Income Gap Sky Rocketing

by Ben Cohen

When you have a massive recession, use the majority of tax payers money to bail out rich bankers, and leave the poor to their own devices, you get this:

The recession has hit middle-income and poor families hardest,

widening the economic gap between the richest and poorest Americans as

rippling job layoffs ravaged household budgets.

The

wealthiest 10 percent of Americans — those making more than $138,000

each year — earned 11.4 times the roughly $12,000 made by those living

near or below the poverty line in 2008, according to newly released

census figures. That ratio was an increase from 11.2 in 2007 and the

previous high of 11.22 in 2003.

Household income

declined across all groups, but at sharper percentage levels for

middle-income and poor Americans. Median income fell last year from

$52,163 to $50,303, wiping out a decade’s worth of gains to hit the

lowest level since 1997.

Poverty jumped sharply to 13.2 percent, an 11-year high.

According to the Republicans however, giving rich people more of their money back and slashing entitlements is supposed to be good for everyone. It’s a shame that the statistics don’t back that claim up, but then truth has never been a big part of conservative ideology.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.