Incomes of the Rich and Gilded

Discussion in 'Politics' started by pal_of_poor, Aug 26, 2009.

  1. pal_of_poor
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    pal_of_poor VIP Member

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    Income Shares: Rich get a Bigger Slice
    This chart represents the share of income going to the bottom 90 percent of Americans shrinking between 1970 and 2000. Among the top 10 percent, the higher a person ranked the more one’s slice of the economic pie grew. The changes are from 1970 to 2000.

    Bottom 90% (incomes) shrunk from 67.1% in 1970 to 52% in 2000.

    Decrease of 22.5%
    ______________________________________

    From 90-95 incomes gained only slightly from 11.1 to 11.1 which was

    Positive change of 0.4%

    _______________________________________

    From 95-99% 12.7% to 15.2%

    This represents a positive 19.5% change
    _______________________________________

    99. to 99.5% from 2.8 to 4.1%

    Increase of 47.0%
    ________________________________________

    99.5% to 99.9%, 3.5% to 6.6%

    Increase of 90%
    ________________________________________

    99.9 to 99.99%, increased from 1.8% to 5.9%

    A whopping 412% increase in incomes.
    ________________________________________

    Perfectly Legal, by David Cay Johnston, p.33

    As this trend goes, so will the death of our democracy. As I said, when you look at this kind of thing, all having to do with how our politicians have manipulated things since 1970, politicians on both sides representing mostly the rich, giving them tax breaks while all of us have to endure higher taxes on sales, gas, more fees on utilities, and higher very regressive social security taxes, you have to wonder how long it will take for us to implode from within.

    Another unfortunate consequence from money being concentrated in this manner is that those who want to try and climb the social ladder, and start a business are increasingly hampered, as the majority of us who will be customers fall further and further behind, being able to buy less and less. As taxes are cut for the richest, with income, inheritance, and capital gains cuts, the rest of us will have to endure ever higher increases to make up for the money given to the richest. Anytime you hear of a cut to the top two percent, which were the majority of Bush’s cuts, you will know that eventually these taxes will fall back on top of you.

    This trend, if it continues, will crush the economic life out of America. These figures are correct up to 2000, and the trend has continued, the gaps even more extreme now, after nearly eight years of Bush giving tax cuts to the richest, from money borrowed from China, Saudi Arabia, and China.

    Even conservative pundit Ben Stein likes to say, we can tax that top group way more than we do.
     
  2. Oldandtired
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    Oldandtired BANNED

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    The rich ALSO pay for higher taxes on goods and services.
    The rich ALSO pay themajority of the national tax revenue
    The rich income INCLUDES income made on investments
    The analyisis is completely disingenuous.

    Oh yeah...and on the most part, the rich are the ones that employ the others...

    But please...continue to blast those that pay for government spending, stuimulus packages, unemployment insurance, healthcare for many, car for clunkers programs, etc etc etc.
     
  3. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I would like to see a thread on USMB about posters that are employed by the poor or homeless.
     
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  4. Oldandtired
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    Oldandtired BANNED

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    How about a threwad reminding the people that it is not "government" that is paying for CARS and stimulus and welfare and medicaid and other progrmas.....it is the rich that pay their taxes that is pating for it.

    But instead, as this thread shows.....we are the bad guys.
     
  5. Mr Clean
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    Mr Clean Gold Member

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    And I'd like to see a thread about how the wealthy got wealthy got wealthy without the help of others.
     
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  6. manu1959
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    manu1959 Left Coast Isolationist

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    ahhhhhhhh.....vilification of those that pursued the american dream and achieved success.....
     
  7. VaYank5150
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    VaYank5150 Gold Member

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    As soon as that report from the Swiss banks is made available to the public, we shall be able to check your assertions.
     
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  8. Oldandtired
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    Oldandtired BANNED

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    And what exactly does that mean?

    Sure the wealthy got help...and they paid those people for their help. Those people opted NOT to go it on their own and preferred someone else have the headaches.

    And the issue with this is exactly what?
     
  9. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    America has undergone a redistribution of wealth. For the most part, the rich deserve to be rich. They have either made the right moves or inherited from someone who has.
    As the OP states however, the super rich have manipulated the playing field so that they are able to monopolize more of the available wealth. It is not because they work harder than previous wealthy Americans, but because they have manipulated the tax codes and instilled restrictions on the working class that allows them to prosper while the standard of living for working Americans has declined.

    I do not oppose the wealthy being wealthy, but would like to see the wealth distribution in this country return to former levels
     
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  10. Oldandtired
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    Oldandtired BANNED

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    Yes...welcome to my life.

    I paid some recent college grad in may 2008, 38K to start...a bit above market in my area......and in October 2008, she ripped into me when I gave her a raise to 42K and called me greedy and cheap.

    Her hours were 9-5:30...she rarely had to work past 5:30....but she was good and although paid aboive market, I gave her a raise after 5 months to show my appreciation.
    She also had 100% paid healthcare...and would have been eligible for 410(k) participation after 1 year...and yes...I match up to 4% of income.

    I fired her ass. ANd she is now unemployed and collecting on my dime.....

    I wonder where she came up with the word "greedy"?

    Funny...that was a popular word back in October.
     
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