Monday, December 17, 2007

The rich get richer and ... well you know the rest

If it feels like you can't ever get ahead, while the rich of this country seem to be lighting their cigars with $100 bills, you're not alone:
The gains in after-tax income from 2003 to 2005 for the bottom 40% of the country was less than 3%. For the top 1% of the country, it was 43.5%.
From the New York Times:
“A lot of people justifiably feel they are working harder and smarter, they are baking a bigger and better pie, and yet their slice is not growing much at all,” Mr. Bernstein [economist at the Economic Policy Institute] said. “It is meaningless to middle- and low-income families to say we have a great economy because their economy looks so much different than folks at the top of the scale because this is an economy that is working, but not working for everyone.”

At every income level Americans had more income, after adjusting for inflation in 2005 than in 2003, but the increases ranged from almost imperceptible for the poor to modest for the middle class and largest for those at the top.

Merry freakin' Christmas.

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