This whole gap between the rich and the poor--which, by the way, is more pronounced under President Obama than under President Bush--is something of a statistical anomaly that represents increased wealth for the most prosperous rather than falling living standards for the poor (at least before the Great Recession). A May 2007 CBO study found that from 1994 to 2004, the poor enjoyed the highest percentage increase in their incomes. A November 2007 Treasury Department report found that from 1996 to 2005 the bottom 20 percent of wage earners improved their median income by 109 percent (inflation adjusted),while the top quintile raised its median income a comparatively modest 8.7 percent.
Posted on: Wed, 31 Jul 2013 18:46:05 +0000
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