Thursday, July 24, 2008

Pants On Fire

Charlie cries poor-mouth on behalf of the richest 1% of Americans and claims that they're being "soaked." He even points us toward a Wall Street Journal OpEd to back up the 7 words he managed to string together as commentary.

It appears, though, that even the WSJ could see the underlying impact of the new numbers Charlie snarls about.

In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.

Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years. The group's share of the tax burden has risen, though not as quickly as its share of income.

Even the WSJ can see that this consolidation of wealth is killing the American dream. Wealth isn't being left on the table for the Middle Class to work for anymore. Elitists like Charlie like it that way.

1 comment:

  1. Your flaw is viewing economics as a zero-sum game. Just because "the rich" make money doesn't take from other classes. The economy is more like a garden than a piece of pie.