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Income Gap

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NEWS
June 10, 2001
President Bush signed his $1.35 trillion dollar tax cut Thursday. He sees it as an economic steroid that should help pump up the financial muscle of one and all. Opponents tried to block this tax bonanza as being too darn big - a reckless impediment to saving Medicare and Social Security for the long term and to investing more in education, prescription drugs, debt reduction and other priorities. Equally important, this tax-cut package does nothing to reduce America's income chasm between rich and poor.
NEWS
September 18, 2013
It's a stretch to think Americans, like French peasants or Russian serfs in centuries past, will rise up and revolt to protest economic inequality in this country. But the continued growth in income disparity should concern Republicans who already think Democrats encourage class warfare to win elections. That the rich get richer while the less affluent struggle just to maintain their lifestyles is nothing new. But the ability of the more affluent to not only survive the last recession, but to seemingly profit from it, has poorer Americans who are still trying to recover from the downturn wondering if they are getting a fair shake.
NEWS
January 22, 2012 | By Dick Polman, For The Inquirer
When Mitt Romney was talking about his money the other day - a very rich topic, as it were - he casually remarked, "I get speakers' fees from time to time, but not very much. " Care to learn how Romney defines "not very much"? Between February 2010 and February 2011, his speaking gigs totaled $374,327. This guy clearly dwells in a rarefied realm far removed from the average Joe. What he dismisses as chump change is enough to send seven kids to top-notch colleges. His gig earnings also trump the median American family's annual income, which happens to be $60,088.
NEWS
October 19, 1989 | By Christopher Scanlan, Inquirer Washington Bureau The Washington Post contributed to this article
The income gap between rich and poor and rich and middle class is at its widest since the end of World War II, the Census Bureau reported yesterday. The poorest one-fifth of families received 4.6 percent of the total national family income, the survey found, their lowest share since 1954. The share going to the middle class - those families midway between the richest and poorest - was 16.7 percent, the lowest recorded since 1947. Those in the richest category, the top fifth, received 44 percent, the new statistics show.
NEWS
January 17, 2000
A giddy optimism surrounds the current economy - 83 percent of Americans tell pollsters things are great, just great. Yet the typical American household spends more than it earns. You thought yours was the only one? While new millionaires are being created by a record-breaking stock market, and consumers are buying luxury goods at a dizzying rate, the majority of Americans are getting less from the economy than they've put into it. Productivity grew by 46.5 percent over the last 25 years, but the wages of lower and middle income Americans grew hardly at all. In fact, if their pay had kept up with the wealth they produced, the median wage would be $17.29 an hour - not the current $11.29.
NEWS
January 30, 2000 | By Dennis DeTurck
Everywhere we turn, we see and hear quantitative data and conclusions derived from them: Four out of five dentists recommend sugarless gum. Gore leads Bradley by so many points in the latest poll. How can we be critical consumers of all this information? For example, the report on income disparities done by the Center on Budget and Policy Priorities and the Economic Policy Institute seems to depict a crucial trend on the American scene. But where did the report's authors get their data and how reliable are they?
NEWS
January 30, 2000 | By Elizabeth C. McNichol
Hardly a week goes by that we don't hear more good news about the U.S. economy's robust growth. But Americans have a sharp instinct for the uneasy truth behind the happy numbers. Three out of four respondents to a recent Harris poll said they felt that the benefits of economic growth were not being evenly distributed. To determine who is benefitting from the current prosperity and who is being left behind, the Center on Budget and Policy Priorities and the Economic Policy Institute recently analyzed state-by-state trends in income growth in a study called "Pulling Apart.
NEWS
January 30, 2000 | By Kevin A. Hassett
When economic times are bad, it is usually the little guy who gets hit the hardest. When times are good, however, it has often been the case that the opposite is true. Low unemployment usually helps the folks on the bottom rung the most. Riding one of the most astonishing economic booms in our history, we might expect to see significant improvement in the relative position of the poor. Surprisingly, a new study from the Center on Budget and Policy Priorities and the Economic Policy Institute that the problem of income inequality has been getting much worse in recent years.
NEWS
October 6, 2012 | By Tom Infield, Inquirer Staff Writer
However wide the policy gulf between Pennsylvania's U.S. Senate candidates, Republican Tom Smith and incumbent Democrat Bob Casey, it is dwarfed by the gap in their personal finances. Smith, who has been buying millions of dollars in TV ads with his own money, reported total income of almost $22 million in 2010, the year he sold his main coal-mining businesses, according to federal tax returns he has released to The Inquirer. Smith made far less - about $265,000 - last year, his returns indicated.
NEWS
September 29, 1996 | By Dick Polman, INQUIRER STAFF WRITER
Remember when candidate Bill Clinton complained in 1992 that average folks were "working harder for less"? Remember when he charged that "the rich get the gold mine, and the middle class gets the shaft"? You don't hear the incumbent talking like a populist in campaign '96. In fact, nary a substantive word has been uttered lately about wage stagnation, the erosion of the middle class, or the income gap between rich and poor. A year ago, it seemed almost inevitable that the presidential campaign would turn on how the candidates addressed the nation's underlying economic anxieties.
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REAL_ESTATE
July 10, 2016 | By Alan J. Heavens, Staff Writer
The venerable Counselors of Real Estate is a group of 1,000 individuals, invited to join, and considered the crème de la crème of the industry. Every year, the counselors come up with a list of the top issues facing real estate, and 2016-17 is no exception. Here is some of what the counselors are predicting about the residential real estate market. Age matters. Millennials have overtaken the baby boomers in sheer numbers, but both groups remain substantial real estate consumers.
