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Steve McIntosh Report Blog Archive

The rich really are getting richer

If you’ve been privileged, successful, or lucky enough to be in the upper one percent of income earners or inheritors the past 28 years, you’ve done very, very well. The Congressional Budget Office reports that from 1979 to 2007, one per centers saw their income rise by 275%. The rest of the richest one-fifth saw their income rise by about 65%. Middle class earners saw only a 40% increase in 28 years. Low income Americans saw an 18% increase.
This income gap is part of the reason for a now world-wide “occupy” movement. The problem is, expressing public outrage probably won’t help. It doesn’t seem the protesters know exactly who to blame: the wealthy, government, capitalism, life?
There are complicated reasons behind a three-decade funneling of most of the nation’s wealth into the hands of a few. Do wealthy people really work harder than everyone else … or invest smarter? Or is government to blame? Or is this the natural evolution of capitalism?
Our thought for today is from Don Marquis:
“When a man tells you he got rich through hard work, ask him: ‘Whose?’”

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11/02/2011 1:07AM
The rich really are getting richer
Please Enter Your Comments Below
11/02/2011 7:54AM
The rich get richer
Who said fair is the same?
11/03/2011 3:54PM
Four year old data
I find it curious that you would use statistics from a term ending prior to the Obama economy.
11/04/2011 1:11PM
4 Yr. has something, and the CBO?
'Four year old data', has something there, considering that the top 10% has spiraled downward since 2007. Also, it helps to realize that the source is a CBO report. They can only work with what numbers they are provided with in the first place. Without knowing what data the CBO was provided with makes the report useless in my opinion.
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