Friday, September 01, 2006
Did the Tax Cuts Work?
We have been told that trickle down economics is the way to go, but according to reports, Dick Cheney, who may be worth as much as $100 million, has invested a large amount of his wealth overseas, in markets that do not fluctuate based on the U.S. dollar: That’s what millionaires and billionaires do, they invest their money, so there’s little to trickled down!
The New York Times reports the median hourly wage has declined by 2% in the last three years, although since 1980 the real income of the richest 1% has increased 135%. Real median income has dropped nearly $1,300 a year since 2000.
Economists say the drop is unprecedented because overall productivity has risen over the same period of time. Wages and salaries now account for the lowest share of the US economy in over half a century while corporate profits have reached their highest share over the same period.
With cuts of 12 billion from Pell Grants/Student loans, it will now cost $50K to get through college. Students are asking, “Is it worth it anymore”? Will I have a good enough job waiting for me? Don’t worry, if we don’t have well educated Americans, we can always import them from India and China where we can pay them much less!
The New York Times reports the median hourly wage has declined by 2% in the last three years, although since 1980 the real income of the richest 1% has increased 135%. Real median income has dropped nearly $1,300 a year since 2000.
Economists say the drop is unprecedented because overall productivity has risen over the same period of time. Wages and salaries now account for the lowest share of the US economy in over half a century while corporate profits have reached their highest share over the same period.
With cuts of 12 billion from Pell Grants/Student loans, it will now cost $50K to get through college. Students are asking, “Is it worth it anymore”? Will I have a good enough job waiting for me? Don’t worry, if we don’t have well educated Americans, we can always import them from India and China where we can pay them much less!
# posted by Florence Vincent @ 12:45 PM 
