Monday, July 30, 2012

The Disappearing Rich

With all of Obama's rhetoric about the rich and successful, you would think that we had a growing disparity between the rich and poor in our society.  But, in fact, studies have proven just the opposite.  During the recession years (2007-2009), the highest class of wage earners in America lost 34% of their income; according to a study conducted by the Congressional Budget Office.

                             Change in after-income tax (2007-2009)

At the same time, those at poverty levels, actually saw their incomes increase by 3%; mostly because of increases in liberal social programs such as food stamps.  Then, too, there was a wealth study done by the Boston Consulting Group (BCG) that found that the number of American millionaires fell by 129,000 in just 2011, alone.

Now, liberals might think that this "wealth redistribution" is a good thing.  But, is it a good thing that all other classes, including the middle class, lose in the process?  Also, think about this: Those losses of income by the nation's wealthiest might just be the reason that our economy is doing so poorly and jobs aren't being created.  If so, it makes no sense to erase even more of the wealthiest incomes through those higher taxes being proposed by Obama; and, through those rich-targeted taxes that are set to occur under ObamaCare in January 2013.

Sources for this blog entry:

CNBC: The Falling Fortunes of the One Percent:

CNN: Number of millionaires see a decline in wealth:

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