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Wealthiest Americans prospered most since 1979, according to government study (AP barf alert)
pioneer pressed ^ | 10-27-11 | ap

Posted on 10/27/2011 4:39:22 AM PDT by WOBBLY BOB

WASHINGTON - The richest 1 percent of Americans have been getting far richer over the last three decades while the middle class and poor have seen their after-tax household income only crawl up in comparison, according to a government study.

After-tax income for the top 1 percent of U.S. households almost tripled, up 275 percent, from 1979 to 2007, the Congressional Budget Office found. For people in the middle of the economic scale, after-tax income grew by just 40 percent. Those at the bottom experienced an 18 percent increase.

"The distribution of after-tax income in the United States was substantially more unequal in 2007 than in 1979," CBO Director Doug Elmendorf said in a blog post. "The share of income accruing to higher-income households increased, whereas the share accruing to other households declined."

The top 1 percent made $165,000 or more in 1979; that jumped to $347,000 in 2007, the study said. The income for the top fifth started at $51,289 in 1979 and rose to $70,578 in 2007. On the other end of the spectrum, those in the 20th percentile went from $12,823 in 1979 to $14,851 in 2007.

The report, based on IRS and Census Bureau data, comes as the Occupy Wall Street movement protests corporate bailouts and the gap between the haves and have-nots. Demonstrators call themselves "the 99 percent."

(Excerpt) Read more at twincities.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: 53; ap; boohoo; cbo; envy; income; inequality; nofair; ows; rich; taxes; wealthy
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AP presstitutes pimpin for their OWS pals again...
1 posted on 10/27/2011 4:39:23 AM PDT by WOBBLY BOB
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To: WOBBLY BOB

The article is accurate.

Let’s see how many corporate pimps show up to refute it.


2 posted on 10/27/2011 4:48:48 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: WOBBLY BOB

How bout a study of congressional net worth over the same period.

As I understand it, Nancy Pelosi has increased her net worth some 2600% since becoming a congressman. Think about what that means. If she entered congress with a net worth of $100,000, she’s worth $26,000,000 today. (As I understand it, she was worth considerably more when she started)


3 posted on 10/27/2011 4:48:51 AM PDT by cripplecreek (A vote for Amnesty is a vote for a permanent Democrat majority. ..Choose well.)
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To: WOBBLY BOB

In other news, fat people have a tendency to gain more weight than thin people, poor people make less money, and pretty girls get more dates.


4 posted on 10/27/2011 4:53:19 AM PDT by RoosterRedux
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To: WOBBLY BOB

I would actually presume it’s true.

Realize that this also implies that the middle and lower classes do worse under socialized society.

The degree of socialism has only increased in this country since 1979.

Even though socialism and communism tout that they improve the lives of lower classes by making things “financially fair”, that is just a b.s. marketing plan.

What really happens is that gov’t gets more and more of the public’s money and that money is doled out as the gov’t sees fit, not the people.

The corruption that ensues actually makes things economically worse for the lower class, in stark contrast to the stated purpose of the collectivist.


5 posted on 10/27/2011 4:53:39 AM PDT by fruser1
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To: WOBBLY BOB

http://www.powerlineblog.com/archives/2011/10/good-news-from-the-congressional-budget-office.php


6 posted on 10/27/2011 4:57:44 AM PDT by ltc8k6
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To: fruser1

-——I would actually presume it’s true.——

wealth is a function of effort ...... laziness yields poverty or at best lower income.

Failure to be educated is a result of laziness and yields low wealth. A choice made to be lazy is hard to overcome and compounds with time


7 posted on 10/27/2011 5:04:53 AM PDT by bert (K.E. N.P. +12 ..posted from the great river road)
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To: KDD
The article is accurate. Let’s see how many corporate pimps show up to refute it. What is there to refute? Looks like everyone is getting richer. Would you be happier if the rich didn't get richer? Does that somehow help the poor?
8 posted on 10/27/2011 5:05:53 AM PDT by RightInEastLansing
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To: KDD

Umm, the wealthiest prosper because they’re wealthy.

