For six of the seven indicators, the average annual growth rate between 2001 and 2007 was below the average growth rate for the comparable periods of other post-World War II economic expansions.
Notably, this expansion was among the weakest since World War II with respect to both overall economic growth and growth in fixed non-residential investment. These two indicators should have captured any positive “growth effects” of the tax cuts.
The labor market also was weaker during the 2001-2007 expansion. Both employment growth and wage and salary growth were weaker during this expansion as a whole than in any prior expansion since the end of World War II.
The 2001-2007 expansion outperformed the average post-World War II expansion in only one area: corporate profits, which grew much more rapidly than average.
During this same period the top 1% of Americans enjoyed the same huge gains in income of 70% they did in the 1920s. Is it any wonder our present Depression.....ahem...Recession looks just like it did in the 1930s?
Piketty and Saez’s unique data series on income inequality, based on IRS files, is particularly valuable because it provides detailed information on income gains at the top of the income scale and extends back to 1913.
The new data show:
2007 marked the fifth straight year in which income gains at the top outpaced those among the rest of the population. From 2002 to 2007, the average inflation-adjusted income of the top 1 percent of households rose 62 percent, compared to 4 percent for the bottom 90 percent of households (see Table 1).
So, once again the FACTS dispel the LIES. Trickle down was a ruse to enrich the top 1% of our population.
This article is one of the most complete and frankest articles on the debacle we are in I have found to date.
Grand Theft America
by Stephen Lendman
GET THE FACTS ABOUT TRICKLE DOWN OUT THERE so the lies can be dispelled, and people can see the facts for themselves.
Go Team DKos!
Oh, a bit of comic relief (thanks to royalscam)
It's funny because it's true. (source: reddit dot com, don't go there, a comment below warns of a virus potential. Crazy world)
And cause for a few tears:
TRICKLE DOWN TOWNS
Were these people included on the Census?
Seattle Tent City:
Oprah Show, Tent Cities
More comic relief.
TRICKLE DOWN CARTOONS