A new report by the Congressional Budgeting Office finds the following:
CBO finds that, between 1979 and 2007, income grew by:
- 275 percent for the top 1 percent of households,
- 65 percent for the next 19 percent,
- Just under 40 percent for the next 60 percent, and
- 18 percent for the bottom 20 percent.
Actually the bottom 20% hasn’t even kept up with cost of living and inflation. And why does the #OWS movement matter? Take a look at this in graph form, which shows the percentage of income after federal taxes and transfers:
During the period of this study the White House was mostly controlled by the Republican Party. The 2007 data also show the results of the Bush tax cuts, which benefited the top earners far more than anyone else.
If more Americans would take the time to look at the actual numbers instead of listening to talking heads then maybe they would realize that their financial hardship is because of the taxcuts our leaders love giving the rich. We constantly hear the Republican presidential field and Republican leaders say that tax cuts to the corporations and richest Americans will spark job growth, but the fact remains that this dismal job market occurred under these type of tax cuts. The last time we were even close to this the only solution was to raise taxes on this percentile. The President who decided to do that was Ronald Reagan.