The Rich Are Getting Richer Faster, Much Faster

[Tim]

The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans, data in a new report by the Congressional Budget Office shows.
The poorest fifth of households had total income of $383.4 billion in 2005, while just the increase in income for the top 1 percent came to $524.8 billion, a figure 37 percent higher.
The total income of the top 1.1 million households was $1.8 trillion, or 18.1 percent of the total income of all Americans, up from 14.3 percent of all income in 2003. The total 2005 income of the three million individual Americans at the top was roughly equal to that of the bottom 166 million Americans, analysis of the report showed.

You can find this in all the major news sources....

I thought it was quite shocking to read. It shows how fast the divide is growing. This affects us all, because I doubt that anyone on this site is in the top 1%................

 

[All Else Failed]

Yeah, the middle class is disappearing at an exponential rate. The gap between rich and poor is getting pretty damn big.

 

[Peter Parka]

I don't know about the situation in the US but I can see it going on over here in the UK. Whenever the government seem to try and save money, they do it by coming down hard on poor people by making it harder and harder to get their benefits.

 

[juggler]

The divide is so great that the lottery seems to be the only way that ordinary people can bridge it. So the only people who 'need' to play it are those who can least afford it.:confused

 

[Pudding Time]

This is one of the many reasons why I do not like Capitalism.

 

[debbie t]

won a tenner on last weeks and agin on this weeks lottery...stil trying 7 mill

 

[juggler]

14 million to 1 chance.
Hhmmmm Got to like those odds!!!

 

[GraceAbounds]

I'm not rich by man's standards, but I am rich in all the ways that truly matter. No matter if I have a little or a lot I bless others with what I have (love, time, resources) If the majority of the people in this world would live their lives generously the world would be turned around. This has to be a personal choice though - you can't 'make' people not be greedy unfortunately.

 

[Tim]

It's not just about being rich... it's about being able to feed and shelter your family. It's about working hard and being rewarded by having enough savings to weather any unforeseen hardships...

 

[NightWarrior]

It's not just about being rich... it's about being able to feed and shelter your family. It's about working hard and being rewarded by having enough savings to weather any unforeseen hardships...

Which is nearly impossible for most Americans.

 

[Tim]

Well I heard that all the Republican candidates will be handing out boot straps along the campaign trail... That should help

 

[BadBoy@TheWheel]

I think a lot of Americans are more fortunate then they think.

I am not in the 1% by most standards, but to someone who is barely scraping by I am wealthy. It really is horrible that some work so hard to just scrape by. The only thing that is going to fix it is to get control over Washington.

I am very fortunate, blessed in more way's than I can count, I give what I can to those less fortunate, but we as a collective group of Americans need to get our hands wrapped around corporate America having soverign rule here.

 

[Tim]

But seriously I really hope that the next administration works towards fixing this. I am pro capitalism, but I am anti government capitulation. I don't want the government to take away from those who have legitimately earned their wealth, but I want them to stop caving in to the lobbyists who bleed this country dry.
They just passed legislation where the major oil companies will be getting their 14 billion dollar tax cuts... yup, that comes right out of our pockets boys and girls. Take from us, give to them... who needs it more?

It's kinda funny how Bush demanded these 14 billion for the oil companies yet could not support the 3.5 billion for child health care. :dunno who needs it more?

 

[BadBoy@TheWheel]

But seriously I really hope that the next administration works towards fixing this. I am pro capitalism, but I am anti government capitulation. I don't want the government to take away from those who have legitimately earned their wealth, but I want them to stop caving in to the lobbyists who bleed this country dry.
They just passed legislation where the major oil companies will be getting their 14 billion dollar tax cuts... yup, that comes right out of our pockets boys and girls. Take from us, give to them... who needs it more?

It's kinda funny how Bush demanded these 14 billion for the oil companies yet could not support the 3.5 billion for child health care. :dunno who needs it more?

Oh but he said he does have a plan to help the economy without raising taxes.

I think his theory is that if we keep sending troops to Iraq, then we will need more people to work in the factories that make the body bags.

I am ready to finish off this horrific past 8 years and put it behind us, even though we are going to be paying for it for generations.

 

[NightWarrior]

yeah, that is just plain wrong. I'd rather see a flat tax rate for everyone. Throw out all the loopholes, make everyone pay their fair share. You shouldn't get a refund bigger than the amount of taxes you paid in. You also shouldn't get out of paying for taxes either.

 

[All Else Failed]

We just need to turn America into a welfare state, to be honest, like most Scandinavian countries.

Ooooo boy, I bet I just scared a bunch of people on this board when I said "welfare state"! lol

 

[debbie t]

its the result of capitalism working to its best effect

 

[All Else Failed]

Not a fan of capitalism, really. It has its good points, but overall it thrives on poverty to work properly.

 

[debbie t]

poverty is the only essential element to make capitalism work,sadly marxism get cocked up and so is not an effective answer

 

[GraceAbounds]

This is one of the many reasons why I do not like Capitalism.

Capitalism is great until it comes to certain social issues that have to do with life or death situations like health care, heating/cooling to protect from the climate or eating.

Using your skills, your mind, and/or your ideas to make a profit is an honest way to make a living. It is the commercialism/advertising/lying and greed that drives me a bit crazy. But alas I just can't let myself get all in a frenzy over it - I can only make a difference with me and hope that has an effect on others, like my children for example.