As those in the nation’s highest income brackets continue to see gains, we now find out that the median hourly wage for American workers (adjusted for inflation) has declined a full 2% since 2003, even as the productivity of those workers has increased. Will the ever-increasing struggles of the average worker have an impact on Republican incumbents facing midterm elections this fall? That remains to be seen, but anyone who thinks the economy’s not so bad for the every-man should think again. This summer Mother Jones detailed the many ways that, since Bush took office, the haves are getting more…
-In 2005, there were 9 million American millionaires, a 62% increase since 2002.
-Only estates worth more than $1.5 million are taxed. That’s less than 1% of all estates. Still, repealing the estate tax will cost the government at least $55 billion a year.
-Bush’s tax cuts give a 2-child family earning $1 million an extra $86,722—or Harvard tuition, room, board, and an iMac G5 for both kids.
-A 2-child family earning $50,000 gets $2,050—or 1/5 the cost of public college for one kid.
-Public companies spend 10% of their earnings compensating their top 5 executives.
While the have-nots are getting even less…
-1 in 4 U.S. jobs pay less than a poverty-level income.
-Since 2000, the number of Americans living below the poverty line at any one time has steadily risen. Now 13% of all Americans—37 million—are officially poor.
-Among households worth less than $13,500, their average net worth in 2001 was $0. By 2004, it was down to –$1,400.
-Bush has dedicated $750 million to “healthy marriages” by diverting funds from social services, mostly child care.
-Bush has proposed cutting housing programs for low-income people with disabilities by 50%.