The Richest 1% Has Tripled Its Share of the US Income Over the Past 30 Years

[kpete]

The Richest 1% Has Tripled Its Share of the US Income Over the Past 30 Years
Submitted by BuzzFlash on Mon, 07/11/2011 - 5:14pm.


The richest 1% has tripled its share of the income pie over the past 30 years, mainly through tax cuts and financial deregulation. If their income had increased only at the pace of American productivity (80%), they would be taking about a trillion dollar less out of our economy.

That extra income could provide a $40,000 per year job to every unemployed person and college graduate in the United States and have enough left over to pay off the deficits of all 50 states.

So the winners are pulling away. Meanwhile, average Americans make the same money, adjusted for inflation, that they made 30 years ago. If the median household income had increased at the pace of American productivity (80%), families would be making $92,000, not $50,000.

How about the superstars at the top? One man (John Paulson) made enough money last year to hire a quarter of a million entry-level health care workers, all by himself.

MORE:
http://blog.buzzflash.com/node/12847

[NC_Nurse]

1. Why aren't more people OUTRAGED by this?

[polichick]

2. imo they're numb.

[woo me with science]

5. Only Bernie Sanders is telling them,

and he doesn't get invited on "Meet the Press."

[nashville_brook]

6. my outrage gland is wheezing from overexertion

but, this is still the heart of the matter. we're being Shock Doctrine'd.

[Hydra]

7. Because most people really think they can get into "The Big Club"

The biggest weakness in our society is thinking that massive wealth, power and being above the law is admirable and something to strive for.

The is only one logical end to that way of thinking...

[kick-ass-bob]

18. Exactly. It's no longer 'good' to 'settle' for middle class.

The goal is the top 1%, and everyone thinks they can do it by going to work, coming home, and sitting on their coach watching So You Think You Can Dance. They REALLY want to be there, so they support the ones that are to their own detriment, and become their own blockades to even get to the top 20%.

[fascisthunter]

12. because they are soft in the head

nimrods entranced with materialism and entertainment.

[The Doctor.]

15. Faux Noise.

The M$M in general.

The top 1% of the wealthy who don't want everyone to know about it, and a few of whom control the media.

[slay]

16. +1

their propaganda is so extreme Canada refuses to allow their shit on their airwaves, cable, satellite - nothing. lying on the news is banned in Canada.

[woo me with science]

3. K&R nt

[FormerDittoHead]

4. I don't question these numbers, but it would be nice to see some references.

I read the article.

I completely agree, but when you're in a knifefight with a knuckle dragger, linking to buzflash.com won't win the "up votes".

PAUL BUCHHEIT (pasted) just throws these numbers out there. *I* don't question them, but you simply have to do better than that to PROVE ones point.

[Glimmer of Hope]

8. Kick & R

[dissidentboomer]

9. It's true. check out cbo numbers, Kevin Phillips, anyone.

Also, don't look at income by quintile and for the top 1%, after taxes and adjusted for inflation from 1979 through 2007. You'll shoot yourself.

[HughBeaumont]

10. K & R, even though this is older than old news.

http://journals.democraticunderground.com/HughBeaumont/86

http://journals.democraticunderground.com/HughBeaumont/124

I really AM surprised the American people aren't more outraged by this. After all, the ugly penisy end-game of plutocracy has been in front of their faces only for the past 10 YEARS now.

[fascisthunter]

11. and yet they whine about paying taxes

[provis99]

13. oh, the poor dears; they must be working so hard!

:sarcasm:

[Telly Savalas]

14. We outnumber them 99 to 1.

That's got to count for something.

[reformist2]

17. They must be working three times harder! ;)