Bigger income gaps: Toxic legacy of Reagan Revolution and Bush Tax cuts
Thursday, July 8, 2010 at 22:09 It’s becoming more clear every day that any supposed income growth the likes of you and I have seen over the last 30 years has been largely due to an increasingly steady two-income family model, fanned by real estate and equally illusory stock market bubbles. In other words: smoke and mirrors.
This growing chasm between the after tax income of the wealthiest one percent and well, all the rest of us, is threatening to sink any kind of real economic recovery.
Thank the GOP (mostly) for this, and some of those fine DINO’s (uh, Clinton).
Read this from the Center on Budget and Policy Priorities: (see originating site for graphs)
The gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest fifths of the country more than tripled between 1979 and 2007 (the period for which these data are available), according to data the Congressional Budget Office (CBO) issued last week. Taken together with prior research, the new data suggest greater income concentration at the top of the income scale than at any time since 1928.
