In the 1940's the top 1% in Argentina had more than 20% of the national income. Their share in Argentina was more than twice that in the US. Many will be pleased to learn that we have more than closed that gap. The top 1% in the US has taken the lead. They have 24% of the income while the top 1% share in Argentina has dropped to 15%. I'm sure that we are well on our way to increasing our lead, USA USA USA
Even more good news. By extending the Bush tax cuts the top 0.1% will get an average of $370,000 in tax cuts. Our after tax lead over Argentina will be even better.
I read this when it was published and agree fully. This incredible inequity really worries me about the economic and political stability of this country.ReplyDelete
The country is buried in debt, the middle and lower classes are struggling to get by, if at all, while the rich in our society have more money than they know what to do with. Of course, not all of those in the upper brackets agree with the current tax set-up, the point still stands.
I agree. I also believe that it slows growth in the economy. Since the rich cannot spend all of their money they save it in one form or another. What they save must be spent somewhere else in order to have a full-employment economy. But since the gain in income share by the ultra-rich means that middle class share is less, they must finance the spending needed with debt. They are paying down their debt now and the economy is hurting.ReplyDelete