Over two decades (Since Reagan), the income gap has steadily increased between the richest Americans, who own homes and stocks and got big tax breaks, and those at the middle and bottom of the pay scale, whose paychecks buy less.Take a look at Bush calling his base, the Haves and the Have Mores while I vomit. Thanks Doomocracy for providing video clip.
The growing disparity is even more pronounced in this recovering economy. Wages are stagnant and the middle class is shouldering a larger tax burden. Prices for health care, housing, tuition, gas and food have soared.
New government data also shows that President Bush’s tax cuts have shifted the overall tax burden to the middle class from the wealthiest Americans.
More than a million jobs have been added back to the 2.6 million lost since Bush took office, but they pay less and offer fewer benefits, such as health insurance. The new jobs are concentrated in health care, food services, and temporary employment firms, all lower-paying industries. Temp agencies alone account for about a fifth of all new jobs.
Three in five pay below the national median hourly wage — $13.53, said Sung Won Sohn, chief economist for Wells Fargo.
On a weekly basis, the average wage of $525.84 is at the lowest level since October 2001.
Monday, August 16
Widening Gap Between Haves and Have-Nots