Thursday, May 31, 2007

another liberaliar myth shattered

Liberaliar Myth: The Bush tax cuts have made the rich richer, the poor poorer, and have decimated the middle class.

Conservative Truth, as reported by The Wall Street Journal:

A new study by the Congressional Budget Office says the poor have been getting less poor. On average, CBO found that low-wage households with children had incomes after inflation that were more than one-third higher in 2005 than in 1991.
The CBO results don’t fit the prevailing media stereotype of the U.S. economy as a richer take all affair — which may explain why you haven’t read about them. Among all families with children, the poorest fifth had the fastest overall earnings growth over the 15 years measured. (See the nearby chart.) The poorest even had higher earnings growth than the richest 20%. The earnings of these poor households are about 80% higher today than in the early 1990s.


The report also rebuts the claim, fashionable in some precincts on CNN, that the middle class is losing ground. The median family with children saw an 18% rise in earnings from the early 1990s through 2005. That’s $8,500 more purchasing power after inflation. The wealthiest fifth made a 55% gain in earnings, but the key point is that every class saw significant gains in income.

Folks, the war on poverty here in America has been won, in spite of the best efforts by the socialists of the Democrat Party. Poverty, as the world understands the term, just doesn't exist here in the U.S. Thank God for the blessings of the free market and the Bush tax cuts!


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