The poor are getting poorer and so it the middle class. Wages are down for many Americans, but not at the top. While salaries are down for two percent for many of us, the top one percent saw their income rise three percent between 2000 and 2005. These conditions haven't been seen since the Roaring 20s (that was followed by the Great Depressing 30s).
From RawStory:
"Scholars attribute rising inequality to several factors," the Journal reports, "including technological change that favors those with more skills, and globalization and advances in communications that enlarge the rewards available to 'superstar' performers whether in business, sports or entertainment."
The data could cause problems to President Bush and Republican presidential candidates, who have played up low unemployment and a strong economy since 2003, crediting Bush's tax cuts for contributing to both. In an interview with the Journal, Bush downplayed the significance of the income gap, saying more education is the answer to narrowing it.
"First of all, our society has had income inequality for a long time. Secondly, skills gaps yield income gaps," Bush told the Journal. "And what needs to be done about the inequality of income is to make sure people have got good education, starting with young kids. That's why No Child Left Behind is such an important component of making sure that America is competitive in the 21st century."
While George talks about his useless programs, real people are suffering and he isn't doing anything tangible for those not in the top one percent. The fact is, with all these forces, both political and those noted by the "scholars" the state of our economy is worsening. It does not matter how high the Dow goes, that figure only tells how much stock prices are worth for thirty of the top corporations in the country.
The Dow, NASQAQ, AMEX or S&P will never tell the conditions of households across the country. Stock prices rise when people are laid off to increase profit shares. That is only good for shareholders, not those that find themselves out of work because it was good for someone's bottom line.
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