IRS says rich getting richer

[sj5 4]

IRS says rich getting richer: report

NEW YORK (Reuters) - The richest one percent of Americans earned a postwar record of 21.2 percent of all income in 2005, up from 19 percent a year earlier, reflecting a widening income disparity among different classes in the nation, the Wall Street Journal reported, citing new Internal Revenue Service data.

The data showed that the fortunes of the bottom 50 percent of Americans are worsening, with that group earning 12.8 percent of all income in 2005, down from 13.4 percent the year before, the paper said.

It said that while the IRS data goes back only to 1986, academic research suggests that the last time wealthy Americans had such a high percentage of the national income pie was in the 1920s.

The article cited an interview with President Bush, who attributed income inequality to "skills gaps" among various classes. It said the IRS didn't identify the source of rising income for the affluent, but said a boom on Wall Street has likely played a part.

http://news.yahoo.com/s/nm/20071012/bs_nm/irs_income_dc

Congratulations to successful Rich people

[peejay 327]

IRS says rich getting richer: report

NEW YORK (Reuters) - The richest one percent of Americans earned a postwar record of 21.2 percent of all income in 2005, up from 19 percent a year earlier, reflecting a widening income disparity among different classes in the nation, the Wall Street Journal reported, citing new Internal Revenue Service data.

The data showed that the fortunes of the bottom 50 percent of Americans are worsening, with that group earning 12.8 percent of all income in 2005, down from 13.4 percent the year before, the paper said.

It said that while the IRS data goes back only to 1986, academic research suggests that the last time wealthy Americans had such a high percentage of the national income pie was in the 1920s.

The article cited an interview with President Bush, who attributed income inequality to "skills gaps" among various classes. It said the IRS didn't identify the source of rising income for the affluent, but said a boom on Wall Street has likely played a part.

http://news.yahoo.com/s/nm/20071012/bs_nm/irs_income_dc

Congratulations to successful Rich people

I have no problem with people getting rich honestly in a real democracy and on a level playing field. I do have a problem with manipulation of the government, manipulation of the economy, manipulation of the markets, institutionalized corruption, and when the cult of wealth becomes more important than the good of the greater nation and its people.

I've always felt that the goal of the American economy is to serve the needs of the American people. I'll be very candid and state that I do not believe that is what the Bush administration is about. I'll even go further and state that I do not believe that is what this Democratic congress is all about either. The polls on both accounts confirm that the American people no longer have faith in their government to work for the people.

At some point I hope the American people take back their government and make it work for the vast majority instead of the 1%. The many instead of the few. I always felt this "trickle down" economy was a farce. It's more of a contrived "trickle up" economy. How much more proof do we need? Even Warren Buffet said as much when interviewed on CNN.

I'm probably misquoting, but I remember a a Gore Vidal interview in Playboy magazine many, many years ago to the effect that America is..."Owned by the 1%, run by the 9%, and the rest of the 90% are mindless serfs." And that was long before it got to this point.

It has reached its zenith in 2007 America. It's not as bad as in other countries, but a huge change is in order if we wish to maintain the America that guys like me grew up in. And not the fake change that some of the presidential candidates claim to possess. I've heard that election year bullshit before.

Ying and yang. We've had too many years of ying...it's time for yang. Or as my deceased daddy used to say...the pendulum swings both ways and eventually it has to go the other way. The best is in the middle.

That's my 2 cents.

[one...two...tree 2,762]

I have no problem with people getting rich honestly in a real democracy and on a level playing field. I do have a problem with manipulation of the government, manipulation of the economy, manipulation of the markets, institutionalized corruption, and when the cult of wealth becomes more important than the good of the greater nation and its people.

I've always felt that the goal of the American economy is to serve the needs of the American people. I'll be very candid and state that I do not believe that is what the Bush administration is about. I'll even go further and state that I do not believe that is what this Democratic congress is all about either. The polls on both accounts confirm that the American people no longer have faith in their government to work for the people.

At some point I hope the American people take back their government and make it work for the vast majority instead of the 1%. The many instead of the few. I always felt this "trickle down" economy was a farce. It's more of a contrived "trickle up" economy. How much more proof do we need? Even Warren Buffet said as much when interviewed on CNN.

I'm probably misquoting, but I remember a a Gore Vidal interview in Playboy magazine many, many years ago to the effect that America is..."Owned by the 1%, run by the 9%, and the rest of the 90% are mindless serfs." And that was long before it got to this point.

It has reached its zenith in 2007 America. It's not as bad as in other countries, but a huge change is in order if we wish to maintain the America that guys like me grew up in. And not the fake change that some of the presidential candidates claim to possess. I've heard that election year bullshit before.

Ying and yang. We've had too many years of ying...it's time for yang. Or as my deceased daddy used to say...the pendulum swings both ways and eventually it has to go the other way. The best is in the middle.

That's my 2 cents.

Well said, peejay.

[Mr. Big Dog 10,747]

IRS says rich getting richer: report

NEW YORK (Reuters) - The richest one percent of Americans earned a postwar record of 21.2 percent of all income in 2005, up from 19 percent a year earlier, reflecting a widening income disparity among different classes in the nation, the Wall Street Journal reported, citing new Internal Revenue Service data.

The data showed that the fortunes of the bottom 50 percent of Americans are worsening, with that group earning 12.8 percent of all income in 2005, down from 13.4 percent the year before, the paper said.

It said that while the IRS data goes back only to 1986, academic research suggests that the last time wealthy Americans had such a high percentage of the national income pie was in the 1920s.

The article cited an interview with President Bush, who attributed income inequality to "skills gaps" among various classes. It said the IRS didn't identify the source of rising income for the affluent, but said a boom on Wall Street has likely played a part.

http://news.yahoo.com/s/nm/20071012/bs_nm/irs_income_dc

Congratulations to successful Rich people

I have no problem with people getting rich honestly in a real democracy and on a level playing field. I do have a problem with manipulation of the government, manipulation of the economy, manipulation of the markets, institutionalized corruption, and when the cult of wealth becomes more important than the good of the greater nation and its people.

I've always felt that the goal of the American economy is to serve the needs of the American people. I'll be very candid and state that I do not believe that is what the Bush administration is about. I'll even go further and state that I do not believe that is what this Democratic congress is all about either. The polls on both accounts confirm that the American people no longer have faith in their government to work for the people.

At some point I hope the American people take back their government and make it work for the vast majority instead of the 1%. The many instead of the few. I always felt this "trickle down" economy was a farce. It's more of a contrived "trickle up" economy. How much more proof do we need? Even Warren Buffet said as much when interviewed on CNN.

I'm probably misquoting, but I remember a a Gore Vidal interview in Playboy magazine many, many years ago to the effect that America is..."Owned by the 1%, run by the 9%, and the rest of the 90% are mindless serfs." And that was long before it got to this point.

It has reached its zenith in 2007 America. It's not as bad as in other countries, but a huge change is in order if we wish to maintain the America that guys like me grew up in. And not the fake change that some of the presidential candidates claim to possess. I've heard that election year bullshit before.

Ying and yang. We've had too many years of ying...it's time for yang. Or as my deceased daddy used to say...the pendulum swings both ways and eventually it has to go the other way. The best is in the middle.

That's my 2 cents.

Couldn't have said it any better.

[Dan J 277]

This was interesting, was on NPR a couple days ago: http://www.npr.org/templates/story/story.p...toryId=15119040

You can listen to the interview on that page too.