftDodger Limbaugh (R)

"This is fabulous. And as long as my fatcat Republicon cronies keep pumping $40 million a year in payola to me, I will keep on merrily telling the 1% Republicon lies and spin. Bwaaaa ha ha ha. Suck it, you 99% SAPs (Smelly American Proles), as we elite refer to you. Smirk. Sneer."

- Rush DraftDodger Limbaugh (R)

[bdamomma]

19. The occupy movement will be continuing after

hearing about shit like this. the gilded age is coming back to these fat cats. damn.