Quoting President Obama in his January state-of-the-union message, the struggle for a level economic playing field is the “the defining issue of our time”. This article states that the income gap in the United States is getting bigger, even worse than the Great Depression.
The data shows that income gaps reached extremes last experienced in the late 1920s. Currently, the top 10% of American earners brought in 46% of the nation’s salary income in 2007. "The top 0.1% alone earned over 12% of all salary income." Now in 2012, the condition could only be worse. These striking totals capped years of rising inequality. Between 1993 and 2010, over half of all real income gains in America flowed to the top 1%. Even worse, during the current recession since 2007, the income level of the bottom group has been decreasing, unemployment rate has been increasing, which cause the wealth gap augmented.
The tax action could be a way to solve this severe condition, but this piece of news thinks it is very unlikely, or highly depend on the presidential election result.
4 comments:
Isn't it funny that the rich are getting richer while everyone else is struggling? This is the statement of our times
Isn't it funny that the rich are getting richer while everyone else is struggling? This is the statement of our times
I think that this "struggle for a level economic playing field" is a defining issue for any time. It is easy to emphasize what is happening now simply because we can see it with our own eyes. Nevertheless, we should not stop trying to alleviate the gap, no matter what political party is in the majority.
I think this is going to play a major role in the upcoming presidential election. Mitt Romney, the probable republican candidate, is going to struggle with making people believe that he cares about more than just the top 1%. While the majority of Americans are feeling the squeeze of the recession Mitt decided to build a luxury home with a car elevator. Somehow I think this disconnect will not bode well for him.
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