Jim Hightower pities the “struggling” one percent, but notes that Congress still has their backs in his new column, “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.
Also, talk about getting a lump of coal in your Christmas stocking, the share of our nation’s total income taken by the 1-percenters fell from a whopping 23 percent in 2007 (the highest since the Roaring Twenties) to a mere 17 percent in 2009. How sad for them, huh?