Salisbury News: CBO: Income Inequality Not Getting Worse

Monday, July 23, 2012

CBO: Income Inequality Not Getting Worse

There has been a lot of class-warfare talk from Barack Obama and his cohorts in the media (and Bane, in The Dark Knight Rises) that either intimates or baldly states that the rich are getting richer, the poor poorer, and the gap between them is ever-widening in America. In addition, talk has been bandied about that the rich pay less taxes than the rest of Americans. But according to a new report from the Congressional Budget Office (CBO), neither of these leftist canards is true.

Between 2007 and 2009, (once the Democrats took over Congress and the recession started) the earnings accrued after taxes by the top 1% of wage earners fell 37%. And even before taxes their earnings fell 36%. Meanwhile, the lowest 20% of earners saw their income grow by 3%, while the middle class dropped a modest 2%. This means that the incomes of the top 1% fell 18 times more than middle class incomes. In 2007, the top 1% earned 16.7 percent of all after-tax income, but by 2009, it had shrunk to 11.5%.

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1 comment:

lmclain said...: LOL! Statistics. Give me 5 minutes and I'll make those stats show that the lowest paid worker in the country will be rich as obama in 3 more years....when you have 10 million and lose a million, no big deal, really. You just take 3 vacations this year instead of four. Or lay off 3 workers and still take 4 vacations. When you make $32,000 and lose $3,000 (while PRICES double on energy, food, and gas), well, THAT'S gonna hurt. Unemployment at (officially) 8.2%, but really at about 15-18%, please, PLEASE, don't say the rich are getting killed while the middle class has BARELY been hurt. The middle class is mostly paycheck to paycheck and is working it's ace off, but their IQ hasn't been dropping 10 points a month...; July 23, 2012 at 8:36 PM

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