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S&P: Wealth Gap Is Slowing US Economic Growth - ABC News
The rising concentration of income among the top 1 percent of earners has contributed to S&P's cutting its growth estimates for the economy. In part because of the disparity, it estimates that the economy will grow at a 2.5 percent annual pace in the next decade, down from a forecast five years ago of a 2.8 percent rate.
Adjusted for inflation, the top 0.01 percent's average earnings have jumped by a factor of seven since 1913. For the bottom 90 percent of Americans, average incomes after inflation have grown by a factor of just three since 1917 and have declined for the past 13 years.
S&P challenges the notion that a rising tide automatically will lift all boats:
"A lifeboat carrying a few, surrounded by many treading water, risks capsizing," it argues.
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S&P completely tore apart the bizarre notion that if you shovel enough money to the super rich, they will create jobs because they are the job CREATORS.
S&P points out the importance of education. We know what the GOP feels about education. Rick Santorum spoke eloquently on the worth, or lack there of, of education.
If the middle class doesn't spend, not even the rich are making money the way they could. It's where that wild liberal theory "supply and demand" comes in.
Where does the GOP get the truly bizarre idea that abolishing the minimum wage, ending benefits, like health care, and redistributing the wealth of the nation to the top 1% will be good for the country? It's exactly the wrong thing to do. Did there really have to be a "study"? It's so obvious.
The rising concentration of income among the top 1 percent of earners has contributed to S&P's cutting its growth estimates for the economy. In part because of the disparity, it estimates that the economy will grow at a 2.5 percent annual pace in the next decade, down from a forecast five years ago of a 2.8 percent rate.
Adjusted for inflation, the top 0.01 percent's average earnings have jumped by a factor of seven since 1913. For the bottom 90 percent of Americans, average incomes after inflation have grown by a factor of just three since 1917 and have declined for the past 13 years.
S&P challenges the notion that a rising tide automatically will lift all boats:
"A lifeboat carrying a few, surrounded by many treading water, risks capsizing," it argues.
----------------------------------------
S&P completely tore apart the bizarre notion that if you shovel enough money to the super rich, they will create jobs because they are the job CREATORS.
S&P points out the importance of education. We know what the GOP feels about education. Rick Santorum spoke eloquently on the worth, or lack there of, of education.
If the middle class doesn't spend, not even the rich are making money the way they could. It's where that wild liberal theory "supply and demand" comes in.
Where does the GOP get the truly bizarre idea that abolishing the minimum wage, ending benefits, like health care, and redistributing the wealth of the nation to the top 1% will be good for the country? It's exactly the wrong thing to do. Did there really have to be a "study"? It's so obvious.
