15 August, 2009

The Rich Got Richer

Rich people whining about paying an extra percent or two on taxes should take note of the following:

With everything else going on, the latest inequality numbers from Emmanuel Saez, now updated to 2007, didn’t get much attention. But they’re truly amazing:

That's right. The gap between rich and poor in this country is larger than it was on the eve of the Great Depression.

The top 10% earn nearly 50% of the wages. I do believe they can afford to sacrifice a percent or two for the greater good of the country.

We won't discuss right at this moment how those few came to suck up so much of the nation's earnings. But as for the myth that good, honest, hard work got them to the top, I have just two words: Goldman Sachs.

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