Above: Wall Street Journal Editor
The Wall Street Journal discovers today (!) that eight years of Bushonomics have been great for the richest 1% and bad for everyone else:
In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation’s adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.
Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years. The group’s share of the tax burden has risen, though not as quickly as its share of income…
According to the figures, the richest 1% reported 22% of the nation’s total adjusted gross income in 2006. That is up from 21.2% a year earlier, and is the highest in the 19 years that the IRS has kept strictly comparable figures. The 1988 level was 15.2%. Earlier IRS data show the last year the share of income belonging to the top 1% was at such a high level as it was in 2006 was in 1929, but changes in measuring income make a precise comparison difficult.
It must be awesome to live in a world where the idea that the Bush economy is massively tilted in favor of the very richest is new and shocking! The rest of us figured that out years ago…
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A grateful nation utters a resounding, "DUH!"
Apparently, there is an entirely separate, unequal world where that patently obvious fact is, as you say, news---to them. We have suffered long and hard because of it, and without the trickle-down portion once promised by the similar Reaganomics of yesteryear.
Posted by Cathi Schafer on July 23, 2008 at 8:10 PM
Posted on July 23, 2008 at 8:10 PM