The rich get richer and the poor get poorer?
The long time slogan of the demagogues is “the rich get richer and the poor get poorer.” A new tack on that old slogan is that prices are rising faster than wages. So, if Hillary Clinton, John Edwards and Barack Obama all say it, it’s gotta be true, right?
Turns out, no. In fact, it turns out that the poor tend to get richer and the rich tend to get poorer, according to a ten year study of US income taxpayers released Tuesday by the Treasury Department.
Half the taxpayers in the bottom fifth moved into a higher bracket and the income of that bottom fifth itself increased. Median incomes of all taxpayers increased 24%, after adjusting for inflation, and those in the bottom fifth did even better.
Meanwhile, of the top 1/100th of 1% of taxpayers, the richest 11,700 taxpayers in the country in 2005, 75% dropped into a lower category and the median income of the top group declined.
Of course, don’t expect something like reality to interfere with Democratic demagoguery anytime soon.
[tags]Treasury,income mobility study,demagogue,Democrat[/tags]