Despite Obama's Claim, the Poor Not Getting Poorer
By Rick Pearcey • April 26, 2011, 08:41 AM
Caroline May writes at The Daily Caller:
In his mid-April speech on the budget deficit, President Obama echoed conventional wisdom when he cited the rich are getting richer and the poor are getting poorer as a reason to raise taxes on the wealthy in order to reduce the national debt.
Research, published at The Journal of Policy Analysis and Management, from Cornell economist Richard Burkhauser, Joint Committee on Taxation economist Jeff Larrimore, and Indiana University economist Kosali Simon, however, suggests that the president’s piece of conventional wisdom isn’t entirely accurate.
According to the findings, while the rich have indeed been getting richer, for the last 30 years so too have the poor and middle class.
