NYT- Rich Getting Richer Faster, Much Faster

[uberllama42]

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.

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.

The total income of the top 1.1 million households was $1.8 trillion, or 18.1 percent of the total income of all Americans, up from 14.3 percent of all income in 2003. The total 2005 income of the three million individual Americans at the top was roughly equal to that of the bottom 166 million Americans, analysis of the report showed.

The report is the latest to document the growing concentration of income at the top, a trend that President Bush said last January had been under way for more than 25 years.

Earlier reports, based on tax returns, showed that in 2005 the top 10 percent, top 1 percent and fractions of the top 1 percent enjoyed their greatest share of income since 1928 and 1929.

http://www.nytimes.com/2007/12/15/business/15rich.html?ref=business

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The extra money pulled in by the oligarchs over 24 months is almost one and a half times the total money made by the poor. God Bless America.

[PDJane]

1. So much for the social contract, too............

This movement of assets is quite deliberate. It always is.

It's time for pitchforks and torches again.

[Red Zelda]

2. Agreed

But few would ever do a thing. We are a lazy, stupid, compliant nation of idiots.
Our masters have won.
Just kneel before them and shut up.

[kestrel91316]

3. And this:

[williesgirl]

4. This is *'s only success in 7 years and was his goal all along. rec'd

[Union Thug]

5. K&R - As someone else here said, this has been the plan...

Conservatives are conspicuous in their faux outrage at the idea of redistribution of wealth. Every time they are in control, they very deliberately redistribute wealth upward - without exception.

I can't add anything else except to say yes to the pitchforks, torches and guillotines ideas already submitted.

[bronxiteforever]

6. K & R

we have been here before -

"I now engaged to join with other men
to keep the light alive and specially
to oppose all those who in the name of light
would re-enthrone the darkness and betray
America." John Beecher's depression era poem-"To Alexander Meiklejohn"

[Warpy]

7. There are a couple of caveats here

First, the report is from 2005, and is now outdated. People with US investments have not done all that well in paper profits, especially during the last 3 months.

Second, it doesn't take into account the fall in the dollar. People whose wealth is being measured in dollars have lost the international purchasing value of those dollars to the tune of 60% and I predict it will go to 75% before we get these stupid men out of office. This makes a great deal of difference to people who are seeking investments outside the country.

Their numbers might have gone up until the last 3 months, but they're going down now and aren't worth what they were in 2005, anyway.

[quiet.american]

8. Thanks for the additional perspective. nt

[uberllama42]

9. I saw a chart of the real price of oil last weekend

It said that the price of oil in constant dollars has been dropping for the last four months. The value of the dollar is racing oil to the bottom and winning. By a lot.

[Hydra]

10. And people call Bush a failure

He's done such a good job to his true constituents. Too bad so many of the fundies think it's them...but I supposed he doesn't mind throwing them a bone by making their churches stronger, even as he starves them.

[antiimperialist]

11. Under Clinton the gap grew even faster than under Bush's, according to an independent website

Fact-checking website "Politifact" explains that

The income gap actually grew more during the Democratic Clinton administration than it has during the Bush administration. According to U.S. Census data, the share of income for the wealthiest 5 percent rose from 18.6 percent in 1992 to 22.1 percent in 2000. That’s a jump of almost 19 percent.
During the Bush years, the share of the wealthiest 5 percent has grown from 22.1 percent of total income in 2000 to 22.3 percent last year, a rise of less than 1 percent."

http://politifact.com/truth-o-meter/article/2007/dec/14/PFA_incomegap/

[femrap]

12. K and R

End World Hunger. Eat the Rich.

[classysassy]

13. Buzzards

aren't very tasty.