Thursday, October 04, 2007

Most Everybody is Losing

Tula Connell has a good post over at Firedoglake about the working poor. It discusses a meeting at the Economic Policy Institute. I won't repeat the article here but I wanted to add my two cents.

You can cuss and discuss what constitutes being poor in America until you're blue in the face and come up with all kinds of measures on how much a family of four needs to bring in not to be poor. The bottom line is that if you work full time and can't make ends meet and you aren't wasting money on frivolity then you are poor and something is wrong with the system and this is it.

The latest data from the Bureau of Economic Analysis shows that the share of corporate-sector income going to wages is down to its lowest share in over 25 years….The latest CBO [Congressional Budget Office] figures show that almost 60 percent of capital income goes to the top 1 percent in the U.S. income distribution.
Everyone in America is losing ground, especially the poor. There are a lot of things that would help but corporate taxes are a start as well a little more progressive tax system. Probably the biggest single issue is a national health care single payer system that will take the for profit insurance companies out of the game.

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