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Economic study: Despite Obama’s claim, the poor are not getting poorer

In his mid-April speech on the budget deficit, President Obama echoed conventional wisdom when he cited the rich are getting richer and the poor are getting poorer as a reason to raise taxes on the wealthy in order to reduce the national debt.

Research, published at The Journal of Policy Analysis and Management, from Cornell economist Richard Burkhauser, Joint Committee on Taxation economist Jeff Larrimore, and Indiana University economist Kosali Simon, however, suggests that the president’s piece of conventional wisdom isn’t entirely accurate. According to the findings, while the rich have indeed been getting richer, for the last 30 years so too have the poor and middle class.

Read more: http://dailycaller.com/2011/04/26/economic-study-despite-oba...



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The main gripe of the

The main gripe of the Progressives on this issue is that the vast majority of wealth created in the past 30 years has gone to the rich, even though that has been done on the backs on the middle class (productivity has gone up, hours worked has gone up, etc.), yet I think real wages have only gone up 2% in 30 years.

Of course, reductions in the cost of doing business, including low taxes, government subsidies, outsourcing, and just plain old new technology has made goods cheaper, which helps ameliorate the miniscule increase in wages.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a