Principles and Guidelines for Deficit Reduction -The Roosevelt Institute

Principles and Guidelines for Deficit Reduction, Joseph E. Stiglitz | The Roosevelt Institute, December 2010

  • “Median income has declined by some 5% over the past decade—and was even in decline before the recession. Poverty has increased from 11.9% in 1999 to 14.3% in 2009.1 Median income of males with only a high school education has decreased some 13.5% from 1999 to 2009, as measured in 2009 dollars.2 The upper 1% of Americans accounted for an average of some 22% of the nation’s taxed income during 2004-2008. 65% of the income growth during the Bush expansion was captured by the top 1% of families. Given the enormous increase in inequality that has occurred in the United States over the past three decades, any measure that harms those at the bottom should also be unacceptable, and measures that impose undue burdens on the middle class should receive careful scrutiny.”
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