//
you're reading...

Deficit Witchhunt

Decades of Divergence.


In its report, the budget office found that from 1979 to 2007, average inflation-adjusted after-tax income grew by 275 percent for the 1 percent of the population with the highest income…By contrast, the budget office said, for the poorest fifth of the population, average real after-tax household income rose 18 percent. And for the three-fifths of people in the middle of the income scale, the growth in such household income was just under 40 percent.

A brand-spankin’ new CBO report concludes what we all already know: Income inequality has surged since 1981, and government, post-Reagan, has consistently failed to address the problem. “‘The equalizing effect of federal taxes was smaller’ in 2007 than in 1979, as ‘the composition of federal revenues shifted away from progressive income taxes to less-progressive payroll taxes,’ the budget office said.” But, hey, let’s sweat that deficit.

Discussion

No comments yet.

Post a Comment

Omsbudsdog Emeritus

Photos on flickr

Recent Tweets

Pinterested

Follow Me on Pinterest 
My Pinterest Badge by: Jafaloo. For Support visit: My Pinterest Badge

Visions



Boyhood (10/10)

Visions Past

Snowpiercer (7/10)
X-Men: Days of Future Past (7.5/10)
The Double (7.5/10)
Blue Ruin (8/10)
Le Weekend (7.5/10)
God's Pocket (6.5/10)
Devil's Knot (5/10)
Under the Skin (7.5/10)
Transcendence (3/10)
Nymphomaniac, Vol. 1 (3/10)
Captain America: The Winter Soldier (8.5/10)
The Grand Budapest Hotel (6/10)
300: Rise of an Empire (4/10)
Robocop (5.5/10)
The Lego Movie (8.5/10)
The Monuments Men (4/10)
GitM BEST OF 2013
GitM Review Archive

Currently Reading


The Weirdness, Jeremy Bushnell

Recently Read

How to Live Safely in A Science Fictional Universe, Charles Yu
The Boys in the Boat, Daniel James Brown
Command and Control, Eric Schlosser
The Goldfinch, Donna Tartt

Uphill All the Way

Syndicate this site:
RSS 1.0 | Atom (2.0)

Unless otherwise specified, the opinions expressed here are those of the author (me), and me alone.

All header images intended as homage. Please contact me if you want one taken down.

GitM is and has always been ad-free. Tips are appreciated if the feeling strikes.

Archives