The Center for Budget and Policy Priorities has come out with new figures on income redistribution from the 99 to the 1 percent. Notice in the graph below that income has gone up for the richest, while declining for the 99 percent. That’s what free trade treaties, tax cuts for the rich, and privatization scams have done. Now the US economy teeters on the brink of an economic free fall, held up only by the New Deal, the Great Society programs and the federal deficit. And now Herr Obama of the overrated silver tongue wants to push us in the same direction as his people negotiate the Trans Pacific Partnership, the largest free trade scam ever, as well as a Constitution destroying agent. That pact will redistribute more income from the 99 to the 1 percent by destroying US jobs and jacking up the prices of prices we pay for prescription medicines.
On average, incomes fell by close to 6 percent among the bottom fifth of households between the late 1990s and the mid-2000s, while rising by 8.6 percent among the top fifth. Incomes grew even faster — 14 percent — among the top 5 percent of households.
In 45 states and the District of Columbia, average incomes grew more quickly among the top fifth of households than among the bottom fifth between the late 1990s and the mid-2000s. In no state did the bottom fifth grow significantly faster than the top fifth.
Similarly, households in the middle of the income distribution fell further behind upper-income households in most states between the late 1990s and the mid-2000s.
Click on the link below for the full report from the Center for Budget and Policy Priorities.
Pulling Apart: A State-by-State Analysis of Income Trends–Center for Budget and Policy Priorities
John Hively's Blog: News and Analysis of the War Against the Middle Class 