The rich get richer, the poor get poorer, and nobody does anything about it:
From the AP:
WASHINGTON — The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession.
The top-earning 20 percent of Americans – those making more than $100,000 each year – received 49.4 percent of all income generated in the U.S., compared with the 3.4 percent earned by those below the poverty line, according to newly released census figures. That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968.
A different measure, the international Gini index, found U.S. income inequality at its highest level since the Census Bureau began tracking household income in 1967. The U.S. also has the greatest disparity among Western industrialized nations.
At the top, the wealthiest 5 percent of Americans, who earn more than $180,000, added slightly to their annual incomes last year, census data show. Families at the $50,000 median level slipped lower.
It's amazing that considering that a) President Obama has a very modest proposal that would bring taxes on these wealthiest Americans back to what they were during the comparatively prosperous late 1990s (from 36 to 39 percent), or way less than under GOP presidents Eisenhower (91 percent), Nixon (70 percent) and the first six years of Reagan, including 1984's "Morning in America" (50 percent), and b) Polls show a majority of Americans support keeping tax cuts for the middle-class and this small increase for the wealthy and c) Another poll shows that even two-thirds of those who'd be affected are willing to see their taxes rise for the benefit of the overall U.S. economy....that this doesn't get done.
There's plenty of blame to go around -- the GOP for kowtowing to its billionaire backers like the Koch brothers from the one-third, Gordon Gekko party, the high-def hucksters manipulating middle-class anger in the direction of Mexicans and mosques, and the shameful political cowardice of the Democratic Party. The solution? As the Kinks used to say...you really got me.
Blogger's note: Sorry for the lack of pictures and hyperlinks -- I won't bore you with the reason. The good news is that blogging from regular locations is about to commence, very soon.