New Study Using IRS Tax Data Shows Rich Are Staying Richer, Poor Poorer
A groundbreaking new study concludes that the rich became permanently richer and the poor permanently poorer from 1987 to 2009. Five economists, including one from the U.S. Treasury and two from the Federal Reserve, used data from nearly 34,000 working age households’ 1040s, W-2s and Social Security records to tease out how much of the much discussed rise in income inequality in the U.S. might simply reflect more volatility in earnings, with families having good and bad years. Their unhappy conclusion: almost all of the rise in inequality is life-long.
And I am all for keeping it that way.Over 200 years ago the rich get richer and the poor get poorer statement was first uttered.Basic economics should tell you that everyone can't be rich.If that were true the entire economy would be even more of a disaster than it already is.Hate the wealthy among us if you will,but we can't all have it all.
Who is rich is constantly changing. Thus the rich are not necessarily getting richer. Some poor are getting rich like football players and those that make it big in business. Some rich become poor.
But the middle class as a whole is getting hit hard.
Meanwhile the poor are getting richer just not as richer as they would like. Better health care and phones internet and all the nice things in life.
I didn't think that we needed ANOTHER study to know this.
ReplyDeleteAnd I am all for keeping it that way.Over 200 years ago the rich get richer and the poor get poorer statement was first uttered.Basic economics should tell you that everyone can't be rich.If that were true the entire economy would be even more of a disaster than it already is.Hate the wealthy among us if you will,but we can't all have it all.
ReplyDeleteJust like Argentina- Juan and Evita OBama are working their facist magic .
ReplyDeleteAs C. Montgomery Burns always says"excellent"
ReplyDeleteWho is rich is constantly changing. Thus the rich are not necessarily getting richer. Some poor are getting rich like football players and those that make it big in business. Some rich become poor.
ReplyDeleteBut the middle class as a whole is getting hit hard.
Meanwhile the poor are getting richer just not as richer as they would like. Better health care and phones internet and all the nice things in life.
Everyone cant be rich or nothing would get done.
ReplyDelete