could you be any more shortsighted and add...we're talking about 25-30 years of reaganist tax rates...lol. Try some actual facts...
Voodoo wrecked and is wrecking the nonrich to the point where demand for products and services has dried up, along with their savings...before the corruption and cronyism housing and credit meltdown of 2008- while the rich have quadrupled their wealth...
1. Workers past 63 years worker productivity has grown by 2.0% per year.but after 1980, workers received a smaller share every year. Labor’s share of income (1992 = 100%):1950 = 101%1960 = 105%1970 = 105%1980 = 105% – reagan1990 = 100%2000 = 96%2007 = 92%a 13% drop since 1980a 13% drop since 1980
2. The top 10% get a larger share.share of national income going to top 10%:1950 = 35%1960 = 34%1970 = 34%1980 = 34% – reagan1990 = 40%2000 = 47%2007 = 50%
to make up for the loss.household debt as percentage of gdp:1965 = 46%1970 = 45%1980 = 50% – reagan1990 = 61%2000 = 69%2007 = 95% an increase of 16% since reagan.
3. Workers compensated for the loss of income by spending their savings.the savings rose up to reagan and fell during and after.1950 = 6.0%1960 = 7.0%1970 = 8.5%1980 = 10.0% – reagan1982 = 11.2% – peak1990 = 7.0%2000 = 2.0%2006 = -1.1% (negative = withdrawing from savings)
4. Household debt as percentage of gdp:1965 = 46%1970 = 45%1980 = 50% – reagan1990 = 61%2000 = 69%2007 = 95%a 45% increase after 1980.
5. So the gap between the richest and the poorest has grown.gap between the share of capital income earned by the top 1%and the bottom 80%:1980 = 10%2003 = 56%a 5.6 times increase.
6. And the american dream is gone.the probability of moving up from the bottom 40% to the top 40%:1945 = 12%1958 = 6%1990 = 3%2000 = 2%a 10% decrease.
Links:1 =
ftp://ftp.bls.gov/pub/special.requests/pf/totalf1.txt1 =
https://www.clevelandfed.org/researc...s/no7nov04.pdf1 = clipboard01.jpg (image)2 – congratulations to emmanuel saez | the white house3 =
http://www.demos.org/inequality/imag...ving_thumb.gif3 =
http://www.bea.gov/national/nipaweb/...&lastyear=20104 =
http://www.prudentbear.com/index.php...or-debt-of-gdp4 = frb: Z.1 release--financial accounts of the united states--june 6, 20135/6 = wealth and inequality in america - business insiderhttp://factleft.com/2011/03/28/the-demise-of-the-american-middle-class-in-numbers/