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Top 1 percent in U.S. saw incomes rise 275 percent in 28 years

Discussion in 'Political Discussion' started by Holy Diver, Oct 26, 2011.

  1. Holy Diver

    Holy Diver Rookie

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    Study: Top 1 percent in U.S. saw incomes rise 275 percent in just 28 years | The Raw Story


    The top 1 percent of earners in the United States saw their average household incomes grow a whopping 279 percent from 1979 to 2007, according to a Congressional Budget Office (CBO) study published this week.

    For the lowest earners, what the CBO described as the poorest fifth of America, average incomes grew just 18 percent in that same period. The middle class — comprised of about three-fifths of Americans — saw incomes grow about 40 percent.




    Eventually...someday....when we all wish upon a star, see a unicorn give birth to a pegasus...The wealth will trickle down


    am I right, conservatives?
  2. Wolfpack

    Wolfpack Banned

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    So wealthy individuals had their incomes increase by roughly a "whopping" 4% annually over the past 28 years. And I'm supposed to be outraged by this because......?

    If my annual income doesn't increase by 4% annually on average for the next 28 years (which means I've roughly tripled my current salary over about a 3 decade time frame) I'll consider my career a failure.

    But I guess you have far, far lower goals for yourself since you are so upset by 4%.
    Last edited: Oct 26, 2011
  3. Drewski

    Drewski Rookie

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    I have raised my income 164% in the last 5 years does that make me bad and evil?

    To your point HD, the level of growth is pretty staggering in the top 1% (not that they should not be able to make whatever they "rightfully" do) . My question would be the same as yours. If people at the top are making X more, why hasnt the general pop seen some of those gains.
    Last edited: Oct 26, 2011
  4. Real World

    Real World Moderator Staff Member

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    People with large, or the largest sums of money, will always increase their income at a high rate. Generally speaking of course. The poor will always have little to no growth for obivious reasons. Look at athlete compensation as an example.
  5. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Obviously a 275% income increase is not enough. We need to give them more money so that they can create jobs.

    As to Drewski's comment, I don't think anyone is saying that income increases are bad or evil. But, we have problems in our economy right now, and many feel we have to pay down our deficit. Part of the reason the deficit has increased is because we cut taxes for the wealthy enormously over the years. 28 years ago, the top tax rate was about 70%. One of the reasons the wealthy have done well is because we haven't paid for things that they benefit from. The fact is that a huge percent of our tax dollars ends up indirectly or directly in the hands of corporations. Food stamp money, for instance, goes mostly to the large supermarket chains, farms, and food manufacturers. Basically, we've been giving out huge handouts indirectly to very wealthy people; now they have to start paying it back.
    Last edited: Oct 26, 2011
  6. Holy Diver

    Holy Diver Rookie

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    HOw long does trickle down take?

    I think its like 40-50 years, so hopefully in the next 20 years or so we can get the 1% of wage "earners" to get even more $$ so when they finally "Make it rain" in 2045 they will have that much more $$ to create those high paying jobs they seem to be sitting on
  7. Drewski

    Drewski Rookie

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    HD, I think these last 28 years sort of prove that trickle down doesnt actually work in a practical sense.

    Yes, in theory, if the top make more, that is then passed on to the next level, and the next etc etc etc. And that is all fine and good right. The hole in the theory is that human beings are the vehicle to get to the next level. There are many more cases where top level guy gets X more, and keeps that to themselves. Human beings as a species are controlled by emotions; Greed and Power are some of them.

    To Wolf's point, 4% is the minimum I look for year over year. If I dont get that (assuming my work justifies that) Im on to the next. My loyalty is to my family and my wallet. Whatever I need to do to support my family is what I will do. If someone else will pay me more for my services, they have em.
  8. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Those numbers coincide with Ronald Reagan and his tired act, and he promised to all of us that it would trickle down...

    I am still waiting..
  9. Holy Diver

    Holy Diver Rookie

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    I think the key thing we are not looking at in "Trickle Down" is the first part...


    Where it says "Trick"
  10. khayos

    khayos Rookie

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    Yeah, let's go back to the Carter years, it was great for everyone!
  11. wistahpatsfan

    wistahpatsfan Rookie

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    [​IMG]
  12. wistahpatsfan

    wistahpatsfan Rookie

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    Especially if you were in the National Guard...:cool:
  13. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Many of the top 1% of income earners in 1979 are retired or dead now.....

    Many of the top 1% of earners now weren't in the workforce in 1979.....ie a 50 yr old now who is in the top 1% was 18 in 1979.....
  14. Holy Diver

    Holy Diver Rookie

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    ummmm................huh?
  15. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    I am an evil dem contributor working at Goldman Sach in 1979. The year is 1979 and I am in the top 1% of income earners.....I am 50 at the time (1979).

    Q: How old am I now?

    A: I am 82, I am retired (or dead) and not working I am no longer in the top 1% of earners.




    In 1979 I am an undergrad at Harvard I am 18 year old finance major.

    Now it is 2011 I am an evil Goldman Sach banker and dem contributor (Geithner and Corzine my old bosses told me to contribute). I am in the top 1% of income earners.

    Q: How old am I?

    A: I am 50 years.



    This is an example of the fact that the top 1% of earners change over time. BTW football players and movie stars have seen their income go up like the top 1% over time. Are they evil?
  16. Wolfpack

    Wolfpack Banned

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    Unfortunately, in some peoples' eyes, it does. They see money as something that society has given you, not something that you've gone out and actually earned.
  17. Wolfpack

    Wolfpack Banned

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    I'm still waiting for someone to explain to me why a 4% annual increase is considered some sort of horrible crime against humanity, worthy of scorn and contempt. :confused: :confused:

    I sure hope I do better than 4% annually over the next 30 years. But I guess HD would be satisfied with far less.
  18. Holy Diver

    Holy Diver Rookie

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    who is getting 4% a year? the middle class?

    275% over the span of 28 years is almost 10%

    People in the general workforce have been making (on average) a 2-3% merrit increase per year if staying in the same job/level. However, more recently we have been seeing pay FREEZES and even people taking a pay cut to keep their jobs/insurance.

    Add to that the growing population NOT in these current figures that aren't working at all, yet the top tier is still raking in the dough at record levels....

    these #s will only get worse.

    still waiting for that trickle down

    anyday now...



    fingers crossed.


    (would It shock you to know I'm a 1%er?)
  19. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #11 Jersey

    In the past, some of you guys seem to have gotten pretty upset at the thought of a union worker, a cop, a firefighter or a teacher getting anything more than a wage freeze or a pay cut.

    Does this mean you've changed your mind?
  20. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    No people are upset at governments going bankrupt because of reckless spending.

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