Dec 7, 2012 No Comments ›› Chuck Biscuits
Excerpted from Washington Free Beacon: MSNBC’s Martin Bashir argued Thursday that the rich have been getting richer and the poor have been getting poorer since 1979, but the numbers do not bear it out–from the very source he referenced.
Bashir cited the Congressional Budget Office to claim that pre-tax income for the top 1 percent rose $700,000 since 1979, while the bottom 90 percent’s pre-tax income fell by $900. But the latest CBO report, covering form 1979 to 2009, released in July 2012, shows the pre-tax income of every group growing.
The lowest quintile had the second highest growth rate, increasing by 35.06 percent, from $17,400 to $23,500. Although the highest quintile did grow at the fastest rate at 64.1 percent, every quintile saw growth, with the middle quintile growing by the slowest rate at 21.09 percent.