NEWS
February 23, 2015 | Inquirer Editorial Board
Stung by years of protests and a tarnished public image, the nation's largest private employer, Walmart, is following the lead of Gap, Ikea, and others by giving many of its workers a small raise. The trend could be significant if it continues. The low-pay, dead-end jobs typical at large retail and restaurant chains have had a devastating effect on the economy. The fast-food industry's wages are so poor that its workers consume $7 billion a year in federal aid, including food stamps and Medicaid.
NEWS
January 12, 2015 | By Thomas Fitzgerald, Inquirer Politics Writer
Rick Santorum won the Iowa Republican caucuses in 2012 with a sweater vest, a gray Dodge Ram 1500 pickup, and a prayer. That catapulted him to a sustained state-by-state battle with eventual GOP nominee Mitt Romney and made him a hero of the right. Now, poised to run again, Santorum finds himself facing a crowd of competitors for the loyalties of social conservatives - former Arkansas Gov. Mike Huckabee, a Baptist preacher who won Iowa in 2008, and others. Potential Republican presidential candidates are moving fast to recruit the party's big-money bundlers of campaign cash and billionaires who can endow a supportive super PAC. They're putting together campaign teams and staking out ideological turf in the developing field.
NEWS
March 18, 2014 | BY WILL BUNCH, Daily News Staff Writer bunchw@phillynews.com, 215-854-2957
FOR the past two years, Sean Caldwell, of Mount Airy, has been struggling to support himself and raise his children on his $8-an-hour part-time salary on the maintenance crew at McDonald's at Broad and Allegheny, in North Philly. It just hasn't been nearly enough - so he scrounges for whatever else he can. Caldwell, 35, started a neighborhood lawn-mowing business and takes other odd jobs, such as cleaning out garages, but when he did his 2013 taxes he still saw that he'd made only $9,000.
NEWS
December 7, 2013 | By Trudy Rubin, Inquirer Columnist
If you think you know why Nelson Mandela was revered as a near-saint throughout Africa, think again. You don't know the half of it. It's not just because, as South Africa's first black president, he ushered in a multiracial state and rejected vengeance against whites for the past evils of apartheid. That generosity of spirit and largeness of vision would be sufficient to ensure his place in history. But Mandela is also revered because he refused to behave like the typical "big man" African ruler who siphons off his country's resources while leaving the poor to fend for themselves.
NEWS
September 18, 2013
It's a stretch to think Americans, like French peasants or Russian serfs in centuries past, will rise up and revolt to protest economic inequality in this country. But the continued growth in income disparity should concern Republicans who already think Democrats encourage class warfare to win elections. That the rich get richer while the less affluent struggle just to maintain their lifestyles is nothing new. But the ability of the more affluent to not only survive the last recession, but to seemingly profit from it, has poorer Americans who are still trying to recover from the downturn wondering if they are getting a fair shake.
NEWS
September 13, 2013 | BY WILL BUNCH, Daily News Staff Writer bunchw@phillynews.com, 215-854-2957
IT TURNS out that the much-ballyhooed economic recovery of 2012 sailed right by the middle class in a golden-hulled mega-yacht, leaving most of us to fight off drowning from its massive, champagne-frothed wake. A new report from top researchers found that last year was the worst 12 months for U.S. income inequality since 1928 - the year before the Wall Street crash that kicked off the Great Depression. The millionaires and billionaires of the "1 Percent" saw their earnings spike by roughly 20 percent in 2012, the researchers found, while the other 99 percent of Americans brought home a paltry 1 percent pay hike, on average.
NEWS
October 6, 2012 | By Tom Infield, Inquirer Staff Writer
However wide the policy gulf between Pennsylvania's U.S. Senate candidates, Republican Tom Smith and incumbent Democrat Bob Casey, it is dwarfed by the gap in their personal finances. Smith, who has been buying millions of dollars in TV ads with his own money, reported total income of almost $22 million in 2010, the year he sold his main coal-mining businesses, according to federal tax returns he has released to The Inquirer. Smith made far less - about $265,000 - last year, his returns indicated.
NEWS
September 18, 2012 | BY WILL BUNCH, Daily News Staff Writer
EXACTLY one year ago, Fishtown's Dustin Slaughter was one of a couple of hundred protesters who - turned away from New York's Wall Street by a thick blue wall of cops - streamed into a then-unknown corner of real estate called Zuccotti Park to spend the night. Virtually no one noticed. Over the next few months, Slaughter, 33, a filmmaker and alternative journalist, became a virtual Zelig of the movement soon known as Occupy Wall Street - always in the picture. He was there when 700 protesters were arrested on the Brooklyn Bridge and when Occupy Philly took root in Dilworth Plaza.
NEWS
January 22, 2012 | By Dick Polman, For The Inquirer
When Mitt Romney was talking about his money the other day - a very rich topic, as it were - he casually remarked, "I get speakers' fees from time to time, but not very much. " Care to learn how Romney defines "not very much"? Between February 2010 and February 2011, his speaking gigs totaled $374,327. This guy clearly dwells in a rarefied realm far removed from the average Joe. What he dismisses as chump change is enough to send seven kids to top-notch colleges. His gig earnings also trump the median American family's annual income, which happens to be $60,088.
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