News roundup: U.S. Census finds record income gap between rich and poor

[BigD_95]

Source: USA Today

The income gap between rich and poor Americans grew to the widest amount on record and represents the greatest disparity among Western industrialized nations, according to U.S. Census data.


The census finds that the top-earning 20% of Americans (those making $100,000 each year) received 49.4% of all income generated in the U.S., compared with the 3.4% earned by those below the poverty line.

That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968, the Associated Press reports.

At the top, the wealthiest 5% of Americans, who earn more than $180,000, added slightly to their annual incomes last year, the data show. Families at the $50,000 median level slipped lower.

Read more: http://content.usatoday.com/communities/ondeadline/post/2010/09/news-roundup-us-census-finds-record-income-gap-between-rich-and-poor/1

[pattmarty]

1. And, this SHOULD be the final nail for extending the tax cuts...................

..............But, the top 20% have the vast majority of political influence that as of now, I believe the Dems will cave and the Bush cuts will become permanent. As each day passes now, I am getting closer and closer to becoming an ex-pat, getting the fuck "outa Dodge".

[bc3000]

2. Welcome to Obama's America

nah, just kidding :)

But seriously, it's kind of sad that the most the democrats have come up with is eliminating the Bush tax cuts for the ultra wealthy. That should be a given, a small step to start with. Talk about setting the bar low.

[No Elephants]

5. The America of de-regulatin' Ronnie and his successors

[dotymed]

3. What about the hedge fund managers

that get billion dollar bonuses? Personally, I am not even close to the "median level" (anymore). If "the top 20% of Americans" are "those making over $180,000 each year received 49.4% of all income generated in the U.S., what percentage of income do people who "make" over a million $$ a year comprise? In other words, IMO, "they" purposely set the bar low in order to lump the wealthy with the comfortable.
There is a huge difference. By doing this "they" have a much larger percentage of Americans who feel that they are being targeted (in the "class war"). I would prefer "they" set the income bar at a minimum of $500,000, that would create a much sharper picture for Americans to see.

[No Elephants]

4. The plutonomy is a success in America and well on its way in the rest of the world.

Hail, fellow proles!