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Blogs by Harry E Gilleland
Some amazing economic facts in America
9/2/2009 6:54:59 PM
Here are some rather startling facts about wealth in America.
In 1970, the comparative ratio of the top 100 corporate CEOs versus the average worker's pay was 40 to 1. By 2007 this ratio had become 1,723 to 1.
In 1970, the top 1 percent of the wealthiest Americans received 8 percent of the national income. By 2007, the top 1 percent was gobbling up 23 percent of the national income.
Between 1975 and 2007, the real wages of the average production worker (some 94 million workers in 2007) DECREASED by 18 percent.
In 2006, the top 1/10th of 1 percent of American taxpayers (about 140,000 tax returns) reported as much income as the entire bottom 50 percent of taxpayers or 67.4 million tax returns. Think about that: 140,000 of the wealthiest elite made as much as the bottom 67.4 million Americans!!
Source: "Wall Street's Gall", page 27, by Les Leopold, in the September, 2009 issue of The Progressive (magazine).
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