For the complete report in the Palm Beach Post click on this link
It's a great U.S. economy for those who are rich
New numbers last week from the US Census Bureau confirm that most Americans are working harder just to hold their place in the middle of an economy that is benefiting mostly those at the very top. For the first time in six years, the nation's median household income in 2005 rose at a slightly faster rate than inflation, and the number of people living in poverty held steady at 37 million, the same as in 2004. So much for the good news.
The stories behind the numbers are nothing to celebrate. The meager 1.1 percent rise in family income, to $46,326, is the first increase since 1999, but it didn't come from higher wages. The rise came because 23 million households headed by someone 65 or older are doing better with investments and retirement income. Such numbers are hardly the vital signs of an overall healthy US economy.
Rising productivity keeps companies competitive but doesn't put more money in the pockets of workers who are asked to work harder and longer to satisfy stockholders - many of whom are those 65-and-older retirees living off investments and Social Security. The top 1 percent of U.S. households are better off than they have been in decades, which is the natural result of Bush administration economic policies. The other 99 percent have a chance to speak up this year at the polls.
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