No surprise, really, given the policies of a two-term failed Republican administration:
NEW YORK (CNNMoney.com) — Poor and middle-class families are entering the recession in a precarious situation due in part to declining or stagnant income growth, a study released Wednesday has found.
Incomes, on average, have declined by 2.5% among the bottom fifth of families since the late 1990s, while inching up by just 1.3% for those in the middle fifth of households, according to an analysis by the Center on Budget and Policy Priorities and the Economic Policy Institute, two liberal think tanks.
The wealthiest slice of Americans, however, saw their incomes rise by 9%.
Why do so many on the right deny that Bush policies enable the rich to get richer and the poor to get poorer? This looks like redistribution to me – from poor to rich. Economic policy should have the goal of benefitting everyone equally. Tough to do, but that should be the goal. I guess that’s what people get for “voting their values”. The sad part is that with the economy in the shape it’s in, things will only get harder for middle and lower income families. Hold on tight everyone. Help is on the way!