Feeling no pain by Paul KrugmanQuicklink submitted by Joan Brunwasser Permalink
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|The fact is that we're living in a time when most Americans are seeing little if any benefit from overall income growth, because their share of the economic pie is falling. Between 1979 and 2003, according to a recent research paper published by the I.R.S., the share of overall income received by the bottom 80 percent of taxpayers fell from 50 percent to barely over 40 percent. The main winners from this upward redistribution of income were a tiny, wealthy elite: more than half the income share lost by the bottom 80 percent was gained by just one-fourth of 1 percent of the population, people with incomes of at least $750,000 in 2003. And those fortunate few are the only people Mr. Bush seems to care about. Look at what he had to offer after asserting, in effect, that workers get outsourced because they don't have the right education: lower taxes, deregulation and fewer lawsuits. Funny, that doesn't sound like 'pro-growth' policy to me. Instead, it sounds like a wish list for wealthy individuals and big corporations. Mr. Bush once joked that his base consisted of the 'haves and the have-mores.' But it wasn't much of a joke. His remarks in India show that he really can't imagine what it's like not to be a member of a privileged economic elite.|
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