A RECORD-SETTING ECONOMY….Remember the dotcom bubble? Well, the good times are back:
The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue Service. That is up sharply from 19% in 2004, and surpasses the previous high of 20.8% set in 2000, at the peak of the previous bull market in stocks.
….The IRS data go back only to 1986, but academic research suggests the rich last had this high a share of total income in the 1920s.
President Bush’s response? “Our society has had income inequality for a long time.” Roger that.