Census Data: Middle Class Wiped Out by Record Gap Between Rich and Poor
September 28, 2010
(ChattahBox US News)—- New U.S. Census data paints a dismal picture of American society. While the rich get richer, the poor are getting poorer. After 10-years living under the Bush supply-side tax cuts structured to benefit the super wealthy, combined with a deep recession, the income inequality between the richest and the poorest in our country grew to the largest disparity ever last year. This news comes, as Republican lawmakers and some conservative Democrats are pushing for the extension of the Bush tax cuts for the rich due to expire at the end of the year. Do tax cuts for the very wealthy stimulate the economy? No. Do lower taxes for the rich create jobs? Nope. The unfunded tax cuts add to the deficit, while keeping more of the country’s wealth in the hands of a very few. So, why are Republicans screeching for tax relief for the super wealthy? Because those are the constituents they work for, not middle class Americans.
The U.S. Census survey couldn’t be any clearer.
“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 the bottom 20 percent of earners, those who fell below the poverty line, according to the new 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.”
“At the top, the wealthiest 5 percent of Americans, who earn more than $180,000, added slightly to their annual incomes last year, the data show. Families at the $50,000 median level slipped lower.”
The data also shows a growing number of Americans depending on food stamps. And last year, more young people than ever before, delayed marriage plans, because of poverty and unemployment. In 2009, 52 percent of adults 18 and over are married, compared to 57 percent in the 2000 census.
But the good news is that the super wealthy are doing just fine.