Saturday, July 21, 2012
The Falling Fortunes of the One Percent
This is a very interesting article, and from CNBC. I have to start reading Robert Frank a lot move often!
Frank rights, "The presidential election has given us two myths about the rich. First, that their incomes, and income inequality, are at all-time highs. Second, that the wealthy pay less in taxes than ever, and lower taxes than the rest of us.
A recent report from the Congressional Budget Office, however, suggests that both may be false.
Let’s consider income first. Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent. On a pre-tax basis they fell 36 percent in the same period."
In other words, the incomes of the top one percent fell 18 times more than the incomes for the middle class at the start of the recession." Read the entire article here.
Not quite the message being spewed by the Democrats, the Celebrity in Chief, and Integrity Free Media is it?