While the Bush Administration continues to claim that their tax cuts have benefited average Americans, the real result of the Bush economic policy has been to exacerbate the shameful gap between the super-wealthy and the rest of Americans,a new study demonstrates. The New York Times reports:
Income inequality grew significantly in 2005, with the top 1 percent of Americans — those with incomes that year of more than $348,000 — receiving their largest share of national income since 1928, analysis of newly released tax data shows.The top 10 percent, roughly those earning more than $100,000, also reached a level of income share not seen since before the Depression.
While total reported income in the United States increased almost 9 percent in 2005, the most recent year for which such data is available, average incomes for those in the bottom 90 percent dipped slightly compared with the year before, dropping $172, or 0.6 percent.
As a general rule, phrases about economic policy like "since before the Depression" are frightening indicators. How much longer can Republicans convince voters to vote not only against their own economic interests, but the general interest of the nation?