Top 1% Got 93% of Income Growth as Rich-Poor Gap Widened
http://www.bloomberg.com/news/2012-10-02/top-1-got-93-of-income-growth-as-rich-poor-gap-widened.html
snippet:
‘Dividing America’
Republican nominee Mitt Romney, who was governor of Massachusetts from 2003 to 2007, has said Obama is “dividing America based on 99 percent versus 1 percent.” He calls for cutting government spending and taxes to stimulate job growth, reducing marginal tax rates for all brackets and eliminating the Alternative Minimum Tax and the estate tax.
“The best way to bring more prosperity to more Americans is through economic growth and job creation,” said Andrea Saul, a Romney spokeswoman.
Even as a mending economy generated 4.6 million private- sector jobs since February 2010, almost 40 percent of them were in fields such as hospitality and temporary staffing where the average wage is $15 an hour, according to a report last month by Wells Fargo Securities LLC senior economist Mark Vitner. A broken middle class isn’t just an economic challenge -- it also erodes political stability, said Diane Swonk, chief economist at Mesirow Financial Holdings Inc. in Chicago.
“What is China focused on more than anything? Growing the middle class,” she said.
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