Here’s just a quick comment on yesterday’s CBO report regarding the income inequality: One of the reasons the lower sectors went up by 18% is because the employer paid premiums were included in the study. If those had been removed, you would see the lower earning parts of the population more stagnant between 1979 and 2007. (I don’t have the figures on how much, but I’ll find them. I did find a report that showed that since 1995, premium contributions nearly doubled. However; that report is from the California Healthcare Foundation and I am unsure if it covers just California or the whole country.)
Anyway, if you want to know why everyone is angry in this country, I think this graph from the Congressional Budget Office Trends in the Distribution of Household income between 1979 and 2007 report says it all.
I saw a comment on one of the news articles on this where the guy actually defended the Top 1%. He thinks they somehow deserve to earn that much more than those on the bottom. That’s his right to believe it, but a lot of the Top 1% are the same guys who ruined our economy and walked away in millions of golden parachute money. (One example: Martin Sullivan – CEO of AIG received $47 million for failing.) What I did find interesting was that he was defending the upper 1% without spelling anything correct. Another commenter mentioned that what they earned didn’t affect him. And, he’s wrong. Companies only have so much to go around. Every dollar that goes into a CEO pocket is one dollar less the company has to put into a worker’s pocket.
The more I read about how the financial crisis happened, the angrier I get. I will be sitting down soon and writing up my own opinion.
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