Dear Leaders Tax Cuts Aren’t Working
February 24th, 2006 | by Paul Merda |After a report like this comes out, it is no wonder that a majority of Americans don’t think our current leadership is doing well on the economy. Median family income rose a mere 1.6% from 2001-2004, but average family income dropped 2.3% (adjusted for inflation) in the same period. Average family Net worth rose 6.3%, due mostly to the housing boom, between 2001 and 2004; however, in the period between 1995 and 1998 net worth rose 28.7%. Supply-side economics (dubbed voodoo-economics by Daddy Bush) is working, although it is only working for those who have the most while those that have the least are being left further behind.
This is the continuing story of the rich getting richer,” said David Wyss, chief economist at Standard & Poor’s in New York. “Clearly, the gains in wealth are going to the top end.
One Response to “Dear Leaders Tax Cuts Aren’t Working”
By windspike on Feb 24, 2006 | Reply
Gee Wiz, it sure makes me wish I was at the top end. But even then, I think I would be embarrased. Once you have made your first several million, how many more do you need?