Although Democrats are counting on doom and gloom to fool voters into giving them the Presidency and even more power in the increasingly unpopular do-nothing congress, it’s going to be much harder to cash in on pessimism after yet another positive economic report.
The total income of the top 1.1 million households was $1.8 trillion, or 18.1 percent of the total income of all Americans, up from 14.3 percent of all income in 2003. The total 2005 income of the three million individual Americans at the top was roughly equal to that of the bottom 166 million Americans, analysis of the report showed.
And to put that increase in perspective, this should make everyone smile.
The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans, data in a new report by the Congressional Budget Office shows.
Wow~! That’s awesome~! President Bush’s tax cuts are working. Clearly. This is not the time to reverse course and return to the days of tax and spend. Remember what happened to the economy under Jimmah Carter? If not, it was really, really bad. Trust me on that. I was there.
With this recent economic report, you can be sure that Republicans will be smiling and laughing as they go to the polls to turn out the unpopular Democrats and to keep our nation on a sane fiscal course. It’s time for more corporate tax cuts and to lower the top rates. Lower taxes results in more revenue and a booming economy. Supply side economics works time and time again.
And it’s good for the economy, stupid.