IRS data shows first-ever consecutive-year drop in American incomes...

[phillybri]

http://money.cnn.com/2004/07/29/news/economy/income/index.htm?cnn=yes

NEW YORK (CNN/Money) - Americans' overall income shrank for two consecutive years after stocks plunged in 2000, the first time that has effectively happened in the since the current tax system was put in place during World War II, according to a published report Thursday.

The New York Times, reporting data from the Internal Revenue Service, said gross income reported to the agency fell 5.1 percent to $6.0 trillion in 2002, the most recent year for which data is available, down from $6.35 trillion in 2000. Because of population growth, average income fell even more, by 5.7 percent, and adjusted for inflation the decline was 9.2 percent.

The paper said the decline was due to a combination of the big fall in the stock market and the loss of jobs and wages in well-paying industries as the recession started in 2001.

The paper said before the recent drop the last decline posted for even one year was 1953.

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Thank God for the Bush economy!:puke:

[DODI]

1. That's me, that's me -- although our consecutive drop has been

the last 3 years.

[thinkingwoman]

2. this is BIG

We need to push this HARD!

Grab that media contact list and send it over and over again. YES, it is on a CNN site but it needs to be front page and lead broadcast everywhere.

WHAT RECOVERY???

Pardon the shouting but this makes my midwestern blood boil. We've got 7% unemployment in my county and I'm sick of hearing how good things are!!

[AirAmFan]

5. Hold on--this seems to be purely a high-income thing--read down the page:

"The report said the sharpest drops were in both the number and the earnings of people with the highest incomes. Those with incomes of $10 million or more saw average income fall 22 percent, while the number of returns reporting incomes at that level fell 53 percent during the two year period.

Meanwhile the average income of those filing returns with incomes between $25,000 and $500,000 saw the average income little changed, somewhere between a 0.1 percent decline and a 0.2 percent gain, depending upon the income category, the Times said."

[thinkingwoman]

6. you're right

but it is still big because who votes repug? Ultra rich and people who want to be ultra rich.

His policies hurt them.

[dumpster_baby]

3. kerry should mention this tonight n/t

[phillybri]

4. Kick...this is too important to drop so quickly...

:kick: