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The Nation's Talent Is Concentrated in The Top 1% of the Population

US Politics & Gov't  (tags: income, inequity, disparity, wealth, distribution, IRS, bush, skills, gaps, poor, class, worsening, fortunes )

- 3904 days ago -
The richest one percent of Americans earned a postwar record of 21.2 percent of all income in 2005, reflecting a widening income disparity among different classes in the nation, the Wall Street Journal reported, citing new IRS data.

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Sam H (410)
Friday October 12, 2007, 7:03 am
In Case The Story Disappears!

IRS says rich getting richer: report

October 12, 2007

NEW YORK (Reuters) - 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.

Sam H (410)
Friday October 12, 2007, 7:13 am
bush attributed income inequality to "skills gaps" among various classes of the people. He did not cite, however, the "skills" of the top 1% of the population that enabled them to appoint a pResident "skilled" enough to design tax cuts tailored to the richest 1% of the population. Stealing from the poor to give the rich must be the "skill" he's talking about!

Eleanor B (909)
Friday October 12, 2007, 10:07 am
Gosh we just don't appreciate them, do we? Takes so much skill to inherit millions and billions!

MsR S (189)
Friday October 12, 2007, 1:25 pm
I'm at the bottom 21.2% on the income scale and my savings earn 1%, (on a good day) after discounting for inflation, fees, xtra taxes...
Obviously, I don't feel like I'm making progress.
After much analyzing, I've decided that I should just say Yes! to all the credit card & credit offers, go out & live it up until they catch up w/ me...
Or, I can join the Marines and "volunteer" for a job as servant to one of the top 1% "man-boss"(Paul Brenner comes to mind as a past example), who are making 21.2% on their investments. Obviously, they were born more qualified than I, by virtue of their high birth. Uh... a few 000s added to my 0s wouldn't add to any figure that'd impress anyone...
Marrying one of the privileged ones comes to mind, too, but (alas!) I'm too old for that - no chance of being a trophy wife...
Oh, I get it! Maybe I can ask the CIA or FBI for some drugs. They'll make me not give a fiddle stick about anything!
See, I'm very "skilled" about solutions... Will somebody give me a chance...?!
Like Janis Joplin, I sing every day: "Oh God won't buy me a Mercedes Benz...My friends all drive Porches, I must make amends..." She didn't know ... she just didn't have the "skills" for it. She took the drug solution.

Jennie B (14)
Friday October 12, 2007, 2:59 pm
Oh, well, Bush appreciates them only because he is of THEM, and he doesn't know one of US if he trips over US. His nose quivers like his stuck up mother's when he thinks a commoner has come within his radar without permission. He has US arrested if we don't agree with THEM and wear an opposed message T-shirt to HIS news conference. He laughs with THEM about US -makes stupid jokes about how much better THEY are than US because he knows how to talk to THEM, but US? that's just pretend good ole boy talk-it worked enough to get US (some of us, not this one) to VOTE for him, but he's a FAKE just like THEM, and doesn't know REAL from FAKE because he is ONE of THEM. I say we CLEAN HOUSE, SENATE, and WHITE HOUSE of THEM and put ONE OF US-John Edwards and OBAMA in so THEY have to EAT DIRT and see how it tastes. Noted.

Barbara Tomlinson (431)
Friday October 12, 2007, 3:09 pm
Paris Hilton is extremely skilled....... I didn't know!

Blacktiger P (247)
Friday October 12, 2007, 3:47 pm
stop paying taxes!

Blue Bunting (855)
Friday October 12, 2007, 10:32 pm
They got that wrong .. . the nation's MONEY is concentrated in the top 1% of the population.

Stephen Hannon (203)
Saturday October 13, 2007, 6:01 am
Noted thanks Sam. Now I know the reason I'm so damn poor.

Kevin Carty (10)
Saturday October 13, 2007, 7:41 am
With the FEDERAL RESERVE BANK making all of the political decisions in this country its no wonder. Bush didnt just think up the tax cuts, they were pushed by the FRB as a way to concentrate power and money into there pockets. It doesnt matter who is in office Democrat or Republican the country is run by the FEDERAL RESERVE BANK and thats all there is to it. They are behind the push to give amensty to the illegal aliens, the insane tax cuts designed for the very rich on capital gains is what has driven the disparity since they all make there money from capital gains. The rich pay less tax in this country then someone making the median income and it is soley due to the lack of tax on capital gains and the government told us it was to help the middle class who have a tiny portion of there WEALTH in stocks or bonds. What a joke . A national campaign to do away with the FEDERAL RESERVE BANK like John Kennedy wanted to do before he was killed tryed to do is what this country needs otherwise it is only going to get worse. Its amasing that FORBES top 400 went from being just millionaires to super billionares in less then 20 years because of this PRIVATE GROUP OF ELITE FAMILIES that have no business dictating politics in this country. OUTLAW THEM THEY ARE ROBBING US BLIND BECAUSE THEY THINK WE ARE STUPID!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Summer Daze (162)
Wednesday October 17, 2007, 12:56 pm
Who didn't know that? Still goes on tho. So far...we are still poor. And they are STILL the RICH SUPER BILLIONAIRES. It's a secret.....sssshhhhhh. I don't think there is any way to stop it. Well, maybe ONE way. But who has the B*LLS to do that? They are the dictators of our politics tho....and have been for YEARs...and YEARs....and YEARs. And the Sheep.....just stay out in the pasture and eat.....
I agree RZ, Jennie, and Stephen! Great POST Sam!
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