Rather than envy what the rich have why don’t you aspire to be one of them. Assuming you’re reasonably bright and ambitious what’s stopping you? You do understand the money bucket has no bottom don’t you?


9 posted on 10/27/2011 5:07:19 AM PDT by dools0007world
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To: KDD

I agree. It is accurate. And it is as it should be.

The wealthy risk their capital and they reap the rewards. The poor spend theirs on big screen tvs, high top sneakers, bling for the car and other useless stuff (drugs, alcohol etc) that they don’t need and that doesn’t pay a return.

The rising tide has lifted the boats of even those who don’t contribute. Why should they be complaining that the people who do the economic heavy lifting are getting the reward?


10 posted on 10/27/2011 5:09:13 AM PDT by John O (God Save America (Please))
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To: fruser1

When I was a kid every gas station was full service. That tells me that there must have been a much greater profit in owning a gas station prior to 1970.

Gas station owners didn’t suddenly become greedy and decide to pocket the money they were paying guys to pump gas. The gas station attendant disappeared because the profit was choked out of the industry. These days, gas stations make virtually no profit off gas and the only reason they have it is to draw customers into the store part of the business.


11 posted on 10/27/2011 5:09:33 AM PDT by cripplecreek (A vote for Amnesty is a vote for a permanent Democrat majority. ..Choose well.)
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To: WOBBLY BOB
A substantial portion of the bottom 20% are dependent on government for supplying their needs. Since the government does, they don't work regular jobs. Thus they have less income. This is clear to anyone willing to look beneath the first level of numbers, which AP isn't.
12 posted on 10/27/2011 5:12:09 AM PDT by 17th Miss Regt
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To: WOBBLY BOB
Peter Ferrara did an excellent job of debunking this type of analysis:

"The Equality Of Reaganomics, And Fallacious Leftist Dissent"

13 posted on 10/27/2011 5:16:54 AM PDT by Vide
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To: KDD
Let’s see how many corporate pimps show up to refute it.

What is there to refute? Why would anyone want to refute it! Its a cause for celebration!

Those in the 20% percentile, that is high-school drop-outs, illegal aliens, sloven drug addicts and other no-achievers saw their incomes rise 18% despite the fact that most can easily be replaced by a robot! That is downright amazing that people who throw their lives away also see after-tax income rise. A rising tide raises all ships.

I am intrigued by your "corporate pimps" slur. Why are wasting your time in Free Republic when you should be browsing Mother Jones, HuffPo, Daily Kos and DU?

So you are sitting in front of a flat screen TV, stuffing your face with convenience foods and beer watching a Charles Schwab 'vert that has interrupted your daily dose of American Pole Dancer. Pause for a moment from hating your fellow American and ask yourself this question. If investing didn't produce any better results than shooting drugs in your arm and waiting for a welfare check, why would anyone risk their money?

If those who applied themselves since grade-school, struggled for their prestigious college degree, networked, built alliances, saved and worked eighty hour weeks, carefully studied the markets and trends and invested accordingly didn't see any benefit that couldn't have been gotten dropping out of high school punching a clock down at the mill and expecting the union to take of all of your life planning needs, why go through all the hassle?

Lets say Aaron and Bob both work down at the plant doing the exact same job at the exact same pay. Every day there is opportunity to work overtime which Aaron does, but Bob punches out and heads to the liquor store to buy booze and lottery tickets. Aaron, instead of taking vacations to Disney or upgrading his depreciating assets every time a new model comes out, plows his money into a REIT or risks it by lending it to a relative who begins what ends up a profitable business. According to you, we should ignore the different inputs and be egalitarian about the results. That is, Bob whose liver cirrhosis keeps him from enjoying much of a pension should have the same multi-million dollar nest egg as his far more productive co-worker Aaron.

