Income gap widens during recession

Talk about redistributing wealth. The Republicans are masters of the game. What’s worse are the number of Democrats who buy into this scheme. Even worse, some of them are hired to run the US economy in a Democratic administration.

The recession has hit middle-income and poor families hardest, widening the economic gap between the richest and poorest Americans as rippling job layoffs ravaged household budgets.

The wealthiest 10 percent of Americans — those making more than $138,000 each year — earned 11.4 times the roughly $12,000 made by those living near or below the poverty line in 2008, according to newly released census figures. That ratio was an increase from 11.2 in 2007 and the previous high of 11.22 in 2003.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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10 Responses to “Income gap widens during recession”

  1. cereal says:

    This is another reason Republicans encourage high-risk economic activities and loathe any semblance of regulation of same, or a safety net for the peons. Situations like recessions always help to concentrate wealth at the top, funnelling resources from a mass of unprotected, desperate common folks into the well-protected, gilded maws of the elites. It has always been their goal to reinstate the social, economic and moral landscape or mediaeval Europe – basically an entrenched, tiny crust of aristocrats owning and running everything to their liking, and a mass of uneducated, destitute, desperate and powerless serfs below. After all, when the unwashed have the “choice” of starving or accepting work on whatever terms the lords deign to offer, one doesn’t have to worry so much about annoying requests for unions, fair pay, rights, reform, and suchlike.

    Each bubble and bust they ride through brings that goal a bit closer.

  2. zorbear says:

    I find it interesting that no one has yet questioned those numbers. You know, 85% of statistics are wrong…

  3. BeccaM says:

    And so all the talk is about limiting the benefits and phase-in of healthcare reforms, to tax certain benefit plans, and to ensure that every low-wage American has to spend up to 13% of his/her family income (or more, because we know how these things work).

    This, instead of expiring the Bush tax cuts early (95% of which benefited the top 1% of the wealthy), which would pay for everything, with lots left over.

  4. naschkatze says:

    It is dumbfounding indeed. I think many of those poor are the uneducated, religious social conservatives whom the corporatist Republicans rope in by promising to end abortion, integration, gay rights and so on, the evil liberal agenda in their eyes.

  5. JustAnOldLady says:

    My vote goes to “dumbest”…..

  6. *griding my teeth to nubs* And these assholes have the gall to whine about potential tax increases when they alone have profiteered on the backs of real people trying to get by? This “Democratic” administration sure looks an awful lot like a Republican administration where money is concerned…

  7. SCLiberal says:

    I’m always just flabbergasted at the number of poor that defend this system. Americans either have strong masochistic tendencies or are some of the dumbest people on the planet.

  8. SCLiberal says:

    Doesn’t count as welfare either.

  9. Bostonian_Queer_in_Dallas says:

    And we learn today that banks are trading more risky derivatives than last year. Nice. How’d that government bailout work? I can barely pay my bills and my income tax went for this. Nice.

  10. Indigo says:

    Conveniently, the redistribution of wealth up the social scale doesn’t count as a recession.

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