It looks like a New Depression is around the corner.
When most people have less to spend the impact on the economy can be only
one - Depression.
It doesn't happen in one day, but if the trend persists it happens one day.
Jordan
Master of Economics
P.S. this is not a 1st of April joke
----- Original Message -----
From: "Dennis Raphael" <[log in to unmask]>
To: <[log in to unmask]>
Sent: Sunday, April 01, 2007 10:27 PM
Subject: [SDOH] PHA-Exchange> Income Gap in the US is widening
> from "pha-exchange" <[log in to unmask]>
>
>
> > Income Gap Is Widening, Data Shows
> > By DAVID CAY JOHNSTON
> >(excerpts)
>
> > Income inequality grew significantly in 2005, with the top 1 percent of
> > Americans - those with incomes that year of more than $348,000 -
> receiving
> > their largest share of national income since 1928, analysis of newly
> > released tax data shows.
> >
> > The top 10 percent, roughly those earning more than $100,000, also
> reached
> > a level of income share not seen since before the Depression.
> >
> > While total reported income in the United States increased almost 9
> > percent in 2005, the most recent year for which such data is available,
> > average incomes for those in the bottom 90 percent dipped slightly
> > compared with the year before, dropping $172, or 0.6 percent.
> >
> > The gains went largely to the top 1 percent, whose incomes rose to an
> > average of more than $1.1 million each, an increase of more than
> $139,000,
> > or about 14 percent.
> >
> > The new data also shows that the top 300,000 Americans collectively
> > enjoyed almost as much income as the bottom 150 million Americans. Per
> > person, the top group received 440 times as much as the average person
in
> > the bottom half earned, nearly doubling the gap from 1980.
> >
> > Last year, according to data from other sources, incomes for average
> > Americans increased for the first time in several years. But because
> those
> > at the top rely heavily on the stock market and business profits for
> their
> > income, both of which were strong last year, it is likely that the
> > disparities in 2005 are the same or larger now.
> >
> > The disparities may be even greater for another reason. The Internal
> > Revenue Service estimates that it is able to accurately tax 99 percent
of
> > wage income but that it captures only about 70 percent of business and
> > investment income, most of which flows to upper-income individuals,
> > because not everybody accurately reports such figures.
> >
> In addition to rising incomes and reduced taxes, the equation
> > should take into account cuts in fringe benefits to workers and in
> > government services that middle-class and poor Americans rely on more
> than
> > the affluent. These include health care, child care and education
> > spending.
> >
> This all raises serious questions about continuing to provide tax cuts
> > averaging over $150,000 a year to people making more than a million
> > dollars a year, while saying we do not have enough money" to provide
> > health insurance to 47 million Americans and cutting education benefits.
> >
> > The analysis showed that the top 10 percent of Americans collected 48.5
> > percent of all reported income in 2005.
> >
> > That is an increase of more than 2 percentage points over the previous
> > year and up from roughly 33 percent in the late 1970s. The peak for this
> > group was 49.3 percent in 1928.
> >
> > The top 1 percent received 21.8 percent of all reported income in 2005,
> up
> > significantly from 19.8 percent the year before and more than double
> their
> > share of income in 1980. The peak was in 1928, when the top 1 percent
> > reported 23.9 percent of all income.
> >
> The New York Times Company
>
>
> ---
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