Guess what? The rich are getting richer!!!!

[techs]

http://news.yahoo.com/s/nm/20071012/bs_nm/irs_income_dc

The richest one percent of Americans earned a postwar record of 21.2 percent of all income in 2005, up from 19 percent a year earlier, reflecting a widening income disparity among different classes in the nation, the Wall Street Journal reported, citing new Internal Revenue Service data.

The data showed that the fortunes of the bottom 50 percent of Americans are worsening, with that group earning 12.8 percent of all income in 2005, down from 13.4 percent the year before, the paper said.

It said that while the IRS data goes back only to 1986, academic research suggests that the last time wealthy Americans had such a high percentage of the national income pie was in the 1920s.

The article cited an interview with President Bush, who attributed income inequality to "skills gaps" among various classes. It said the IRS didn't identify the source of rising income for the affluent, but said a boom on Wall Street has likely played a part.




But, But,,,,,I can show you a few hundred posts in this forum that say the opposite. And they can quote right wing wacko websites..........
Interesting how the Bushies have taken us back to the 1920's

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See locking post at the end

Senior Anandtech Moderator
Common Courtesy

 

[EagleKeeper]

If the income of the poor increase, how can they be getting poorer?

The available wealth is not fixed - it can grow.

Are you now learning economics from the master, McOwen?

 

[ayabe]

Originally posted by: EagleKeeper
If the income of the poor increase, how can they be getting poorer?

The available wealth is not fixed - it can grow.

Are you now learning economics from the master, McOwen?

Inflation my friend - which for the past five years or so has been outpacing real wages for normal people.

 

[dyna]

I did start out making 6.25 an hr and now I make a lot more after going to college.

 

[StageLeft]

This is stupid. If we're looking at income disparity, it's totally superfluous to say the rich are getting richer while the poor get poorer, since all we're looking at, myopically, is percentages. The real value here is to note that the rich are getting richer because they have more money (who cares what piece of the pie they get, since wealth can grow as eaglekeeper said) but also that the poor are getting richer because THEY have more money, too.

How is it possible that the poor are getting poorer if by many standards we have more dispoable income than we used to? People cry that they cannot live on one salary anymore, but the fact is, houses are much bigger than they were forty years ago and people are able to afford vacations that they couldn't before.

How many countries exist in which it's the poor who are the fattest? America is top of this pyramid. If only the poor in Nigeria could be so lucky.

 

[TheSlamma]

You and Dave need to stop looking at the gov as the problem when the people are in complete control.

Just because the banks were dumb enough to loan people absured mortgages doesn't mean people should have applied for them.

Same exact thing goes for credit cards and the like, people don't know their limits and they spend beyond their means for instant gradification. I have a credit card where the bank just keeps increasing my limit and it's never even come within a fraction of the limit and always been paid off at the end of each month. I don't look at it as a license to spend, instead I do what the rich bankers don't want me to do... I make TRIPLE payments on my Mortgage. I am ontrack to payoff my home loan within 4 years. This means no extra money for those rich bankers.... all in the power of my hands... and yours too if you can spend responsibly.

 

[RightIsWrong]

Originally posted by: Skoorb
This is stupid. If we're looking at income disparity, it's totally superfluous to say the rich are getting richer while the poor get poorer, since all we're looking at, myopically, is percentages. The real value here is to note that the rich are getting richer because they have more money (who cares what piece of the pie they get, since wealth can grow as eaglekeeper said) but also that the poor are getting richer because THEY have more money, too.

How is it possible that the poor are getting poorer if by many standards we have more dispoable income than we used to? People cry that they cannot live on one salary anymore, but the fact is, houses are much bigger than they were forty years ago and people are able to afford vacations that they couldn't before.

How many countries exist in which it's the poor who are the fattest? America is top of this pyramid. If only the poor in Nigeria could be so lucky.

I'm going to go out on a limb here and guess that you haven't looked at how individual debt ratios have rapidly increased over the last decade. You want to know how the poor are "getting richer", the real answer is that they aren't. They have just taken the lead from Washington and adopted the Reagan/Bush/Conservative mantra of "Deficits don't matter". Unfortunately, they do.

I do agree that our poor is better off than Africa's poor.

 

[kevnich2]

If an earner's wage doesn't go up according to inflation, they have less available income to buy things with. Yes, their income itself has gone up, but it has increased less than inflation so they pay more for products. The rich get richer....the poor get poorer. It's just a matter of getting yourself into a position where you're not poor. A lot of poor people that I've seen, sorry to say but could get out of it if they actually worked a little and tried (move to a different area, go back to school, etc). Some people in my own family are poor simply because they're lazy and want to mooch off the government. Which means me as a taxpayer are paying for them to sit at home and drink beer and do drugs all day.

 

[techs]

Originally posted by: RightIsWrong

Originally posted by: Skoorb
This is stupid. If we're looking at income disparity, it's totally superfluous to say the rich are getting richer while the poor get poorer, since all we're looking at, myopically, is percentages. The real value here is to note that the rich are getting richer because they have more money (who cares what piece of the pie they get, since wealth can grow as eaglekeeper said) but also that the poor are getting richer because THEY have more money, too.

How is it possible that the poor are getting poorer if by many standards we have more dispoable income than we used to? People cry that they cannot live on one salary anymore, but the fact is, houses are much bigger than they were forty years ago and people are able to afford vacations that they couldn't before.

