A report released by the Congressional Budget Office today reveals what we all already knew: the rich are getting richer. Based on an analysis of IRS and Census Bureau data from 1979 to 2007, the Bureau discovered that after-tax income for the top 1 percent of Americans almost tripled, whereas after-tax income for the Middle Class went up by about 40 percent, and after-tax income for the ever-so spoiled poor rose by approximately a meager 18 percent.
Reasons for this unequal distribution of wealth include "the structure of executive compensation; high salaries for some superstars in sports and the arts; the increasing size of the financial services industry; and the growing role of capital gains, which go disproportionately to higher-income households."
Meanwhile, House Budget Chairman Paul Ryan (R-Wis) once again reiterated his accusation that President Obama is waging "class warfare."
"Instead of appealing to the hope and optimism that were hallmarks of his first campaign, he has launched his second campaign by preying on the emotions of fear, envy and resentment."
Idiot!
Check out the report on REAL CLASS WARFARE HERE.
Sources: Morning Joe, Hardball, New York Times, Huffington Post
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