Economics on the small scale

Friday, April 07, 2006

Today's Money Quote


courtesy of Dan Gross in Slate:
The dissatisfaction with Snow [by the Republican leadership] stems from the fact that he doesn't seem to convince enough Americans that it's raining when they're getting pissed on. Sure, the headline figures on gross domestic product, inflation, and the unemployment rate look fine. But median income hasn't budged in several years, and the tax cuts aren't trickling down. The richest of the rich are getting richer. As David Cay Johnston reported yesterday in the New York Times, "more than 70 percent of the tax savings on investment income went to the top 2 percent, about 2.6 million taxpayers." The Federal Reserve Consumer Finance Survey found that between 2001 and 2004, the top 1 percent increased their share of the country's net worth, from 32.7 percent to 33.4 percent. As people who rely on wage income are subject to the slow-motion wage and benefits cram down, Snow—and the Bush administration—have had nothing to offer except health savings accounts, income inequality, and capital gains tax cuts.

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