More on the Wealth Gap

I blogged a couple of weeks ago about how this “growing wealth disparity” is a bunch of crap. Well, it’s even more crappy than we thought.

Those who start at the bottom but hold full-time jobs nonetheless enjoyed steady income gains. The Treasury study found that those tax filers who were in the poorest income quintile in 1996 saw a near doubling of their incomes (90.5%) over the subsequent decade. Those in the highest quintile, on the other hand, saw only modest income gains (10%). The nearby table tells the story, which is that the poorer an individual or household was in 1996 the greater the percentage income gain after 10 years.

Only one income group experienced an absolute decline in real income–the richest 1% in 1996. Those households lost 25.8% of their income. Moreover, more than half (57.4%) of the richest 1% in 1996 had dropped to a lower income group by 2005. Some of these people might have been “rich” merely for one year, or perhaps for several, as they hit their peak earning years or had some capital gains windfall. Others may simply have not been able to keep up with new entrepreneurs and wealth creators.

Interesting, isn’t it, that so-called “conservative” Mike Huckabee is one of the people ranting about the income gap.

Boortz was talking Huckabee again today because Thompson got the National Right to Life endorsement. Of course, Huckabee wants abortion outlawed to — at the federal level, not the state level. But he likes the Fair Tax, so that excuses every sin, including being a religious right big-government nanny-state “conservative”.

If Mike Huckabee is elected president and enacts the Fair Tax, I will personally eat my copy of the Fair Tax book. He doesn’t support the Fair Tax. He supports getting votes from the Fair Tax Movementarians.

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