Tags: 2010 elections, Caroline Heldman, Economy, Fox News, income gap, Occidental College, Republicans, Stuart Varney
According to Stuart Varney and his conservative friends, it is immoral for those who have benefited most to pay higher taxes than those who are scraping by.
(WaPo) The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession.
The top-earning 20 percent of Americans – those making more than $100,000 each year – received 49.4 percent of all income generated in the U.S., compared with the 3.4 percent earned by those below the poverty line, according to newly released census figures. That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968.
Rea Hederman Jr., a senior policy analyst at The Heritage Foundation, a conservative think tank, agreed that census data show families of all income levels had tepid earnings in 2009, with poorer Americans taking a larger hit. “It’s certainly going to take a while for people to recover,” he said.
Is this really the kind of morality American stands for?
(CAP) The “Pledge to America” budget would mean $11.1 trillion in deficits over the next 10 years. By 2020, the federal budget deficit would be 6.3 percent of gross domestic product, the federal debt would exceed 93 percent of GDP, and interest payments on the debt would be more than $1 trillion a year. The budget deficit would be about $200 billion larger in 2020 under the “Pledge to America” plan than it would be under President Barack Obama’s budget, and over the next 10 years deficits would be $1.5 trillion higher than under the president’s budget.
The substantial increase in deficits under the “Pledge to America” budget are due to the significant tax cuts that come from extending all expiring tax provisions and the implementation of several new tax cuts.
Voting Republican in November will guarantee that your life — unless you are one of the super rich — continues to be worse every year.
UPDATE: Matthew Yglesias points us to a chart showing actual distribution of wealth, what people think the distribution of wealth is (“estimated”) and what people believe to be the ideal breakdown. Is it any wonder that economic policy in this country is so heavily weighted toward those who own the most?