12/16/2007

Fast loot nation: the rich getting richer much faster

I call your $383.4 billion and raise you $141.4 billion, said the richest (one) percent of Americans to the poorest twenty percent, using only their pay raises from '03 to '05.

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. (In other words: the richest percent got a pay raise bigger than the pay check of the poorest 20 percent)

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.


No need to panic folks. We know we can rest assured that the wealthy will invest it all into multiplying our outsourced jobs in Asia and buying even more raw materials from undemocratic countries in Africa and elsewhere. Meanwhile the American deficit is $9 trillion. And then they dare say Bush's tax cuts for the superrich are unjustified! Oh, the humanity.

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