Income Falls for Most but Millionaires Surge 18%

Discussion in 'Economy' started by hvactec, Oct 24, 2011.

  1. hvactec
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    hvactec VIP Member

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    Fifty percent of U.S. workers earned less than $26,364 last year, reflecting a growing income gap between the nation's rich and poor, the government reported.

    There were fewer jobs, and overall pay was trending down — except for the nation's wealthiest. The number of people making more $1 million or more soared by more than 18 percent from 2009, the Social Security Administration said, citing payroll data based on W-2 forms submitted by employers to the Internal Revenue Service.

    Despite population growth, the number of Americans with jobs fell again last year, with total employment of just under 150.4 million — down from 150.9 million in 2009 and 155.4 million in 2008. In all, there were 5.2 million fewer jobs than in 2007, when the deep recession began, according to the IRS data.
    __________________________________________________________


    Editor's Note: Exposed: You Owe It to Yourself to Learn What Obama and Bernanke Are Hiding From Americans
    This gripping Newsmax investigative report reveals the truth about America's economic future and the disastrous path that Obama’s and Bernanke’s reckless policies are taking us down. Watch, learn, and receive a free Survival Guide ($49 value) for your personal financial future. Click Here Now.
    __________________________________________________________

    The figures are just one more indication of the toll that the worst downturn since the Great Depression has taken on the U.S. economy.

    They were published as demonstrations rage on Wall Street and in cities across the nation protesting a widening income gulf between average wage earners and the nation's wealthiest.

    The unemployment rate remains stuck at 9.1 percent, with more than 14 million out of work and 11 million other discouraged people who have stopped looking for work or are stuck in part-time jobs. Since 1980, roughly 5 percent of annual national income has shifted from the middle calls to the nation's richest households, according to the Census Bureau.

    Read more: Income Falls for Most but Millionaires Surge 18%
    Important: Can you afford to Retire? Shocking Poll Results

    read more Income Falls for Most but Millionaires Surge 18%
     
  2. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Give Obama 4 more years and there will be no millionaires
     
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  3. uscitizen
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    uscitizen Senior Member

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    Yep that trickle down is working well. We obviously need more tax cuts for the wealthy.
     
  4. AquaAthena
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    AquaAthena INTJ/ INFJ

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    So true, CF, no millionaires and no private sector jobs.
     
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  5. editec
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    editec Mr. Forgot-it-All

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    Not if recent history (like since Obama took office) is any guide, Cru.

    Even as the economy goes down for most of us, the wealth of the weathiest few continues to go up.
     
  6. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Central planning, wage and price controls, picking winners and losers, that's the ticket. We can level the playing field and eliminate income inequality, woohoo! We'll be a 3rd world country, but by God everything will be FAIR. Well, except for the politicians and the union leaders.
     
  7. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Central planning, wage and price controls, picking winners and losers, that's the ticket. We can level the playing field and eliminate income inequality, woohoo! We'll be a 3rd world country, but by God everything will be FAIR. Well, except for the politicians and the union leaders.
     
  8. expat_panama
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    expat_panama Silver Member

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    Long on drama, short on facts. The 'say' most people's incomes fell, but they don't say how much. The reason they don't say how much is because most people's incomes did not fall. MoneyNews lied about that part. This "income falls" crock is not actually incomes, it's the percentage of the top that they say fell--
    --so having the actual amount of most people's rise is a bad thing, because the evil millionairs had a bigger rise and we can't have that. MoneyNews takes Marx's position that we're all better off living in squalor as long as we're equal:

     
  9. Trajan
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    Trajan conscientia mille testes

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    question- how many evil scummy millionaires were there say in 2008, how many are there now and , are they the same people......
     
  10. Brutus
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    Brutus Senior Member

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    shouldn't you be out fixing an AC or something?


    WSJ 9/18/11: In 2007, 390,000 tax filers reported adjusted gross income of $1 million or more and paid $309 billion in taxes. In 2009, there were only 237,000 such filers, a decline of 39%. Almost four of 10 millionaires vanished in two years, and the total taxes they paid in







    __________________________________________________________


    Editor's Note: Exposed: You Owe It to Yourself to Learn What Obama and Bernanke Are Hiding From Americans
    This gripping Newsmax investigative report reveals the truth about America's economic future and the disastrous path that Obama’s and Bernanke’s reckless policies are taking us down. Watch, learn, and receive a free Survival Guide ($49 value) for your personal financial future. Click Here Now.
    __________________________________________________________

    The figures are just one more indication of the toll that the worst downturn since the Great Depression has taken on the U.S. economy.

    They were published as demonstrations rage on Wall Street and in cities across the nation protesting a widening income gulf between average wage earners and the nation's wealthiest.

    The unemployment rate remains stuck at 9.1 percent, with more than 14 million out of work and 11 million other discouraged people who have stopped looking for work or are stuck in part-time jobs. Since 1980, roughly 5 percent of annual national income has shifted from the middle calls to the nation's richest households, according to the Census Bureau.

    Read more: Income Falls for Most but Millionaires Surge 18%
    Important: Can you afford to Retire? Shocking Poll Results

    read more Income Falls for Most but Millionaires Surge 18%[/QUOTE]
     

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