Even Though Profits and Preductivity is UP!
The Economic Policy Institute released its annual data on the economy of the United States on Saturday. An affiliated group the Keystone Research Center released data on Pennsylvania yesterday. The conclusions of both studies—The Rich are getting Richer and the Poor are getting Poorer.
Nationwide only the top 10% of wage earners had an after inflation and tax increase in their wages and in Pennsylvania only the top 5% had an increase. The normal outcome of increased productivity is an increase in wages. That has not happened under Bush. There is a “broken link between productivity and wages” according to Stephen Herzenberg of the Keystone Research Center.
The data clearly documents that after inflation the only economic group that experience an increase in REAL income were those at the VERY TOP. In fact the top 1 % nationally saw their after inflation and tax income increase by 27% from 2003 and 2004. The increased continued from 2004 to 2005.
The evidence is clear, the economic policy we are following benefit those at the VERY TOP and the top management and stock holders. For 90% of workers they are worse off then they were under the Bush economic recovery!
The U.S. Census Bureau reported similar findings earlier!