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To: Dallas59
I went and read the "top 5 facts". I could immediately disprove #2. The Congressional Budget Office publishes these figures, back to 1979 (after adjustment for inflation).

The top 1% collected 19.4% of national income, not 24.5% as the article claimed. While that may seem to be a small error, it leaves out something very important: the income for the top 1% tends to be heavily concentrated in capital gains, rather than wage and dividends.

And in case you didn't realize it: those capital gains could have just as easily been capital losses. If you lose your job, your income stops until you get another. If you take a loss on an investment, you end up with less money than when when you started.

Examining the data over the past three decades reveals that the top 1%'s share of national income varies wildly, as the economy goes through boom and bust cycles:

Note that the latest comprehensive data is for 2007. The CBO published this report in June, 2010. They haven't published an update this year that would presumably include 2008.

As you may remember, 2007 was a pretty good year, at least for the stock market. Then, the bottom fell out in 2008.

10 posted on 10/11/2011 4:23:24 PM PDT by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: justlurking

Key thing to keep in mind too is that the Left Liberals Democrat Communist Party speak of “percentage of income” like income is a pie. A finite number. The Left ALWAYS speaks of income this way.

They never express income as a number that can grow and be shared by all who are part of the producers.


12 posted on 10/11/2011 5:17:15 PM PDT by VeniVidiVici ("Si, se gimme!")
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