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The Rich are getting poorer, the Poor are getting richer ... so says the CBO

Melensdad

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
Looks like the wealth gap that the leftists keep telling us about is a big honking lie.

The wealthy in the US have lost roughly 37% of their wealth. While the poorest among us have actually gained 3% and the middle class has lost 2%. So says the Congressional Budget Office. They also told us that the top earners paid almost 29% tax while the middle income earners paid 11%.

http://www.breitbart.com/Big-Government/2012/07/22/CBO-Income-Inequality-Not-Getting-Worse
Between 2007 and 2009, (once the Democrats took over Congress and the recession started) the earnings accrued after taxes by the top 1% of wage earners fell 37%. And even before taxes their earnings fell 36%. Meanwhile, the lowest 20% of earners saw their income grow by 3%, while the middle class dropped a modest 2%. This means that the incomes of the top 1% fell 18 times more than middle class incomes. In 2007, the top 1% earned 16.7 percent of all after-tax income, but by 2009, it had shrunk to 11.5%.

So while the rich saw their fortunes plummet, the poor gained, and the middle class treaded water. So much for an ever-widening gap. And as far as the amount paid in taxes, the top 1% paid an average of 28.9%, while the middle class paid 11%.​
 
Joec- remember the saying "The rich get richer and the poor have babies." From your link I see her there with a baby. Typical, people don't have 2 nickles to rub together yet they breed on.
I agree things are tough but the more the "rich" are taxed the harder it is for them to build businesses and hire. Not that that would matter because if she is truly disabled she could'nt work anyway.
 
Catavenger said:
Joec- remember the saying "The rich get richer and the poor have babies." From your link I see her there with a baby. Typical, people don't have 2 nickles to rub together yet they breed on.
I agree things are tough but the more the "rich" are taxed the harder it is for them to build businesses and hire. Not that that would matter because if she is truly disabled she could'nt work anyway.
Click to expand...

Yet the tax rate is the lowest in the last century right now. I never did raising the tax rates to Clinton era rates hurt anyone including the middle class (that is if they still exist). I'm also waiting now for a long time to see these jobs due to tax breaks on the rich, just saying that argument has been beat to death and failed. Now the real "job makers" in our economy is those with enough spending money to buy goods that will (middle class again). I don't care what you design and build to sell your business will fail if no one buys it or can afford to buy it. Oh and the poor can't afford birth control I would think as most can't afford food, with the pressures on Planned Parent Hood and groups like it have pretty much slowed them down. Human nature won't change however many rules and blocks are put into you just can't stop people from having sex period.
 
joec said:
Yet I see a story like this http://www.windstream.net/news/read...org>&news_id=19152373&src=most_popular_viewed so someone is full of something, I would think.
Click to expand...

Joe, a couple points. First, the Congressional Budget Office is a non-partisian agency and is widely regarded as producing accurate data. Second, as long as we define poverty by using a specific numer or percentage then there will always be poverty. That said, the two stories do not necessarily contradict each other.

The poor can be getting richer and there also can be more poor people. Those are not mutually exclusive things. Both can happen simultaneously.
 
Joec is right. To tax or not to tax is not the question. The economy will simply not improve until the demand is there. But all things economic call for confidence. And America will never be confident as long as Hussein is in office. Two simple truths.

By the way, for the first time in the history of the planet, more people die from obesity than starvation. Interesting. No?
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