For some time, I have been documenting the fact that the results of our economic policies has been that the wealthy are the BIG winners. The poor have gotten nothing to speak of from the current policies and the middle income American received some help but it is mixed and very moderate. The last data I saw showed median tax cut was $427 per year or about $1.25 per day. Recent increases in gasoline prices alone have used up that amount!
This week most of the retail sales giants reported their sales and they clearly document my contention that the distribution of benefits under our economic policies are in favor of the wealthy. Chains that low and middle income worker frequent such as Wal Mart, Target, K Mart reported disappointing sales results. Retailers at the high-end all exceeded their sales targets and did extremely well during the first two months of 2005. The policies we are following have been designed to do exactly what they are doing. I have to give George W. Bush credit. He set out to redistribute the wealth toward the top 5% and has surely accomplished that goal.