America’s Bottom 90 Percent Has Seen Income Growth Of $59 — So Basically Nothing
Please say it ain’t so! As if us short (way short) of the top 10 percent of Americans don’t have enough on our plates, the harsh reality of our true income growth is here to give us a very rude awakening.
What’s one of the main dreams our parents and grandparents have for us, and future generations? To achieve new heights and accomplish more than they were able to do. It kinda makes sense when you think about it because we have modern technologies on our side and a society (though nowhere near perfect) that allows all of us to attend the same colleges and drink from one water fountain. You would think that in 2013, we’d have a bit more to show for ourselves than former generations. According to economics and tax specialist David Cay Johnson we don’t because we’ve achieved an average income growth of $59.
In 2011 the average AGI [average gross income] of the vast majority fell to $30,437 per taxpayer, its lowest level since 1966 when measured in 2011 dollars. The vast majority averaged a mere $59 more in 2011 than in 1966. For the top 10 percent, by the same measures, average income rose by $116,071 to $254,864, an increase of 84 percent over 1966.
We pretty much knew there was a disparity between the haves and the have nots, but this is a hard pill to swallow. Even though income and tax revenues have increased over the years, only the top 10% of society has seen an income rise worth paying attention to — 149% to be exact.
Johnson doesn’t agree with balancing the budget by raising taxes on the top elite alone so what do you think is the solution? How much longer do you think our society will survive with such a large gap?