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Zachary A. Goldfarb: Don’t Think Obama Has Reduced Inequality? These Numbers Prove That He Has.
Today, the average after-tax income of a member of the top 1 percent of earners is $1.12 million. The average after-tax income of someone in the bottom 20 percent is $13,300. That means the average person at the top takes home 84 times the income that the average person in the bottom takes home. Now, consider what it would be like if none of President Obama’s tax policy changes had happened: not the upper-income tax hikes negotiated at the beginning of last year, not the upper-income tax increases imposed by the Affordable Care Act, not the low-income tax credits enacted in the 2009 stimulus and later renewed.
In this alternative universe, the average member of the top 1 percent would take home $1.2 million, or 6.5 percent more in income, according to a new analysis. The average member of the bottom 20 percent would bring home $13,100, or 1.2 percent less in income. As a result, the average member of the 1 percent would take home 91 times what the average person in the bottom would bring home. If you’ve wondered whether Obama has made any headway at reducing income inequality, here’s evidence that he has. Based on tax policy alone, he has slightly increased the income of the poor and more significantly reduced the income of the rich.
More here
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White House.gov
:cool:
I did it!
Nooooooo way!!! Clunky Computer Lady strikes again!!
:grin:
Good Afternoon TODVille!
Vicki, I don’t get it. Every afternoon, I must print a gold medal for you!!! Here it is :star:
Merci, NCLB. I don’t get it either, but I ain’t complaining……or buying TrumpDog’s explanation that people are stepping aside as a sign of respect to my old clunker. ;) I think my clunker and I have found each other late in our techie life. :) :)
Brilliant link Nerdy, you and your pesky facts. Thanks a gazillion!!
LOL. Thanks, Chips.
I knew I should’ve played hooky and gone to Canter’s for lunch…
LL, on the last post you wrote:
Just a little local knowledge:
Canter’s is on Fairfax Ave. Traffic is awful on that street on a normal day. It’s narrow and congested. Can’t even imagine what it’s like with PBO visiting.
*****
I read that waaaaay too quickly and thought you meant Eric Cantor was on Fairfax Ave and that was why traffic was crazy. And I was like, WTF?
I will amend my response, as I was a bit too polite:
That little rat-faced git wouldn’t be too welcome in our fair city. The traffic would be crazy with people slowing down and flipping him off.
:lol: How rude!!
My reply below is to LL’s description of how we Angelenos would greet “that little rat-faced git”.
I am shocked by how inhospitable you Angelenos are to nice people like Eric. Shocked.
Okay, you’re tempting me to tell you how that kosher corned beef is piled high…
You got that right !
Me too LL
Hello, GGail! You can still play hookey tomorrow, right? Isn’t PBO going to be around for a bit longer?
You are such a bad influence :roll:
O_o What’s bad about making a serious effort to meet the president up close? In fact I think it’s quite patriotic to take time off to meet with the LotFWorld to encourage him, etc. ;)
A liberal hack named Patricia Murphy, Editor of Citizen Jane is on MSNBC The Cycle right now howling that POTUS is not doing enough to rally congress to take action on A, B, C, etc. she says that he has no relationships with anyone on the hill, including his own party! OK. I am pissed an do not tweet. All you TOD tweeters need to hammer this little bitch to kingdom come on the internets NOW. i am headed over to the Citizen Jane sight now to give this hack a piece of my mind! Urghhhhhh!
At the end of Joy’s show, Abby Huntsman said that she was going to rant about PBO’s 6-year itch problem or something to that effect. I turned because I did not want to hear what she had to say.
So did I - I’m not interested in li’l rich republican’s opinion of PBO.
Patricia Murphy is Not a Liberal. If it is the same woman that works for The Daily Beast, then my comments below is correct.
As a recovering C-SPAN Junkie, I am familiar with her rightie leaning ways. She used to run a rightie group for Women and Brian Lamb used to invite her as a guest periodically.
Joan Patricia Murphy is a Dem.
That’s the best weird ass photo the L.A. Times could come up with? Ha. Guy in booth must have said, “How do I make the Take Me To Your Leader sign?” and the President obliged, by showing him.
Thanks, Nerdy!
On a daily basis, even when GOPs/MSM think he is playing, PBO is tackling so much, in so many areas, and each little piece he does is meant to cement his promise to address (income) inequality. Truly, a man of his word!
Who the heck is this ” Citizen Jane ” person ? She was just bashing PBO because of ” Optics “. She thinks PBO should be more friendly to members of Congress.
I looked at the website and her top story is ” Why didn’t Michelle Nunn take her husbands name ? ” ( that is deep )
Ari Melber put her in her place for blaming Obama……because nothing gets done in Congress.
I know who she is. She has an attractive face with no apparent brain cells. Perfect for MSNBC. Especially because she poses as something “left.’
A good example of what I call the Privileged Left.
I don’t know WHO she is. But she needs major pushback for her hateful ignorance. She is very active on Twitter. Those that tweet need to nail her about this! Please!
Now the President is going over to Los Angeles Trade Technical College to speak!
So close….yet….so far (sigh)
Thanks for this luscious post, NW! Look at our President!
Jacqueline?
—>
Uhm. Yeah.
It looks sooo refreshing
Judge Strikes Down Indiana’s Contentious ‘Right-To-Work’ Law
INDIANAPOLIS (AP) — A Lake County judge struck down Indiana’s right-to-work ban on certain union fees in a second legal blow to the contentious law passed in 2012.
Lake County Circuit Court Judge George Paras determined the law violates the state constitution by forcing unions to provide services to workers without payment. He wrote in his July 17 ruling that the law was immediately “null and void”. Paras determined that the state interjected itself into a federal requirement that unions represent all workers — whether they pay union fees or not — when it established criminal penalties for violating the right-to-work law.
The United Steelworkers, which lobbied unsuccessfully against the law in 2011 and 2012, filed the suit against the state.
http://www.huffingtonpost.com/2014/07/24/indiana-right-to-work-ban_n_5617642.html?utm_hp_ref=politics
Didn’t SCOTUS just rule the opposite concerning the home health providers?
http://www.gainesville.com/article/20140724/GUARDIAN/140729781?Title=Michelle-Obama-sends-letter-of-encouragement
Heads up
http://theobamadiary.com/2014/07/24/president-obama-speaks-on-the-economy-los-angeles/
And apologies to Nerdy for screwing up the timings of the posts #Idiot
VC with all your Au :star: :star: :star: lately, perhaps, having a challenged laptop is the quickest way to the Top? ;)
Congrats.
It’s starting to feel that way, Nena. If I could also get on twitter from here I suspect I would forget my laptop and settle in to this new normal. :grin:
The constant generosity of our POTUS:
:)…AWESOME….WE ARE HERE TO SEE EACH OTHER THROUGH….GOOD JOB MR. PRESIDENT! YOU ARE LOVED!