Bankers Seek to Debunk ‘Imbecile’ Attack on Top 1%

[Uncle Joe]

25. Increase in average household income means nothing, it can easily distort reality.

"The top 1 percent of taxpayers in the U.S. made at least $343,927 in 2009, the last year data is available, according to the Internal Revenue Service. While average household income increased 62 percent from 1979 through 2007, the top 1 percent’s more than tripled, an October Congressional Budget Office report showed. As a result, the U.S. had greater income inequality in 2007 than China or Iran, according to the Central Intelligence Agency’s World Factbook."

A 62% increase over 28 years is pathetic but I believe even that is viewing reality through rose colored glasses.

The top 1% tripling of income likely dragged the average up to an illusionary 62%, a much better guide would be how much did the median household income increase over those years?

A median income gauge, exactly half the income producing poplulation making less and half making more would be a much more accurate depiction of how reality is affecting the American People as a whole.

Thanks for the thread, Huey P. Long.