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Posts Tagged ‘Income shift

Income Gap More Like an Abyss

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Evidently most Americans- including the quite wealthy and the working poor-  consider themselves “middle class”

Income Gap More Like an Abyss    www.ourfuture.org

Income gap widest on record. AP: “The top-earning 20 percent of Americans – those making more than $100,000 each year – received 49.4 percent of all income generated in the U.S., compared with the 3.4 percent earned by those below the poverty line, according to newly released census figures. That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968.”

Off The Charts’ Chuck Marr puts the income gap in even starker terms: “This great income shift means the average middle-income American family had about $9,000 less after-tax income in 2007, and an average household in the top 1 percent had $741,000 more, than they would have had if the 1979 income distribution had remained … Each year the average millionaire gets about $125,000 from the Bush tax cuts, according to the Urban-Brookings Tax Policy Center. Now seems to be a good time to say enough is enough.”

Slate’s Timothy Noah explains why the public is not more upset about the income gap: “Why aren’t the bottom 99 percent marching in the street? One possible answer is sheer ignorance … Americans’ ignorance about wealth (and, probably, income) distribution is encouraging in the sense that it offers hope that most voters might opt for government policies more conducive to equality if only they knew how unequal things were … the United States may possess a shrinking middle class, but the number of its citizens who consider themselves middle class (because they can’t face that they’re rich) may actually be growing.”

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Written by laudyms

September 28, 2010 at 9:29 am