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Wednesday, December 7, 2016

The Poor Rich And The Scrooginess Of Congress

It’s at this time of the year that generous, big-hearted Americans reach out to aid the less fortunate among us — like those who’ve recently been knocked down by the recession and seen their incomes plummet. I speak, of course, about our nation’s severely squeezed millionaires.

Yes, many in the infamous 1 percent class are no longer feeling like a million bucks. According to a new federal report, the income of these high-living swells averaged a robust $1.4 million in 2007, but after Wall Street crashed in a heap of greed late that year, their average income took a tumble. In 2009, it fell below the millionaire threshold, leaving these poor rich folks struggling to make it on an average income of only $957,000.