(Illo link.)The inference is, Jesus, maybe, uncontrolled, unchecked capitalism maybe isn't healthy for democracy.... And talk about an economy that ever-healthier reflects a distortion created by the growth of extreme wealth (but the, Our Leaders do not believe in facts or even reality).
Fox Bidness Journal:
The richest Americans' share of national income has hit a postwar record, surpassing the highs reached in the 1990s bull market, and underlining the divergence of economic fortunes blamed for fueling anxiety among American workers.
The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue Service. That is up sharply from 19% in 2004, and surpasses the previous high of 20.8% set in 2000, at the peak of the previous bull market in stocks.
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The data highlight the political challenge facing Mr. Bush and the Republican contenders for president. They have sought to play up the strength of the economy since 2003 and low unemployment, and the role of Mr. Bush's tax cuts in both. But many Americans think the economy is in or near a recession. The IRS data show that the median tax filer's income -- half earn less than the median, half earn more -- fell 2% between 2000 and 2005 when adjusted for inflation, to $30,881. At the same time, the income level for the tax filer just inside the top 1% grew 3%, to $364,657.
1 comment:
I always have trouble interpreting these types of data. It seems to imply that for the wealthy, life is good, they are riding high in the luxury suites aboard the Cruise Ship USA. On the other had, the majority of people find that they must hang on ever tighter to the ropes hanging over the side of the boat lest they fall off entirely.
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