Well, if you read the article from businessweek
dogzilla linked earlier, you will see the opening line "The millionaires’ club in the U.S. grew by 16 percent in 2009, following a 27 percent decline in 2008" which would seem to indicate that more or less some people who used to be millionaires were bit in the downturn, and now have recovered somewhat a year later...which is essentially what the npr article points out as well. Furthermore, this is completely in line with the criticism of recent tax policy in that our middle class is vanishing. In other words, a relatively small number of people are indeed becoming millionaires, and their children will likely remain millionaires, and large number of people are living in relative poverty with increasing numbers joining the bottom ranks.
And should we allow the tax cuts on the wealthiest 3% or so expire??? Of course not, our dominant conservative party has a
plan.
Quote:
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Originally Posted by Paul Krugman, NY Times
"So what’s left? Howard Gleckman of the nonpartisan Tax Policy Center has done the math. As he points out, the only way to balance the budget by 2020, while simultaneously (a) making the Bush tax cuts permanent and (b) protecting all the programs Republicans say they won’t cut, is to completely abolish the rest of the federal government: “No more national parks, no more Small Business Administration loans, no more export subsidies, no more N.I.H. No more Medicaid (one-third of its budget pays for long-term care for our parents and others with disabilities). No more child health or child nutrition programs. No more highway construction. No more homeland security. Oh, and no more Congress."
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