AND THE RICH GET RICHER; SO WHAT’S NEW

A headline in today’s News Journal; DELAWARE’S TOP 1 PERCENT CLAIMS ALL INCOME GROWTH. So what else is new, what is awful about the article is income fell to the bottom 99 percent.

The article claims from 2009 to 2012 the top 1 percent of Delaware earners saw income growth of 15 percent.

The bottom 99 percent? Their incomes fell 1.6 percent. The study was based on Internal Revenue Service data of adjusted gross income.

While the bottom 99 percent is not surprised by their shrinking income, I am sure they are not happy about the top 1 percent.

This is not just a Delaware issue. Across the United States, the top 1 percent or earners accounted for 88.5 percent of all income growth from 1979-2012.

Coming out of the recession, from 2009-2012, the bottom 99 percent saw income levels fall 0.4 percent, while incomes of the top 1 percent rose 36.8 percent.

Delaware’s 1 percent reported average income of $863,734 in 2012. The bottom 99 percent had an average income of $46,686.

What really bothers me is the top 1 percent have convinced the bottom 99 percent they don’t need to be taxed any more and that 99 percent are buying into that theory.

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14 thoughts on “AND THE RICH GET RICHER; SO WHAT’S NEW

  1. Real median income for the working and middle class have been stagnant for 30 years and in inflation adjusted dollars, the median wealth today is 20% lower than it was in 1984. Since 2007 median income is down 8% when adjusted for inflation. The great income inequality race began in the 70’s with Nixon taking us of the gold standard. Then Reaganomics, or borrow your way to prosperity, came along as the catapult that truly separated the men from the boys. Sold to the world as growth, the only growth that occurred then, or since, was the wealth of the top 1%, with the top .01% claiming most of the prize. Since 2008 we’ve practiced Reaganomics on steroids. Today economists give it fancy names and made up formulas so you can exalt their wisdom without question. Some even go so far as to call it a recovery, but they never mention exactly who recovered.

    Its true, debt does equal wealth, but only for those who own the debt, control the assets and pay for elections.

  2. It should not matter how much money you make on weather your taxed more than the next guy. That is a bias!! no different the saying blacks should get taxed more the reds!! you make no sense frank.

    • Have you had your head buried in the sand? You haven’t read of the growing difference in the wage scale of the top 1% and the middle class and the shrinking paycheck of the middle class vs the rich. Or the lessening of the buying power by the middle class. You are either blind to those facts, a Republican or in the toip 1%.

  3. so you are saying you agree with the bias, if you make more money you should get taxed more than someone making less money. please explain your reason.

  4. This is all so simple, other than the full court press propaganda, I can’t figure why everyone makes it so difficult.

    The labor of the bottom 99% is a commodity, traded on a global scale, just like oil. As automation and globalization continue to grow, the American standards of wages and wealth for the 99% will continue to fall to a global equilibrium. We have spent 40 years masking the down slope by providing easy credit to anyone with a pulse, allowing the 99% to pretend we still mattered. That all came to an end in 2007/08. Since 2008 the Federal Reserve, along with central banks from many other countries, have pumped tens of trillions of dollars of currency into the world. Those trillions are given, essentially free, to global banks in hopes they will once again open the gates of easy credit allowing us to continue to mask the truth and keep the illusion alive. Only this time, rather than open the credit gates, the banks have chosen to sink those funds into assets including global stock markets, US and other country’s treasuries, oil, real estate, etc. The resulting inflation pushes up these global asset prices, the majority of which just happen to be owned by the top 1%, making the wealthy wealthier and reducing the buying power of everyone else. Since the 1% control the assets, the wealth and the political class, it is unlikely this situation will change any time soon. The 99% are provided just enough sustenance, hand outs and hope to keep them controlled.

    This economic model is not a Republican or Democratic phenomenon. It is global. Obama has stood in front of his teleprompters many times claiming this to be a recovery. Its a sales job. You’ve been swindled…..again.

    • David you saying the economic numbers coming out in retail, wholesale, mfg showing higher numbers are not accurate. You feel the economy is not healthier than then it was 6 years ago? My point is if as you say the 1% are getting wealthier, most of them CEO’s who are making their money off the backs of the working person, why wouldn’t they share a LITTLE of their wealth with higher wages, as Walmart finally has agreed to do?

      • The numbers are an illusion. The economy is not healthier. If anything its much worse. Its amazing what you can paper over with a few trillion dollars. But you to be willing to open your eyes to see it.

        Why wouldn’t they share. LOL. Sounds like my kids when they were four. Mommy he’s not sharing. Money is fungible. It flows where it performs the best. If investing in workers was as profitable as investing in the stock market the minimum wage would be $25. Do you really think Walmart cares about how much the shelf stocker is making? Do you think they are raising wages out of generosity? They saw an impact on their business model. They are able to take a few dollars out of their pocket you made them buying all that Chinese crap, sell the story that they are philanthropic, and walla, you buy more. Its an investment. That’s it.

      • Not praising Walmart, their wage scale still sucks; the point is giving a little back is not going to bankrupt them; they will make this money back and more. Papa John’s owner, a royal asshole in my book, can’t afford healthcare for his employees, threatened lay-offs along with other corporate giants; do you believe giving a little off heir bottom line would ruin any of them?

  5. All the “growth” of the last six years is on the backs of printed money and cheap credit, not the working class. Take away the punchbowl of freebies and the dance ends.

  6. Frank just likes discrimination.. if you work hard become a CEO you should be penalized, He fails to mention that this %1 he refers to pays %80 of the taxes as it stands.

    • I have no love lost for the 1%. Tax em to death. I don’t care. But it won’t solve anything. Besides the fact that taxing 100% of the income of the 1% won’t fill the massive hole in US finances, their money is fungible. If you beat them up over here, they’ll just move it over there. No worries.

  7. I just to kick this dead horse one more time, here is a little light on the economic numbers you mentioned. So far in February, 90% of the data provided missed the concensus targets.

    This data beat the concensus:

    Personal Income
    Nonfarm Payrolls
    JOLTS
    Markit Services PMI
    Case-Shiller Home Pric

    And this data missed:

    Personal Spending
    Construction Spending
    ISM New York
    Factory Orders
    Ward’s Domestic Vehicle Sales
    ADP Employment
    Challenger Job Cuts
    Initial Jobless Claims
    Nonfarm Productivity
    Trade Balance
    Unemployment Rate
    Labor Market Conditions Index
    NFIB Small Business Optimism
    Wholesale Inventories
    Wholesale Sales
    IBD Economic Optimism
    Mortgage Apps
    Retail Sales
    Bloomberg Consumer Comfort
    Business Inventories
    UMich Consumer Sentiment
    Empire Manufacturing
    NAHB Homebuilder Confidence
    Housing Starts
    Building Permits
    PPI
    Industrial Production
    Capacity Utilization
    Manufacturing Production
    Dallas Fed
    Chicago Fed NAI
    Existing Home Sales
    Consumer Confidence
    Richmond Fed

    US Macro data has been falling for months. I suggest you get your financial data somewhere else.

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