Tuesday, December 18, 2007

Rich And Poor Gap Widens...........Again

The disparity between the rich and poor in the U.S. has widened, reports the Congressional Budget Office. In a “late-breaking” report, the CBO has released income data for 2005: *The total income of the top 1.1 million Americans was $1.8 trillion in 2005, about 18% of the total income of all Americans -- up 4% from 2003
*The top 1% are currently enjoying their greatest share of the national income since 1929
*The increase of the top 1% from 2003-2005 alone outweighed the total income of the poorest 20%
*Nearly half the income of the top 1% comes from “investments.”
Also, for what it’s worth, the total income of the top 3 million Americans was equal to the “other half” of the entire U.S. population. But at every income level, Americans made more in 2005 than in 2003. Most increased their salary by at least 1%, after adjusting for inflation.
Of course, they did.

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