We have at least two more years(probably more) of listening to Barney Frank and Nancy Pelosi whine that we have to raise taxes to combat the "Income Gap Crisis". This is entirely too long considering that there is no income gap problem AT ALL!!
The gap between rich and poor -- a rallying cry for some congressional Democrats wanting to increase mandates on business -- isn't really growing that much, according to data from the U.S. Census Bureau.
From 2001 to 2005 -- the last year data was available -- there was virtually no statistical change in income inequality, based on a statistical test by the Census Bureau, requested and released by Congress's Joint Economic Committee.
The data came out amid calls by the new chairman of the House Financial Services Committee, Rep. Barney Frank (D-Mass.) for the federal government to work to reduce income inequality by requiring companies to pay higher wages, provide better employee health care coverage, and empower unions.
Rep. Jim Saxton (R-N.J.), the top House Republican on the Joint Economic Committee, said Congress should review the actual evidence rather than react to common assumptions."A lot has been said about income inequality, but the fact is that it hasn't changed much in recent years," Saxton said Thursday. "Congress should consider this fact before acting on the assumption that income inequality is surging."
Let me put it simply. The economy is doing great, everyone at every level of income is making more money than last decade, but the income gap has remained the same. Tax cuts have benefitted everyone, not just the rich or the poor.
The claim that we have to raise taxes because of the income gap is bogus and irresponsible and I don't want to hear it anymore! I'm sure I will hear about it though, a lot.
If congress ever shows up to work that is. I'm not complaining though. As far as this year goes, the more they are out of session the better.
