This rather shocking chart (from an article by David Cay Johnston, an expert on tax law at the Syracuse University School of Law, at tax analysts.com) reveals the truth about income growth in the United States. Measured in 2011 dollars, the vast majority of Americans (the bottom 90%) have gotten an average growth in income of only $59 dollars.
According to Pulitzer Prize-winning journalist David Cay Johnston, most Americans, in inflation-adjusted terms, are now back to the average income of 1966. Shockingly, from 2009 to 2011, the top 1 percent got 121 percent of the income gains while the bottom 99 percent saw their income fall.
As if to underscore this theme, it was revealed last week (by David Cay Johnston, a Pulitzer Prize-winning former reporter for The New York Times), that the incomes of the very highest earners in the United States, a small group of individuals hauling in more than $50 million annually (sometimes much more), increased fivefold from 2008 to 2009, even as the nation was being rocked by the worst economic.
This is a great article by David Cay Johnston. Read it, weep, but plan to promote the right economic ideology to permanently slap down the fake idea that trickledown works. Donald Trump’s tax cut for the rich and the corporations they control is turning out to be a bust for the American economy.
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· Monday Focus for July 21, 2014 | Washington Center for Equitable Growth * Afternoon Must-Read: David Cay Johnston: State’s Job Growth Defies Pessimistic Predictions After Tax Increases | Washington Center for Equitable Growth * Afternoon Must-Read: Ray Fisman: Sweden School Choice | Washington Center for Equitable Growth * **Nick Bunker.
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By David Cay Johnston, DC Report @ Raw Story – Commentary How would you like to take on $300 more debt every month for as far as the eye can see into the future? Thanks to Donald “I’m the King of Debt” Trump, our federal government’s debt is rising much faster than under President Barack Obama despite Trump’s frequent assertions that the economy is much better now that he is in the White House.
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