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When the Rich Get Richer, It DOESN’T Raise All Boats … It SINKS The Standard of Living For Everyone Else

Posted By yihan On September 4, 2011 @ 4:08 am In Commentary | Comments Disabled

Washington’s Blog [1]
Sunday, September 4, 2011

I’ve repeatedly noted that rampant inequality destabilizes the economy as a whole, and actually causes depressions … but that government policy is increasing inequality.

I’ve also pointed out that no one – liberal or conservative – likes runaway inequality.

Now, Jeffrey P. Thompson (Assistant Research Professor at the Political Economy Research Institute of the University of Massachusetts, Amherst) and Elias Leight (Assistant Analyst Tax Analysis Division of the Congressional Budget Office) have demonstrated that when the wealthiest Americans get richer, everyone else becomes poorer.

For example, they demonstrate that when the wealthiest Americans get 10% richer, middle income Americans get 2% poorer.

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URL to article: http://www.prisonplanet.com/when-the-rich-get-richer-it-doesnt-raise-all-boats-it-sinks-the-standard-of-living-for-everyone-else.html

URLs in this post:

[1] Washington’s Blog: http://www.washingtonsblog.com/2011/09/when-rich-get-richer-it-doesnt-raise.html

[2] 29 Amazing Stats Which Prove That The Rich Are Getting Richer And The Poor Are Getting Poorer: http://www.prisonplanet.com/29-amazing-stats-which-prove-that-the-rich-are-getting-richer-and-the-poor-are-getting-poorer.html

[3] Rich Get Richer When Governments Tout Austerity: http://www.prisonplanet.com/rich-get-richer-when-governments-tout-austerity.html

[4] The Bears Explain How The Rich Get Richer: http://www.prisonplanet.com/the-bears-explain-how-the-rich-get-richer.html

[5] For the First Time, Canadians Now Richer Than Americans: http://www.prisonplanet.com/for-the-first-time-canadians-now-richer-than-americans.html

[6] “Fixing” the Economy New York Times Style: Raise Taxes and Raise Taxes Even More: http://www.prisonplanet.com/fixing-the-economy-new-york-times-style-raise-taxes-and-raise-taxes-even-more.html

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