Sunday, December 23, 2007
Class Warfare?
If we're reading this correctly...
...from 1947 to 1977 (thirty years) the income of "median families" in America rose 102%, while the income of the richest 0.01% rose 35%.
...but from 1977 to 2005 (twenty-eight years) the income of median families rose 22% while the income for the highest 0.01% rose 465%.
Which means someone making $46,330 in 1977 would be making $59,398 in 2005 -- that's an increase of only $13,068 in twenty-eight years. Or, if you go with these U.S. census figures, an increase from 1977 to 2005 of $10,680. Either way, it's roughly a $12,500 increase in twenty-eight years.
Meanwhile, the richest 0.01% have seen a 465% increase in income.
It's interesting to note that the richest 0.01% experienced 35% income growth in the 1947 - 1977 period despite paying a much higher percentage of their income in taxes than they did in the following twenty-eight year period. With their tax burden significantly reduced, their income growth has skyrocketed to 465%, with little to no "trickle-down" effect -- even as productivity has soared.
It's even more interesting to consider that the greatest income increases in the top-tiers have occurred since 2005, so the figures are even more unbalanced than shown here. Concurrently, the greatest increases in costs borne by middle and lower-tier income earners -- health care, etc. -- have risen dramatically since 2005, even as pensions have been raided, altered, or ended.
Merry Christmas.
...from 1947 to 1977 (thirty years) the income of "median families" in America rose 102%, while the income of the richest 0.01% rose 35%.
...but from 1977 to 2005 (twenty-eight years) the income of median families rose 22% while the income for the highest 0.01% rose 465%.
Which means someone making $46,330 in 1977 would be making $59,398 in 2005 -- that's an increase of only $13,068 in twenty-eight years. Or, if you go with these U.S. census figures, an increase from 1977 to 2005 of $10,680. Either way, it's roughly a $12,500 increase in twenty-eight years.
Meanwhile, the richest 0.01% have seen a 465% increase in income.
It's interesting to note that the richest 0.01% experienced 35% income growth in the 1947 - 1977 period despite paying a much higher percentage of their income in taxes than they did in the following twenty-eight year period. With their tax burden significantly reduced, their income growth has skyrocketed to 465%, with little to no "trickle-down" effect -- even as productivity has soared.
It's even more interesting to consider that the greatest income increases in the top-tiers have occurred since 2005, so the figures are even more unbalanced than shown here. Concurrently, the greatest increases in costs borne by middle and lower-tier income earners -- health care, etc. -- have risen dramatically since 2005, even as pensions have been raided, altered, or ended.
Merry Christmas.