If all you are concerned about is a desk job in an air-conditioned office with no stress, physical labor or hassles then become an unarmed security guard. That is the closest thing to a sinecure. But the pay sucks because everyone on the planet can do that gig, but how many people can cut open a stranger's head, pull out a tumor and have the patient wandering around on their own soon after?

The rich get richer because they keep making smart investment decisions. The poor aren't getting poorer no matter what serial F'd-up decisions they make.

That is the bottom line, so why are you bitching? Are you really that well programed by the Communists to Covet your neighbor's goods that you view success as a vice and sloth as noble?

14 posted on 10/27/2011 5:16:59 AM PDT by The Theophilus (Obama's Key to win 2012: Ban Haloperidol)
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To: KDD

This growing disparity is not good for the country. Its bad for small businesses and bad for main street.

Additionally the govt is killing the middle class w inflation, taxes, etc.


15 posted on 10/27/2011 5:19:00 AM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: 17th Miss Regt
A substantial portion of the bottom 20% are dependent on government for supplying their needs.

Unfortunately its not just their "needs" that we're supplying. The so called poor have a lot more extraneous crap than I have. My real luxuries are a $500 camera and high speed internet and I use both to earn money to pay for them.

What I don't have is an Iphone, Ipad, MP3 player, video games, new car, constant supply of new clothes, a couple vacations per year......

Just last night my cousin posted on facebook that she doesn't have money for health care. She posted it from her hotel room in California where she's playing dress up at a gamers convention of some type. She doesn't have money for health care but she has money for elaborate costumes and cross country trips a couple times per year.

I'm really getting disgusted with the selfish greed of the so called poor.
16 posted on 10/27/2011 5:25:48 AM PDT by cripplecreek (A vote for Amnesty is a vote for a permanent Democrat majority. ..Choose well.)
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To: WOBBLY BOB

Can I see the “hours worked per year” numbers for the top 1% and the poor ... that will shed light on the premise underlying this BS article.


17 posted on 10/27/2011 5:34:05 AM PDT by dartuser ("If you are ... what you were ... then you're not.")
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To: WOBBLY BOB

How does this study define “income”?

Do those receiving government aid from the myriad of programs have to declare that as income, or is all that ignored?


18 posted on 10/27/2011 5:38:55 AM PDT by chrisser (Starve the Monkeys!)
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To: WOBBLY BOB

What is the expected outcome in a meritocracy?

Don’t we want the most productive to be the wealthiest and for them to continue to do better?


19 posted on 10/27/2011 5:40:05 AM PDT by SampleMan (Feral Humans are the refuse of socialism.)
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To: KDD

No one bothers to mention the explosion of initial public offerings on the varius stock exchanges. That phenomenon has made many individuals who have led startup corporations very very rich. It has also created millions of new job opportunities.


20 posted on 10/27/2011 5:40:59 AM PDT by Melchior
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To: WOBBLY BOB

And we ought to remember where we were in those good old days of 1979....20% interest rates (if you could get a loan) and a ridiculously (then) high unemployment rate.

Regan’s question is the only good one...”Are you better off now than four years ago?”


21 posted on 10/27/2011 5:42:28 AM PDT by Nifster
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To: The Theophilus

I guess in your world Ronald Reagan didn’t starve the Soviet Union of US trade and Capital, he instead allowed our manufacturing and technology to be wholesale sent there to increase market opportunities for American multi corporations.

You cheer the forces of freedom and free enterprise getting into bed with the Communist Chinese? You must approve of trade deals such as those which allowed the Communists to steal our missile gyroscope technology. Before that acquisition the Commies couldn’t hit a target 1000 miles away. Now their ICBMs with our technology are on a par with our own. And that is but one of many examples.

What is conservative about that? Those who cheer the bottom line above national security and the welfare of fellow Americans are not conservatives. They are traitors...or just plain ignorant. Which are you?

Like I said Corporate pimps put profit above country.

That’s not just wrong, it’s dangerous to our national security.