How many countries exist in which it's the poor who are the fattest? America is top of this pyramid. If only the poor in Nigeria could be so lucky.

I'm going to go out on a limb here and guess that you haven't looked at how individual debt ratios have rapidly increased over the last decade. You want to know how the poor are "getting richer", the real answer is that they aren't. They have just taken the lead from Washington and adopted the Reagan/Bush/Conservative mantra of "Deficits don't matter". Unfortunately, they do.

I do agree that our poor is better off than Africa's poor.

Yay! Our poor are better than Africa's poor. There's something to be proud of.

 

[TheSlamma]

Originally posted by: RightIsWrong
I'm going to go out on a limb here and guess that you haven't looked at how individual debt ratios have rapidly increased over the last decade. You want to know how the poor are "getting richer", the real answer is that they aren't. They have just taken the lead from Washington and adopted the Reagan/Bush/Conservative mantra of "Deficits don't matter". Unfortunately, they do.

So it's Washingtons fault these people have increased their credit spending? Explain...

 

[Capitalizt]

The rich are getting richer? Income gap growing? WHO FARKING CARES? Why should anyone give a F*CK what anyone else makes? Mind your own business and stop whining like an 8 year old.

 

[dmcowen674]

Originally posted by: ayabe

Originally posted by: EagleKeeper
If the income of the poor increase, how can they be getting poorer?

The available wealth is not fixed - it can grow.

Are you now learning economics from the master, McOwen?

Inflation my friend - which for the past five years or so has been outpacing real wages for normal people.

The righties will never admit to such truths.

They live on false statistics and wars to prove their lies.

 

[CADsortaGUY]

Originally posted by: EagleKeeper
If the income of the poor increase, how can they be getting poorer?

The available wealth is not fixed - it can grow.

Are you now learning economics from the master, McOwen?

Shhh.... don't break that bubble they live in. It keeps them happily ignorant.

 

[piasabird]

It is a convenient lie to say only right wingers are rich. It is just bigotry.

 

[1EZduzit]

Originally posted by: Capitalizt
The rich are getting richer? Income gap growing? WHO FARKING CARES? Why should anyone give a F*CK what anyone else makes? Mind your own business and stop whining like an 8 year old.

If there's anything I hate it's that loud whiny noise when it's coming from the people who have it the best in this country. They are the ones acting like 8 year olds, and very spoiled ones at that.

 

[TheSlamma]

Originally posted by: dmcowen674

Originally posted by: ayabe

Originally posted by: EagleKeeper
If the income of the poor increase, how can they be getting poorer?

The available wealth is not fixed - it can grow.

Are you now learning economics from the master, McOwen?

Inflation my friend - which for the past five years or so has been outpacing real wages for normal people.

The righties will never admit to such truths.

They live on false statistics and wars to prove their lies.

LOL, look who is talking.

 

[jonks]

I love how everyone looks at the same statistics and has completely different opinions about what they indicate based on their political leanings.

 

[dyna]

I do believe corporate executives take way more than their fair share from companies. I think its BS that congress will raise taxes/cut benefits and then give themselves a pay raise. I think too many people get away with insider trading. Why does a stock always go up before the news gets out. hmmm. Those are things I despise.

But if somebody takes risks, sacrifices their free time and earns more money...don't bitch that they might have a BMW and you have a Hyundai.

 

[yllus]

Oh no, richer? They must be doing something illegal, or taking what's not deservedly theirs! Get the pitchforks!

 

[theeedude]

That's why we need more progressive taxation.

 

[spidey07]

This is fabulous news really. If you want to succeed in life the rewards are there just waiting for you.

If you're lazy, you'll be poor.

 

[imported_Shivetya]

so those who risk the money they have by investing in other Americans are seeing a payoff.


Whats wrong with that?


Love the twist on words, so the claim is that the data shows the bottom 50% getting poorer? ISN'T THAT WHATS TO BE EXPECTED IF YOUR SPLITTING IT DOWN THE MIDDLE?

Sheesh, what idiocy, if the top 50% are doing better.... its like DUH!


Whats funny is they think their is a problem with the bottom 50% earning less of the income. The real question should be, ARE THEY MAKING MORE MONEY?


I don't care what their share of the total income in the US is. I want to know, are they making more now than before. If so, where is the problem?


Face it, not everyone gets to play major league ball. So why aren't we crying about all the people disenfrachised from that? What about the fact that not everyone gets to be a movie star? Just as not everyone can be a CEO (limited number of jobs out there, requires lots of work and iniative) or a highly paid funds trader (lots of smarts, long time to get to the position)


This is crass class warfare at its best. Basically if someone is doing better than you its wrong. Got to love that loser mentality

 

[theeedude]

I guess we can all celebrate the return of the roaring 20s. Those of us who like the era itself, and those of us who like the nice big social programs its aftermath brought in

 

[Pabster]

Originally posted by: techs
Yay! Our poor are better than Africa's poor. There's something to be proud of.

Actually, it is. The USA has the highest standard of "poor" living around. Only here in the USA does "poor" mean owning a Plasma TV, getting fat on McD, et al.

 

[Pabster]

Originally posted by: piasabird
It is a convenient lie to say only right wingers are rich. It is just bigotry.

Particularly when you look at George Soros, the left's big funds man.