Widening income gap

Louis Proyect lnp3 at SPAMpanix.com
Sun Sep 5 11:32:57 MDT 1999



NY Times, September 5, 1999

Gap Between Rich and Poor Found Substantially Wider

By DAVID CAY JOHNSTON

The gap between rich and poor has grown into an economic chasm so wide that
this year the richest 2.7 million Americans, the top 1 percent, will have
as many after-tax dollars to spend as the bottom 100 million.

That ratio has more than doubled since 1977, when the top 1 percent had as
much as the bottom 49 million, according to new data from the Congressional
Budget Office.

In dollars, the richest 2.7 million people and the 100 million at the other
end of the scale will each have about $620 billion to spend, according to
an analysis of the budget office figures.

The analysis was done by the Center on Budget and Policy Priorities, a
nonprofit organization in Washington that advocates Federal tax and
spending policies that it says would benefit the poor. . .

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Full Times article:
http://www.nytimes.com/library/national/090599gap-rich-poor.html

Center on Budget and Policy Priorities: http://www.cbpp.org/


Louis Proyect
(http://www.panix.com/~lnp3/marxism.html)









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