Wealth gap: A guide to what it is, why it matters
http://finance.yahoo.com/news/wealth-gap-guide-why-matters-083657223.html
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Q. How has the middle class fared?
A. Not well. Median household income peaked in 1999 at $56,080, adjusted for inflation. It fell to $51,017 by 2012. The percentage of American households with income within 50 percent of the median — one way of measuring the middle class — fell from 50 percent in 1970 to 42 percent in 2010.
. . .
Q. Is anything being done to narrow the wealth gap?
A. President Barack Obama has made the issue a priority and wants the government to act to reduce the disparities. The president managed to restore higher tax rates on incomes above $398,350 last year. And he's pushed other steps that might narrow the gap slightly, such as a higher minimum wage. But congressional Republicans say those steps could hurt economic growth and have resisted most such measures.
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(Much of the article was skipped.
And, if you can think, I want you to consider this.
If the government can 'redistribute the wealth', it is
far more likely to redistribute it into the pockets of
the already wealthy than it is the 'rank and file'.)
Zim.
Mad Poet Strikes Again.
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