Gap Between Rich and Poor to Record Levels

[The Great Aztec Joe]

With Congress dithering over what to do about Bush-era tax cuts set to expire on Dec. 31, there's a heated debate in America about what it means to be "wealthy" in America. Meanwhile, the gap between rich and poor is wider than ever:


"Great Recession" Pushes Gap Between Rich and Poor to Record Levels

finance.yahoo.com/tech-ticker/%22great-recession%22-pushes-gap-between-rich-and-poor-to-record-levels-535469.html?tickers=^DJI,^GSPC,SPY,UUP,UDN,TBT,TLT&sec=topStories&pos=9&asset=&ccode=

In 2009, the top 20% of American earners -- those making more than $100,000 annually - received 50.3% of all income generated in the country, compared with 12% for the bottom 40% and 3.4% for those below the poverty line, according to the Census Bureau. In 1999, the top 20% claimed 49.4% of the income and the bottom 40% got 12.5% of the income.

Last year 43.6 million Americans, or 14.3% of the population, were living below the poverty rate, the highest level since 1994. A record 6.3% of Americans were making less than 50% of poverty-level income, defined as income of $21,954 for a family of four. (Those poverty figures exclude government programs such as Food Stamps.)

[waztec]

Oct 1, 2010 9:16:19 GMT -8 The Great Aztec Joe said:

With Congress dithering over what to do about Bush-era tax cuts set to expire on Dec. 31, there's a heated debate in America about what it means to be "wealthy" in America. Meanwhile, the gap between rich and poor is wider than ever:


"Great Recession" Pushes Gap Between Rich and Poor to Record Levels

finance.yahoo.com/tech-ticker/%22great-recession%22-pushes-gap-between-rich-and-poor-to-record-levels-535469.html?tickers=^DJI,^GSPC,SPY,UUP,UDN,TBT,TLT&sec=topStories&pos=9&asset=&ccode=

In 2009, the top 20% of American earners -- those making more than $100,000 annually - received 50.3% of all income generated in the country, compared with 12% for the bottom 40% and 3.4% for those below the poverty line, according to the Census Bureau. In 1999, the top 20% claimed 49.4% of the income and the bottom 40% got 12.5% of the income.

Last year 43.6 million Americans, or 14.3% of the population, were living below the poverty rate, the highest level since 1994. A record 6.3% of Americans were making less than 50% of poverty-level income, defined as income of $21,954 for a family of four. (Those poverty figures exclude government programs such as Food Stamps.)

We have a serious wealth disparity issue. My fear is that if it gets worse and most people are convinced that their lives won't improve, we will start experiencing unrest. We were experiencing episodes of it during the great depression. Unrest produces bizarre politicians (see Tea Party). Gird your loins if things don't improve.

[aztecwin]

Oct 2, 2010 6:48:06 GMT -8 waztec said:

Oct 1, 2010 9:16:19 GMT -8 The Great Aztec Joe said:

With Congress dithering over what to do about Bush-era tax cuts set to expire on Dec. 31, there's a heated debate in America about what it means to be "wealthy" in America. Meanwhile, the gap between rich and poor is wider than ever:


"Great Recession" Pushes Gap Between Rich and Poor to Record Levels

finance.yahoo.com/tech-ticker/%22great-recession%22-pushes-gap-between-rich-and-poor-to-record-levels-535469.html?tickers=^DJI,^GSPC,SPY,UUP,UDN,TBT,TLT&sec=topStories&pos=9&asset=&ccode=

In 2009, the top 20% of American earners -- those making more than $100,000 annually - received 50.3% of all income generated in the country, compared with 12% for the bottom 40% and 3.4% for those below the poverty line, according to the Census Bureau. In 1999, the top 20% claimed 49.4% of the income and the bottom 40% got 12.5% of the income.

Last year 43.6 million Americans, or 14.3% of the population, were living below the poverty rate, the highest level since 1994. A record 6.3% of Americans were making less than 50% of poverty-level income, defined as income of $21,954 for a family of four. (Those poverty figures exclude government programs such as Food Stamps.)

We have a serious wealth disparity issue. My fear is that if it gets worse and most people are convinced that their lives won't improve, we will start experiencing unrest. We were experiencing episodes of it during the great depression. Unrest produces bizarre politicians (see Tea Party). Gird your loins if things don't improve.

I look at it a little differently. With Liberal Democrats putting policies in place that almost encourage if not demand dependence on handouts, it will get worse until we get America working on jobs other than inefficient govenment created make work jobs. Get out an vote for Teaparty backed Conservatives and things will improve.