You should be very careful with the data...and how it is ascertained.
It is misleading.
1. If you don’t see it, is it still there?? The stock market boom of the ‘90’s caused
IRA and 401(k) plans to triple:
http://federalreserve.gov/releases/z1/Current/annuals/a1995-2004.pdf
Yet while
the largest part of the gain went to the bottom 99% of income earners, none was reported on income tax returns, and therefore none of it showed up in income distribution studies based on income tax return data. But the greatest part of the
capital gains of the rich were outside such accounts and thus were reported on returns. This exaggerated and misidentified changes in income distribution. Remember, before the changes in the tax code,
late ‘80’s, investment income of our middle-income earners was all counted on tax returns. Thus, once it was no longer counted, it appeared that the income of the middle was sharply decreased, while that of the rich appeared to receive the major portion of said distributution!
a. Capital gains tax rate cuts in Â’97 and in 2003 caused a surge in reportable capital gains realizations outside of tax-protected retirement accounts. The sharp cut in the rate on dividends
in 2003 caused a similar surge in dividends paid and reported. These changes caused distortions in comparing trends in incomes for top income earners versus others.
2. LetÂ’s be clear: the broadest and most accurate measure of living standard is
real per capita consumption. That measure soared by 74% from 1980 to 2004.
U.S. Department of Commerce. Bureau of Economic Analysis
a. A study of table 7.1 would show that
between 1973 and 2004, it doubled. And between 1929 and 2004, real per capita consumption by American workers increased five fold. The fastest growth periods were 1983-1990 and 1992-2004, known as the
Reagan boom.
BTW...the increases in wealth of every quartile increased at least as fast as the top.
what is the bottom line to all that? Are you saying the upper income brackets have not increased exponentially over the past three decades while the lower income brackets have diminished in proportion?
In simpler terms, are you saying the rich haven't become substantially richer while more Americans have become proportionately poor, or poorer?
1. Yes, that's exactly what I'm saying.
And, if you read carefully, proving.
2. And, see if you believe this, as well....the 'rich' have been hit hardest by the meltdown, far from "rich have become substantially richer."
From Northwestern:
WASHINGTON – A new report shows double-digit decreases in the number and wealth of the United States’ richest individuals last year.
The declines were the steepest since 1996, when the Merrill Lynch and Capgemini World Wealth Report was first published, leading some to ponder the ripple effects on the economy.
The 2008 declines in the population and wealth of U.S. High Net Worth Individuals – or those owning $1 million or more in financial assets minus the worth of primary residences – closely mimicked world-wide declines. In fact, the 2008 global HNWI population and wealth retreated below 2005 levels, undoing three years of consistent growth.
The U.S. population of HNWIs – the wealthiest Americans -- fell 18.5 percent to 2.5 million in 2008, while North American HNWI wealth (the report did not break out figures for U.S. HNWI wealth) dipped 22 percent to $9.1 trillion. Nevertheless, the U.S. continues to retain the largest number of HNWIs in the world – about 29 percent of the total HNWI population.
Super rich faced steep declines in wealth last year
3. What has "increased exponentially over the past three decades" is the power of the Left to convince folks like you that the sky is falling.
a. Bogus 'poverty level' increases.
b. Stoking the flames of envy.
c. Control of means of dissemination of information
“The radicals were not likely to go into business or the conventional practice of the professions. They were part of the chattering class, talkers interested in policy, politics, culture. They went into politics, print and electronic journalism, church bureaucracies, foundation staffs, Hollywood careers, public interest organizations, anywhere attitudes and opinions could be influenced. And they are exerting influence.” Robert H. Bork, “Slouching Toward Gomorrah,” p. 51
Welcome to the real world.