In the American Banana Republic, the income gap is the largest in any industrialized nation. We’re #1!
Census Finds Record Gap Between Rich And Poor
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 recent study showed the rich did not spend their tax cuts creating new jobs. Instead they spent it on travel and bought yachts and other luxury items.
So, go ahead Tea Baggers! Support the tax cut for the rich and help a Big Gas executive by a new yacht.