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Income inequality growing, what is the solution?

income inequality has been growing for some time, the paper paints a stark, disturbing portrait of wealth distribution in America. Saez calculates that in 2007 the top .01 percent of American earners took home 6 percent of total U.S. wages, a figure that has nearly doubled since 2000.

As of 2007, the top decile of American earners, Saez writes, pulled in 49.7 percent of total wages, a level that's "higher than any other year since 1917 and even surpasses 1928, the peak of stock market bubble in the 'roaring" 1920s.'"

Beginning in the economic expansion of the early 1990s, Saez argues, the economy began to favor the top tiers American earners, but much of the country missed was left behind. "The top 1 percent incomes captured half of the overall economic growth over the period 1993-2007," Saes writes.

Answer Question
 
sweet-a-kins

Asked by sweet-a-kins at 2:59 PM on Aug. 16, 2009 in Politics & Current Events

Level 34 (67,502 Credits)
Answers (38)
  • Despite a rising stock market, largely growing employment and a historic housing boom things were not nearly so rosy for the rest of U.S. workers. This trend, according to Saez, only accelerated during the George W. Bush's tenure as President:

    "...while the bottom 99 percent of incomes grew at a solid pace of 2.7 percent per year from 1993-2000, these incomes grew only 1.3 percent per year from 2002-2007. As a result, in the economic expansion of 2002-2007, the top 1 percent captured two thirds of income growth."
    sweet-a-kins

    Answer by sweet-a-kins at 3:01 PM on Aug. 16, 2009

  • Get someone in office who actually understands economics. Someone like Ron Paul.
    Anonymous

    Answer by Anonymous at 3:08 PM on Aug. 16, 2009

  • Let it happen! I like the fact that this country praises ingenuity, individualism, and forethought. It's either capitalism or the government managing the number of kids you have. Can't have both.
    Anonymous

    Answer by Anonymous at 3:12 PM on Aug. 16, 2009

  • Not to bash, but I have to respond

    "Get someone in office who actually understands economics. Someone like Ron Paul."

    As long as there are people, no matter how poor, they will always be consumers. Economics won't survive if everyone is at the same level. We need the poor for economics to thrive. If not, then there will be inflation beyond belief. This is why the minimum wage needs to be kept low.
    Anonymous

    Answer by Anonymous at 3:17 PM on Aug. 16, 2009

  • I don't care if Bill Gates, Oprah, or others are billionaires, they deserve it. They worked for it. They have created products that people want, and in doing so have created hundreds, if not thousands, of jobs. They pay more in taxes in one year than most people make in a lifetime.

    Rich people are not evil, their income doesn't take away from mine, or hurt me in any way. They buy the artwork my husband produces, which makes it possible for our family to eat. I'm quite happy about that.
    mancosmomma

    Answer by mancosmomma at 3:21 PM on Aug. 16, 2009

  • Oh, another thing. It's the poor who take the positions at Walmart. This why Walmart is so successful, the poor in the U.S. and the poor in China. As long as there are a dime at a dozen poor people, there are more to exploit. The poor are so easy to manage.
    Anonymous

    Answer by Anonymous at 3:23 PM on Aug. 16, 2009

  • The Democrats NEED poor people, or they'd never win any elections! Think about it, the Democratic party's very existence and success depends on there always being people who are poor, or people who feel poor... "victims". Poor people are more apt to depend on the government, and more accepting of the growth of government...and the loss of their freedoms.

    I do agree, though, that Ron Paul would be the best man to fix the economy, though.
    Anonymous

    Answer by Anonymous at 3:24 PM on Aug. 16, 2009

  • It's either capitalism or the government managing the number of kids you have. Can't have both


    What has capitalism gotten us so far? Bubble economy, that's what. China's economy is the best in the world right now.....I would NEVER want that form of government but you can't claim we have a superior path to financial stability because obviously we do not...Shouldn't we look into something different? Or keep doing the same thing with the same results?


    as for Ron Paul, he will go NO WHERE as long as his own party marginalizes him. If THEY give him support, I seriously think he could be a contender for the next POTUS. Without their support, he will get nowhere

    sweet-a-kins

    Answer by sweet-a-kins at 3:26 PM on Aug. 16, 2009

  • ugh...take of that last "though". lol!! :)
    Anonymous

    Answer by Anonymous at 3:26 PM on Aug. 16, 2009

  • as for Ron Paul, he will go NO WHERE as long as his own party marginalizes him. If THEY give him support, I seriously think he could be a contender for the next POTUS. Without their support, he will get nowhere

    That's right, Sweet. The GOP is brain dead. I sincerely think that Ron Paul could have easily beat Obama. All it would take would be putting the two side by side to debate economics. Paul could have run circles around Obama. McCain was a joke from the start, and never stood a chance.
    Anonymous

    Answer by Anonymous at 3:28 PM on Aug. 16, 2009

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