22 posted on 10/27/2011 6:00:43 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: KDD
First generation immigrant Freeper here. My family got here at the bottom of the poorest quintile and now have risen to the top. Bernie Maddoff was in the top 1% and is now in prison. The division of 20% brackets is pure propaganda as individuals move between brackets, up and down, all the time! American capitalism provides the freedom and opportunity like nowhere else I know!
23 posted on 10/27/2011 6:02:18 AM PDT by outofsalt ("If History teaches us anything it's that history rarely teaches us anything")
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To: outofsalt

Google “wage stagnation”.


24 posted on 10/27/2011 6:05:31 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: WOBBLY BOB

This report has been the entire MSNBC programming schedule.


25 posted on 10/27/2011 6:08:32 AM PDT by Last Dakotan
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To: outofsalt

Mobility has stagnated.

Opportunity has been “out sourced”

http://www.conference-board.org/pdf_free/TCB_CK-009_StratOutsourcing.pdf

American workers are forced to compete with communist prison labor in the job market. Trickle down failed. And here we are.


26 posted on 10/27/2011 6:09:04 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: KDD

What makes you think this has to do with just Corporations? I see no surprise in this. It would be terrible if the rich did not get richer. So what? I hope they do. Unless you think .gov should take more of their money and give it to you. Once you save or make so much money I hope you are always getting richer. Otherwise our market is in the dumps. Let see someone at age 40 thiry years ago made and accumulated 2 million dollars. I hope it has increased at least 400% in thirty years. Unless they were stupid enough to spend every penny and not invest their money. This is pure propaganda for the masses.


27 posted on 10/27/2011 6:10:31 AM PDT by therut
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To: dools0007world
You do understand the money bucket has no bottom don’t you?

Especially if you are a "Too Big To Fail" Bankster.

28 posted on 10/27/2011 6:11:41 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: therut
What makes you think this has to do with just Corporations?

Not just Corporations but their political lackeys in Washington also.

29 posted on 10/27/2011 6:13:43 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: therut

Many people seem stuck on the fear of some sloth eating up their taxes as if the pittance spent on programs for the poor are more then a fraction of what the MIC spends on nation building wars and bringing democracy to places like Libia and Chad. But welfare is not the target is it. Social Security is. That is why the GOP is trying to redefine the program in the public mind as a welfare program. The GOP has gone off the rails.


30 posted on 10/27/2011 6:24:20 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: KDD
You cheer the forces of freedom and free enterprise getting into bed with the Communist Chinese?

I agree with you that we don't share the same ideology.

I may be making the wrong assumption here, but it appears that you value ideology over humanity. I do cheer the forces of Freedom and Free Enterprise bringing untold prosperity to billions of people in Asia. I have traveled enough to know that there is the "Position of the Government" and there is the "Position of the People". When someone says "Iran wants to destroy Israel/US" it is treated as a universal statement of both the people and the government, when in fact it is talking about policies by some rulers, not necessarily the people. And in the case of Iran, its not the people who are itching for a war with Israel or the US - they mostly want to be left alone to pursue their own lives, not further the crack-pot agenda of lunatics who have managed to grab political power.

Dittos with China. "Management" has one set of goals, and that is to pursue the increased power of the State, whereas those in the fields, simply want what everyone else wants, to enjoy more wealth, leisure and personal pursuits.

Ultimately nearly everyone wants to accumulate more wealth and power. We each have our own way of getting there. Those who feel that power is their divine right and have no problem using force and violence to achieve it naturally gravitate to government positions as their vehicle. Lazy deadbeats empower those who promise to steal on their behalf. Those who haven't lost all of their character and virtue understand that Productivity is the key to their goals. Those who are flexible in their ethics will cheat and swindle others, while the honest will buckle down and serve their fellow man in exchange for their prosperity.

This paradigm is universal, its found in all nations, all people and all cultures. What is different is the government and the market environment. There has always been a tension between the oppressive, destructive and parasitic nature of government, and for the span of time, controlling the beast has been the cause of wars and strife. The free market, on the other hand, thrives with less government and is naturally Productive, Charitable and constructive.

In short, government destroys, free markets create.

