LJWorld.com weblogs Loyal Opposition
Winners and Losers.
A recent NYT published article reported that median family income today is the same in real terms as median family income in the early 1990s. The median family’s net worth has declined by 40% from $125K to less than $80K over the same period. The gains of a generation have been lost. What is also noteworthy is that the article goes on to report that it is the middle 60% of us that are feeling that pain (Income between $20K and $100K per household). Apparently, according to the article, the top 20% and the bottom 20% have seen gains in income. Yes, that is right, the bottom 20% have gained.
Perhaps it may be time for the very focal advocates on here to actually focus where the pain is – the middle 60% of us. That is the group with jobs and responsibilities. These are the people who already pay a goodly portion of the taxes. Maybe a tax increase on them to benefit the poor is not really warranted. Maybe the end of the Bush tax cuts for these people would be unjust considering what has already been lost. Perhaps a tax increase on the top 20% would be more appropriate. The proposed “Buffet” tax hardly touches these letter people. Just maybe the Democratic Party is not helping the middle class as they claim to be. They certainly are not asking much from the really wealthy.