Observer-Reporter forum

Brant · Posted: Mon Sep 28, 2009 4:02 pm Post subject: The Bush legacy?

WASHINGTON (AP) — The recession has hit middle-income and poor families hardest, widening the economic gap between the richest and poorest Americans as rippling job layoffs ravaged household budgets.
The wealthiest 10 percent of Americans — those making more than $138,000 each year — earned 11.4 times the roughly $12,000 made by those living near or below the poverty line in 2008, according to newly released census figures. That ratio was an increase from 11.2 in 2007 and the previous high of 11.22 in 2003.
Household income declined across all groups, but at sharper percentage levels for middle-income and poor Americans. Median income fell last year from $52,163 to $50,303, wiping out a decade’s worth of gains to hit the lowest level since 1997.
Poverty jumped sharply to 13.2 percent, an 11-year high.
Among other findings:
—Income at the top 5 percent of households — those making $180,000 or more — was 3.58 times the median income, the highest since 2006.
—Between 2007 and 2008, income at the 50th percentile (median) and the 10th percentile fell by 3.6 percent and 3.7 percent, respectively, compared with a 2.1 percent decline at the 90th percentile. Between 1999 and 2008, income at the 50th and 10th percentiles decreased 4.3 percent and 9.0 percent, respectively, while income at the 90th percentile was statistically unchanged.
—Plano, Texas, a Dallas suburb, had the highest median income among larger cities, earning $85,003. Cleveland ranked at the bottom, at $26,731.
The findings come as the federal government considers new regulations to rein in executive pay at companies in which it has invested. President Barack Obama also typically cites the need for higher taxes on the wealthy to pay for health care overhaul and other measures, arguing that the wealthy have disproportionately benefited from tax cuts during the Bush administration.
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Cylinsier · Master Joined: 29 Sep 2008 Posts: 13229 Location: Oh shi-

dazes · Professional Joined: 08 May 2009 Posts: 1422

Not too well!
If those lazy butts got of the couch=they too could be born in money/ Don't get it Cy. Two paragraphs needed.

When Bush got Clinton's recession it was still Bush's fault

Raising taxes on the people paying the most isn't fundamentally fair. Flat tax is or national sales tax is.
$138,000 isn't really all that wealthy.

Amphikalein · Posted: Mon Sep 28, 2009 4:33 pm Post subject:

Don't you mean Clinton's budget surplus? Wink

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Cylinsier · Master Joined: 29 Sep 2008 Posts: 13229 Location: Oh shi-

Depends on how you spend it. If I lived my life the way I do now but made $138,000, I'd be living the dream. I hate to take a page from george's playbook, but if that doesn't seem like good money to you, maybe you need to sell the Benz or the summer Condo. Or at least cut back on the Ruth's Chris twice a week.
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dazes · Professional Joined: 08 May 2009 Posts: 1422

Cy I know it sounds like a lot of money but take taxes off of that I am assuming that is Gross. Now say you have 4 or 5 kids, thats not that much money.

dazes · Professional Joined: 08 May 2009 Posts: 1422

I also need to add I have never seen that kind of money and maybe never will but that doesn't stop me from trying to earn and keep what I earn.

Cylinsier · Master Joined: 29 Sep 2008 Posts: 13229 Location: Oh shi-

dazes · Professional Joined: 08 May 2009 Posts: 1422

Tell that to a woman on welfare and see how far you get!

Cylinsier · Master Joined: 29 Sep 2008 Posts: 13229 Location: Oh shi-

Better, why not provide them with birth control and sexual education and see how far we get?
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SSSS · Posted: Mon Sep 28, 2009 5:05 pm Post subject:

wow-you STILL think Clinton had a budget surplus! I can't wait till you hear about no santa clause!!!
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dazes · Professional Joined: 08 May 2009 Posts: 1422

They get free birth control at the Clinics and they are taught sex ed.

SSSS · Posted: Mon Sep 28, 2009 5:06 pm Post subject:

Ok-seriously-explain to me why the info in this article is the fault of Bush and not the global economic situation. Or did he casue that too? This ought to cause some serious spin!
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Cylinsier · Master Joined: 29 Sep 2008 Posts: 13229 Location: Oh shi-

SSSS · Posted: Mon Sep 28, 2009 5:12 pm Post subject:

So instead of being insulting try to answer my question. How was the info in this article Bush's fault? And I did not say Bush was the victim. I said the entire global economy was going on a down slope.
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