Bush said: “Wages are up, but so are prices for food and gas.”
FACT — HIGH-END INCOMES INCREASED ASTRONOMICALLY: Income inequality grew significantly in 2005, with the top 1 percent of Americans — those with incomes that year of more than $348,000 — receiving their largest share of national income since 1928. [NYT, 3/29/07]
FACT — LOW INCOME-EARNERS SAW MARGINAL WAGE GROWTH. “The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans … On average, incomes for the top 1 percent of households rose by $465,700 each, or 42.6 percent after adjusting for inflation. The incomes of the poorest fifth rose by $200, or 1.3 percent, and the middle fifth increased by $2,400 or 4.3 percent.” [NYT, 12/15/07]
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