<\body> Stories in America: IRS Report: Gap between rich and poor continues to widen

Saturday, October 13, 2007

IRS Report: Gap between rich and poor continues to widen

Politicians and those who've "made it" love saying that people who work hard will reap the benefits of capitalism, thereby implying that those at the bottom aren't working hard enough. This is Capitalist America:
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.


At 10/14/2007 10:05 AM, Blogger nunya said...

Unfortunately, capitalism isn't going anywhere.

The Third Chimpanzee

A bit of regulation would be nice, though, eh?

At 10/15/2007 8:29 PM, Blogger JACK BOO said...

Having just spent some time in China, I'll take good old American capitalism any day.

I couldn't count the number of times I heard the Chinese talk about their "American dream" (to live in America).


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