How much richer did the 1% get?
The income of the nation's top earners increased 275% between 1979 and 2007. The rest of us didn't do nearly as well.
This post comes from Seth Fiegerman at partner site MainStreet.
A government report may add fuel to the fire for the Occupy Wall Street protesters.
Households in the top 1% of wage earners saw their after-tax incomes more than double between 1979 and 2007, significantly outpacing each of the other income brackets' growth in wages in those years, according to a report from the Congressional Budget Office released Tuesday. Post continues after video.
In total, after-tax incomes for the top 1% shot up by 275% from 1979 to 2007, the CBO found. Those in the next bracket -- the highest 20% of earners (excluding the top 1%) -- saw their earnings increase by 65%, which is not insignificant but only a small fraction of the gains had at the tippy top.
Meanwhile, wages have been comparatively stagnant at the low end of the income spectrum. The bottom 20% saw their wages increase by just 18% during that 28-year period.
As a result, the CBO found that those in the bottom 80% of wage earners saw their share of the nation's total income decline by 2 to 3 percentage points depending on which bracket they were in, while the top 20% of income earners saw their share increase by 10 percentage points, largely driven by gains among the top 1%.
No wonder the other 99% are so upset.
More on MainStreet and MSN Money:
OK - The reasons for the wealthy becoming more wealthy are -
1. Money talks especially money from the lobbyist (MONEY CHANGERS) in Washington. I might be able to send $25 but I sure can not send $500, $1,000 or more. The BIG MONEY is listened to.
2. Congress members by and large are MILLIONAIRES- - they therefore say they are protecting the middle class, but they are PROTECTING THEMSELVES as they are part of the problem.
Government is not representative of the American populace. It only represents the ones with the most wealth. America has now become the epitome of the elite and wealthy lords and nobles of medieval times. Although, the super-rich do not bear the titles of royalty; they still expect that that situations will always be in their favor just as it was and still is in countries which recognize monarchs. We are inundated with reality TV and news reports which tout the wealth and status of these individuals.
We must rise up before it is too late!!
I guess this all depends upon one's outlook on life. I work, have always worked, sometimes three jobs at a time. For the better part of my life I lived pay check to pay check, struggled financially at times, never really comfortable until recently. I have always paid taxes regardless of how modest my income may have been. Now I learn that 47% of wage earners pay nothing in Federal income taxes. Some actually get tax dollars from the IRS when they have paid nothing in, sounds like another form of welfare. However, many seem to expect everything from the 53% that pay all the taxes. Free tuition, free medical care, free housing, free free free! Many of the "entitled" must be in those rag-tag groups idling away the hours in the "Occupy" protests. They claim to be the "99%", which of course includes all of the 47% of non-payers. The "1%" and most of the rest of us who actually work, don't have time to spend in protests after all. If the protestors were engaged in productive work, they wouldn't have the time to be littering up someone else's neighborhood either.
I have never focused on what others had. I was raised to recognize that there will always be someone who has more money, is better looking, is better at sports etc. than I. I was also taught that I should strive to make the most of the talents that I have and to diligently work to achieve a better life. Maybe I should start a protest that urges these dead beats to go home, get a job, get a life and give me my neighborhood back!
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