Stacking the Decades 2

It's true. The income of the top 1% went up markedly between 1979 and 2007 (some 277%). And, yes, so, too, did the discrepancy between the top 1% and the rest of us. But what is frequently not mentioned (and, gee, I wounder why) is that the income of all groups went up during this time period and even the bottom quintile's income went up 18-25% (depending on whether you use the CPI or the PCE Deflator ). To say that the poor are continuously getting poorer is factually inaccurate....................................................................................Still not convinced? Try taking a look at consumption levels. Consumption as a percentage of income in the bottom quintile (according to the CBO) has grown from 112% in 1961 to 198% in 2007 (data from the Department of Labor - http://www.hoover.org/publications/policy-review/article/123566). Clearly (and undoubtedly due to such things as transfer payments, the underground economy, etc.), between the increases in income and consumption levels, the debate seems to be more one of bringing the rich down at this point......................................................................................Speaking of which, after the stock market crash of 2008, the top 1%'s after-tax share of the country's total income went from 17.3% in 2007 to 11.5% in 2009 (according to the CBO - http://www.cato-at-liberty.org/the-cbo-on-falling-incomes-and-rising-tax-shares-of-the-top-1/) . Happy?