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Decades of tax cuts on the rich continue to take their toll

More compelling evidence this morning that decades of slashing taxes on the rich and disinvesting in essential public structures and services is taking a terrible toll on the U.S. economy.

This is from an A.P. story on WRAL.com:

WASHINGTON — The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession.

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.”

One Comment


  1. Joe Ciulla

    September 28, 2010 at 8:12 pm

    If only we could go back in time and repeal the Bush tax cuts. Ten years ago we had a balanced budget, now we cannot afford the essential public structures and services you mention. And I don’t think now is the time not to extend those cuts. 2 years out of office and Bush is still screwing the country.

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