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.
About Sharon Wilson
Sharon Wilson is considered a leading citizen expert on the impacts of shale oil and gas extraction. She is the go-to person whether it’s top EPA officials from D.C., national and international news networks, or residents facing the shock of eminent domain and the devastating environmental effects of natural gas development in their backyards.
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Robert Finne says
Wow. Its just like the French Revolution, only in reverse.
The peasants are rioting in favor of the aristocracy.
How true it is! It all started in 1981 under Ronnie Reagan. Then there was a little pause under Clinton–and then it accelerated to a very high speed under Bush2/Cheney & Co. Little or no help now under Obama. Big Gas loves this kind of environment. They still have it made!
Tim Ruggiero says
We're probably going to have to agree to disagree on this one….The wealthy already pay the highest percentage and most of the taxes as it is. I think everyone should get a tax cut, including the wealthy, except for the untold amount of people who get tax 'refunds' every year, but pay nothing into the system.
Our system is backwards- our idiot politicians create and sponsor social programs and who knows how many prok barrel projects to appeal to their own voters, and THEN fight over how it should paid for.
Case in point- how many people reading this right now go out and buy whatever they 'need' and then try to figure out how they will pay for it?
Tim, you really don't know what you are talking about here. Seriously, my friend, stop watching Fox! Watching the misinformation channel is what got you into the mess you are currently in. I know it's hard for you but, dude, just go cold turkey!
My boss has a lower tax rate than I do and he earns 60 times what I do.
Warren Buffet pays less in taxes than his secretary does.
Maybe you see no long range problems with a society that allows such a huge chasm to develop between the rich and the poor but I can see some serious, long-term consequences developing. Think about India and how well that worked for them.
Sure, there are people who are irresponsible with their money. But there are a lot like me who don't buy first then decide how to pay, but rather just do without even when it's very hard.
Tim, come on over to my house sometime. I'd like you to see where I live. You already know how hard I work.
Here. Here is one of my favorite quotes:
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Would you rather have "the rich" not buy a new yacht and have the 20 people at the yacht building company lose a job? I don't see how this helps your cause, there are many conservatives who also want responsible drilling that does not endanger the public heath. Many of them (including myself) have contributed significant monetary gifts to help in this cause. I just don't see how making it a political issue advances the common goal: To end drilling where it shouldn't happen, and make industry responsible where it does.
Go ahead, chew me up and spit me out. 😉
This post is not about drilling, but drilling is absolutely a political issue. If you don't think so, then please call YOUR State Senator then call the FW State Senator and see which response you like better.
I don't care if the guy buys a yacht but I think he should pay more taxes than I do.
Why would I chew you up? I love you. And I am a good multitasker so I can have more than one cause. Helping the working poor rise up is a cause I have worked for long before gas drilling issues.
Warren Buffet pays 17.7% tax rate. His employees pay 32.9%
Even Buffet says that is unfair and unwise. The larger the gap becomes between rich and poor the more abuses the poor will suffer at the hands of the rich.
Dick Head says
Having so many people live in poverty is not a good thing for our society. Most of those living in poverty are children.
Marriages have hit an all-time low while pleas for food stamps have reached a record high and the gap between rich and poor has grown to its widest ever.
New York, Connecticut and Texas and the District of Columbia had the largest gaps between rich and poor.
Homeownership declined for the third year in a row.
More older people are working.
"Income inequality is rising, and if we took into account tax data, it would be even more," said Timothy Smeeding, a University of Wisconsin-Madison professor who specializes in poverty. "More than other countries, we have a very unequal income distribution where compensation goes to the top in a winner-takes-all economy."
We are slipping backward.
Tim, you are SO WRONG! There are so many people out there trying to figure out how to pay for what they need to barely exist in this environment. You are NOT one of those–I know some who are! And TxSharon is correct, stop watching the CRAP of Fox and stop listening to Big Gas stories!
Warren Buffet also is giving away nearly 85% of his wealth to charitable causes (over 30 billion dollars), but why mention that?
Runner Susan says
My greatest fear is that a republican will end up in the presidential office and we will be right back where W and dick put us – where everyone suffers for the rich. It's just not right.
If paying higher taxes will get this country back in shape, then I will do my part. Gladly. If paying higher taxes will give children health care and restore dignity to America so we can function with other countries and keep our own country healthy, on this planet we share, then let it be so and let the healing begin.
