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Wednesday, September 29, 2010

Record gap in US between rich and poor

And the repugicans want to fight over giving the richest Americans a tax cuts?
The trickle down reagan-voodoo-omics has been costly for most Americans, creating a Banana Republic-like economic environment.
For all of the repugican blather about income distribution, it has been the repugicans who have mastered the issue.
The top-earning 20 percent of Americans — those making more than $100,000 each year — received 49.4 percent of all income generated in the U.S., compared with the 3.4 percent earned by those below the poverty line, according to newly released census figures. That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968.

A different measure, the international Gini index, found U.S. income inequality at its highest level since the Census Bureau began tracking household income in 1967. The U.S. also has the greatest disparity among Western industrialized nations.

At the top, the wealthiest 5 percent of Americans, who earn more than $180,000, added slightly to their annual incomes last year, census data show. Families at the $50,000 median level slipped lower.

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