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Please explain how the "trickle down" theory has worked.
What is needed for this Country to prosper is to have a strong Middle Class. Instead, what we see is a growing Plutocracy. An economist advised that on the current path, the US will have a division of Wealthy vs Poor similar to Mexico within 35 years.
December 8, 2007:
Adjusted for inflation, wages have fallen over the last year, from roughly $17.69 last November. And over the past four years, the inflation-adjusted hourly wage has risen by just a penny, from $17.62 in November 2003.
- 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. The gains went largely to the top 1 percent, whose incomes rose to an average of more than $1.1 million each, an increase of more than $139,000, or about 14 percent.
- The new data also shows that the top 300,000 Americans collectively enjoyed almost as much income as the bottom 150 million Americans. Per person, the top group received 440 times as much as the average person in the bottom half earned, nearly doubling the gap from 1980.
- The top 1 percent received 21.8 percent of all reported income in 2005, up significantly from 19.8 percent the year before and more than double their share of income in 1980. The peak was in 1928, when the top 1 percent reported 23.9 percent of all income.