It is believed by many that if you make the free market strong enough, that it will resist if not actually change oppressive governments. It looks to me, by your posts, that you don't share that belief. I'm not sold on it either, but even if the government doesn't change by the power of the strengthening market, one side benefit is certain - it improves the lives of those who are touched by the free market.

I care far more about people than the number of missile silos. Two generations have passed with numerous leaders of varying moral stability in control of ICBMs. We are all still here. What has indeed happened in the last two generations is that the poverty and squalor that marked the beginning of the 1900s has largely been eradicated at the end of the 1900s. Communism didn't make anyone better, but the Free Markets did, and the remnants of the Berlin wall is now decorative rock around a free person's garden.

I don't really understand the perverse linkage between the wealthy getting wealthier and how I need to be constantly scanning the skies for falling ICBMs from China, but surely you have made the connection - yet I promise I sleep better than you.

It isn't slogans of the Marxists "People Before Profits" or "Profits before People". Its "Let More People Profit".

31 posted on 10/27/2011 6:34:18 AM PDT by The Theophilus (Obama's Key to win 2012: Ban Haloperidol)
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To: WOBBLY BOB

Why is the “non-partisan” CBO coming out with these statistics at this time?


32 posted on 10/27/2011 6:37:02 AM PDT by willk
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To: willk

another Executive Order?


33 posted on 10/27/2011 6:49:37 AM PDT by WOBBLY BOB (See ya later, debt inflator ! Gone in 4 (2012))
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To: FReepers; everyone; All

34 posted on 10/27/2011 6:50:46 AM PDT by onyx (You're here on FR, so support it! Compiling New Sarah Ping List. Let me know if you want on it.)
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To: The Theophilus

The goal of Capitalism is profit.

What is the goal of communism?

For one party the end all be all is the profit.

For the other party(communist)it(capitalism)is merely a means to an end. Our end. You seem to have found common cause with our enemy. Your rationalizations are lame, weak and dangerous.

You really believe a “free market” can exist within the ideology of communism? You are either deluded or you have studied very little political science. China is our buddy?

China Threatens to Use ‘Financial Weapon’ Against America

On Monday, People’s Daily, China’s leading newspaper, stated it was time for Beijing to consider using its “financial weapon” against the United States.

The Communist Party’s flagship publication suggested that the Chinese government “directly link” its purchases of US Treasury debt to Taiwan arms sales and “require” ratings agencies to downgrade the United States in order to force up interest paid to China. China should also “launch limited trade sanctions” against states whose representatives in Congress supportTaiwan. “China-US relations will always be constrained by these people and will continue along a roller coaster pattern if China does not beat them until they feel the pain,” the paper said.

The context for the stinging piece in the party’s self-described mouthpiece may be proposed arms sales to Taiwan, but the general message is clear: China should use its holdings of American obligations to accomplish its many geopolitical aims. “In fact, China has never wanted to use its holdings of US debt as a weapon,” the paper noted. “It is the United States that is forcing it to do so”.

http://visiontoamerica.org/3521/china-threatens-to-use-financial-weapon-against-america/


35 posted on 10/27/2011 6:58:27 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: The Theophilus

36 posted on 10/27/2011 7:08:23 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: outofsalt; All

Agreed! There is large mobility between quintiles; did the the study look at the “share” of income for the top quintile, or did it look at the wealth of the individual members of the top quintile, which changed radically over the last 30 years. Think how many millionaires came out of the original move from mini-computers to PCs in the 1980’s, or the dot.com millionaires of the 1990’s.

A more interesting question would be, “what percentage of the top quintile in 1979 was still in the top quintile in 2009?”


37 posted on 10/27/2011 7:09:38 AM PDT by bt_dooftlook (Democrats - the party of Amnesty, Abortion, and Adolescence)
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To: Last Dakotan

This report confirms what is going on.

The govt is screwing us royally! inflation, bailouts, too much FIRE economy, outsourcing, etc.

