Richest 1% Enjoys Income Gain Much Higher Than The Total Income of Poorest 20%

Did you hear the exciting news from the Congressional Budget Office? As the Times puts it: "The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans." The poorest 20% of Americans, by the way, bring home $383.4 billion in total. (That would be like 4 grand a year each on average, using the fuzziest of math.) Which means the richest 1% got themselves an income rise of around $80,000 a person. So now the riches are as rich as they've been since... 1929! Ha! This time around, though, the rich have arranged this by taking jobs themselves that could go to the less rich, even though they are incapable of updating their personal blogs.

Report Says That the Rich Are Getting Richer Faster, Much Faster [NYT]