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Tales of the Two Americas

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Re: Tales of the Two Americas

In reply to: Tales of the Two Americas

Where does your article even imply this: the income gap between rich and poor is accelerating thanks to Bush's policies.

It doesn't say that. The data goes to 2002 so probably couldn't even be used to support such nonsense even if it was broken down to 1974-2000 rate vs. 2001&2002 rate, but hey, why bother dealing with reality when class warfare seems to be working for the Democrats (or is it?)

Actually the closing salvo was: "This really has nothing to do with Bush or Kerry, but more to do with the longer-term shift in the structure of the economy," Sohn said.

I can't find the top 20% category anywhere, but can find historical data back to 1980 for the top 25% HERE

While from 1980-2001 the share of income earned by the top 25% increased from 56.7% to 65.2% (an increase of ~15%) , that of the bottom 50% decreased from 17.7% to 13.8% (a drop of ~22%). BUT, the percentages of income tax paid by the top 25% increased from 73.0% to 82.9% (an increase of 13.7%) while that of the bottom 50% decreased from 7.05% to 3.97% (a whopping decrease of 43.7%).

As was pointed out previously, if you REALLY want to discuss the "rich" vs. the "poor" you need to examine a smaller percentage of the top earners. The income cutoff to be in the top 5% is 127,904 and top 10% is 92,754. One would be hard pressed to call those in the lower half of the top 10% making between ~93K and ~128K *rich*. Posting links to more articles where disingenuous authors continue to refer to or insinuate that the top 20% are "the rich" will continue to eat away at your credibility Dave.

So let's look at the top 5%

1980 %tax= 36.8 / %income= 21.0
2001 %tax= 53.3 / %income= 32.0
%increase: 44.8% / 34.4%

Did I read that right?? While the percentage of the income earned only increased 34.4%, the percentage of taxes paid increased far more at 44.8%.

Which just goes to show, if one looks at the whole picture, the rosy utopia of the redistributionists has NOT been accomplished with 2 decades and counting of "progressive" taxation.

As to Krugman, see if you can watch a re-run of Russert's weekend CNBC program where he had O'Reilly and Krugman on. Anyone that can watch that and come away taking Krugman as serious, let alone a sane voice regarding the economy needs their truth-detector put in for an overhaul. I haven't seen such shifty eyes in ages.

Evie Happy

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Neither of you really get it!!!!

In reply to: Re: Tales of the Two Americas

The bigger the gap the greater the incentive for the poor to become rich. Some will,of course,turn to big crime to achieve this. Others will got to work as maids and butlers in the hopes it will rub off on them. Still others will realize that the road to riches is as simple as can be and will try and emulate Bill Gates! Then we will all benefit from the thousands of new OS's that will become available! I know this is true as my former neighbor Bill Reilly told me so! But that was before he became famous...sigh!!!!!

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Re: Neither of you really get it!!!!

In reply to: Neither of you really get it!!!!

Some good points, although I don't think a widening gap in essential to provide motive. There is incentive enough so long as poverty is not glorified as virtue while the riches that come from hard work and success are portrayed as vice from greed.

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LOL!

In reply to: Neither of you really get it!!!!

Think of all the service packs!

Dan

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