The problem is that our policies are a frigging disaster for everyone but people in finance or who work for the Govt. .


38 posted on 10/27/2011 7:11:43 AM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: KDD
The article is accurate.

Let’s see how many corporate pimps show up to refute it.


You are correct. A phenomenal amount of wealth has been stolen from the middle class.

Where the OWS crowd fail is in their solutions, which will only exacerbate the theft and enrich the political eltie.
39 posted on 10/27/2011 7:12:04 AM PDT by algernonpj (He who pays the piper . . .)
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To: cripplecreek
A substantial portion of the bottom 20% are dependent on government for supplying their needs.

Oh, yes. Another thing that AP willfully missed in this is that the Gom't hasn't given them raises keeping up with the cost of livin'. The government is the man keepin' em down!!!

40 posted on 10/27/2011 7:13:41 AM PDT by 17th Miss Regt
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To: bt_dooftlook
There is large mobility between quintiles; did the the study look at the “share” of income for the top quintile,

Tom Sowell and Walter Williams have both published plenty on mobility between the quintiles. They are both libertarian leaning economists but AP will ignore both of them because they are black. Liberal racists.

41 posted on 10/27/2011 7:17:26 AM PDT by 17th Miss Regt
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To: KDD
The article is accurate. Let’s see how many corporate pimps politicians and government employees show up to refute it.

Fixed that for you.

42 posted on 10/27/2011 7:30:28 AM PDT by liberalh8ter
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To: WOBBLY BOB
How many people who were in the Top 1% of earners last year were also there in 1979? ALMOST NONE.

How many in the bottom 10% in 2010 were also in the bottom 10% in 1979? LITERALLY - NONE.

Statistically true. You can look it up.

Factor in - inflation, birth/death, immigration, emigration and these statistics are utterly meaningless economically, but are instead intended to advance political agendas.

43 posted on 10/27/2011 7:32:19 AM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: KDD

Cherry picking numbers isn’t accuracy. Lets see the same analysis for every year and not just the year they believe makes their case.


44 posted on 10/27/2011 7:41:28 AM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
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To: algernonpj

“A phenomenal amount of wealth has been stolen from the middle class. “

The VAST MAJORITY of federal and State spending is on lazy, good for nothing low income and no income types for welfare to buy votes. Corporations had nothing to do with that theft.

No one makes you over spend for homes, cars, credit cards, fashion clothes, fast food and the like.

No one tells you to glue yourself to the boob tube and watch Survivor style soap operas instead of enriching your brain with knowledge to provide a better life for yourself.

No one forces you to vote for the likes of Obama, RINOs, and Democrats that simply tax you more and more to give to welfare recipients and corporate donors.

No one forces you to fail to save or invest money, spending every penny paycheck to paycheck.

Those are the primary bad decisions the middle class makes that keep them where they are. Those they do not do those things usually rise up and do better.


45 posted on 10/27/2011 7:50:07 AM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
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To: CodeToad

Your knock on the middle class is bovine excrement.

In fact your entire post reeks of ignorance.


46 posted on 10/27/2011 8:07:29 AM PDT by KDD (When the government boot is on your neck, it matters not whether it is the right boot or the left.)
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To: GlockThe Vote
There are three factor inputs to any business or economic activity. They are labor capital, and technical expertise.

Undoubtedly free trade with China has destroyed the value of labor.

47 posted on 10/27/2011 8:09:10 AM PDT by Last Dakotan
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To: KDD

You’re just a pissed off little kid that wants everything for free and is jealous that someone else has something that you wanted.


48 posted on 10/27/2011 8:09:42 AM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
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Many thanks to Salamander and Odhinn

Click the pic and donate
or the Doberman gets it!

49 posted on 10/27/2011 8:10:01 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: WOBBLY BOB

I’ve got two very lib sisters who started as peons at a major corporation in the seventies and who are both now worth in excess of a million. Of course, nobody but the rich made any money during the last thirty years. (smirk)


50 posted on 10/27/2011 8:15:58 AM PDT by driftless2
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