Read this for more on how much more the rich 1% have gained and will continue to gain through 2035... At the request of the Senate Finance Committee, the Congressional Budget Office has produced a report analyzing trends in the distribution of household income from 1979 until 2007 — just before the economy fell off a cliff. The results will be familiar to economists and policy wonks, but they’re eye-popping. These charts and graphs tell a story of a massive income growth in the Reagan and post-Reagan years, and particularly during the George W. Bush administration — but only for the famous 1 percenters. CBO found that, between 1979 and 2007, after-tax income grew by 275 percent for the top 1 percent of households. That dwarfs income growth for middle and lower income households over the same time frame — nearly three decades during which the rising tide vaulted yachts and cruise ships, but barely nudged house and tugboats.
Posted on: Fri, 06 Sep 2013 06:43:10 +0000
Trending Topics
Recently Viewed Topics
© 2015