Report: Top 1% Getting Exponentially Richer

WASHINGTON (WWJ) – In more evidence that the rich keep getting richer, a new report shows income growth for the wealthiest 1 percent of Americans nearly tripled between 1979 and 2007, far outpacing gains for all other income groups.

Michigan Congressman Sander Levin told CNBC the report from the Congressional Budget Office simply confirms what the Americans already know.

“About 55 percent of income growth has gone to the top 1 percent and 88 percent to the top 10 percent while the middle class has essentially been standing still,” said Levin. “That’s why you have, in part, the unrest in this country, because a lot of people feel they haven’t been getting their fair share working hard.”

View a copy of the report (.pdf format) –

Levin said it’s clear that unfair tax policies of the last decade have favored the rich.

“With Wall Street, I think showing that there needs to be some regulation. It can’t run wild as it has in recent years,” he said. “We need to have sensible programs so that everybody bears responsbility. That hasn’t been happening in our country.”

The report is likely to figure in the debate over whether high income earners should pay more to cut the deficit and reduce the national debt.

– More on this story from CBS News –

Comments

One Comment

  1. Jeff says:

    Its all about Job Creation. Right now we are lacking that

    http://www.dailyjobcuts.com
    .

  2. jack says:

    And the rich send and outsource our jobs that we used to have here !!! Our govt does not give a damn about us , only the rich fat cats on wall street…..:(

  3. Mac Roe Econ says:

    The American aggressor capitalist has deep roots in Harvard and other Ivy league institutions. A recent Detroit Harvard genius was GM CEO Rick Wagoner and he squandered GM while making $25 million per year. Currently CEO Gov. Snyder is fostering Chinese business. China will buy our land and take our industry. Also poverty is on the rise in the USA. America has internal economic terrorism.

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Detroit

Best Christmas Light Displays
Best Holiday Drink Ideas

Watch & Listen