Jaime, As back-up to your comment, I thought you’d appreciate the following data relative to real family income growth by quintile, 1947-2004.
Between 1947 and 1973, income growth increased for the lowest fifth by 116% and for the top fifth by 84.8%.
Between 1973 and 2000, it increased for the lowest fifth by 12.1%; for the top fifth by 66.9%.
Between 2000 and 2005, for the lowest fifth -7.8%; for the top fifth -0.9%.
Source: Economic Policy Institute, 2008.
In my view, the elitists who presumed the country could withstand indefinitely this degree of grotesque inequalities of wealth and income have been so heavily invested in the status quo as to blind them to the dire consequences that would eventually ensue.
Jaime, As back-up to your comment, I thought you’d appreciate the following data relative to real family income growth by quintile, 1947-2004.
Between 1947 and 1973, income growth increased for the lowest fifth by 116% and for the top fifth by 84.8%.
Between 1973 and 2000, it increased for the lowest fifth by 12.1%; for the top fifth by 66.9%.
Between 2000 and 2005, for the lowest fifth -7.8%; for the top fifth -0.9%.
Source: Economic Policy Institute, 2008.
In my view, the elitists who presumed the country could withstand indefinitely this degree of grotesque inequalities of wealth and income have been so heavily invested in the status quo as to blind them to the dire consequences that would eventually ensue.
Thank-you, Barbara Jo! Nice to have those statistics to support our arguments.