Americans are not stupid, but in general we are proven not to be the best thinkers; we believe everything we see on TV and we substitute emotion and gut reaction for thinking.
I did not mention about Buffet donating because I did not know it. It does not surprise me though because he has always been a liberal.
Still he is smart enough to see the injustice and speak against it. He knows that having equity helps our society as a hole. Equity on earning is so important. You know what they say: There but for the grace of God…
That should be whole not hole.
Tim Ruggiero says
I'm not watching Fox, I'm, looking at my own checking account. Bill Gates and Warren Buffett made BILLIONS upon BILLIONS, largely in the U.S. -Their combined efforts in charity largely go to organizations OUTSIDE of the U.S. Gotta solve that AIDS problem in Africa.
All I know is that Christine and I pay a shitload in taxes, and have had enough with the damn spending! If Buffett thinks that his paying a lesser percentage than his secretary is unfair, the U.S. Treasury will gladly accept more money from him.
I state my point one more time- LOWER TAXES FOR EVERYONE, EXCEPT THOSE WHO ARE RECEIVING A TAX REFUND WHO NEVER PUT ANYTHING INTO THE SYSTEM. Stop with the spending. Stop with the multi-billion dollar bailouts-let 'em fail, every one of them. Hang the rest in town square.
My employer is a liberal, yet he continues to pay a number of employees minimum wage, and yet he supports the politicians like Dead Kennedy who want to raise minimum wage. Why must a law be passed to pay your employees more? I don't get it. And true to liberal fashion, the reason Democrats are so supportive of raising minimum wage isn't because they care so much about the poor, it's because every time minimum wage goes up, so does wages of unionized labor. And we all know who the unions love. And we wonder why the automakers are going out of business.
This is not the government Thomas Jefferson and James Madison envisioned. Less government, less taxes, more self-reliance.
The AIDS problem in Africa is huge. Thousands of innocent children die of AIDS and are orphaned by AIDS!!! It's a huge problem that effects our whole planet.
What's wrong with unions? Unions formed to prevent child labor and unions gave us weekends and vacation time. I fracking LOVE unions and if UNT had a union I might get paid a salary that is more appropriate with my level of responsibility.
Do you think it's okay that I work all day and have a staggering amount of responsibility yet I do not earn enough to even pay rent? I make $2200/month! Who can live on that? An apartment in the slums is $800. Then you have a car payment and insurance and utilities and… Have you ever tried to feed a 15 year old boy on what is left? How the #%$&* am I supposed to get him braces, Tim. Do you think my son deserves braces? Or should he be destined to live his life with crooked teeth because his mother didn't…what…work hard enough? Do you think I need to work harder–put in more hours? Is that what Thomas Jefferson envisioned? Exploitation of woman and children???
A law MUST be passed to establish fair wages for the exact same reasons that a law must be passed to rein in out of control drillers. Some people do not possess any morals. Some people are SELFISH and GREEDY and they will never do the right thing. Jeez! I can't believe you don't get that yet. What will it take?
This is my blog and you are in my living room. I'm a loving and generous woman and I will do anything to help you and your family in your situation but do not insult me!
Dick Head says
What she said!
Tim, it's not about you. It's about us. We are all in this together. How does it serve you to support policies that harm your single mother friend and her child? Don't you see that this gas problem you have is caused from the rot in the belly? It's systemic. This country needs a good enema.
That remark about Kennedy is rude and disrespectful.
WTF? You think philanthropy to solve the AIDS problem is a bad thing? Don't you realize what happens in Africa effects us all? There is much suffering in our world because of AIDS and it causes financial devastation. Not very Christian of you.
i guess unfair only happens to tim. what happens to other people happens because they are lazy or irresponsible.
To Anon 3:50,
Did you really mean to make the same argument that industry uses? Jobs, jobs, jobs…
Tim I never did understand you,but on this I do way to go man.The flat tax would fix this everyone needs to pay,no matter what they make.Don't give refunds to people who don't pay any taxes,
To Anon 5:16 above. Flat tax–no way!! That would be worse than what we have now–Rich get richer, and Peasants suffer! Flat tax–just more tea-bagger jibberish!
To anonymous @5:16 PM
Like Exxon-Mobil which had billions in profit and paid no federal tax, but rec'd a credit?