Ford House Office Building, where the CBO is located. (Photo credit: Wikipedia)
By Isabel V. Sawhill – The concentration of income and wealth in the U.S. has reached levels we have not seen since the late 1920s. The Congressional Budget office reports that incomes after taxes and transfers, adjusted for inflation, almost quadrupled (275 percent) for the top 1 percent between 1979 and 2007. By contrast, incomes for the next 19 percent rose by 65 percent; income for the middle 60 percent rose by 37 percent; and incomes for the bottom 20 percent rose by only 18 percent.
Despite this evidence of growing disparities there has been little public outcry. Why have Americans been so complacent about high levels of inequality? more> http://tinyurl.com/7x3nlrp
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