A Quote by Timothy Noah
Under Obama, income growth has been confined almost entirely to those at the top of the income distribution, continuing a pattern that began under President George W. Bush.
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For the three decades after WWII, incomes grew at about 3 percent a year for people up and down the income ladder, but since then most income growth has occurred among the top quintile. And among that group, most of the income growth has occurred among the top 5 percent. The pattern repeats itself all the way up. Most of the growth among the top 5 percent has been among the top 1 percent, and most of the growth among that group has been among the top one-tenth of one percent.
My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth.
Income tax in particular in the United States is concentrated on the top half of the income distribution, and very heavily skewed towards the top 10 or even top 1 percent.
[Dan Fried] served under President [Barack] Obama and under President George W. Bush before that and under President [Bill] Clinton before that and under President George H.W. Bush before that and under [Ronald] Reagan before that and under [Jim] Carter before that. He has been there a long time.
Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.
Bob Gates has unusual standing in the debate about the Obama administration's foreign policy: He was defense secretary for both a hawkish President George W. Bush and a wary President Obama. He understood Bush's desire to project power and Obama's skepticism.
The people who are having the hard time right now are middle-income Americans. Under the president's policies, middle-income Americans have been buried. They're just being crushed. Middle-income Americans have seen their income come down by $4,300. This is a tax in and of itself. I'll call it the economy tax. It's been crushing.
The climate change problem is at its heart an ethical problem. It's a problem of income distribution and it's a problem of income distribution with dimensions that we don't usually think about very much.
Growth is a substitute for equality of income. So long as there is growth there is hope, and that makes large income differentials tolerable.
Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.
I don't see basic income as a panacea, but we must have a new income distribution system. The old one has broken down irretrievably.
This is a very important issue that the corporate media chooses not to talk about a whole lot, that we have an economic system which is rigged, which means that at the same time as the middle class of this country is disappearing, almost all of the new income and wealth in America is going to the top 1 percent. You have the top one-tenth of 1 percent owning almost as much wealth as the bottom 90 percent - 58 percent of all new income is going to the top 1 percent.
Barack Obama's enemies are the people who make this country work. Barack Obama's enemies are those who succeed. Those are the people whose income he wants to redistribute. Those are the people whose income he wants to take, using the power and the force of the federal government to do it.
Does inequality in the distribution of income increase or decrease in the course of a country's economic growth?
There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.
My rich dad taught me to focus on passive income and spend my time acquiring the assets that provide passive or long term residual income...passive income from capital gains, dividends, residual income from business, rental income from real estate, and royalties.
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