With income inequality at record levels, Bush’s legacy lives on
Sep 29, 2009 Object
Filed under: Economy
Income inequality pierced its previous record high in 2008 — a fitting legacy for President George W. Bush. Fresh census figures reveal that the ratio of the incomes of the top 10 percent of Americans — over $138,000 a year — to those at the poverty level — $12,000 — was 11.4 times. (The previous record was 11.22 in 2003.) Bush’s $1.3 trillion worth of tax cuts — 32.6 percent of which went to the top 1 percent of earners — have hit their mark.
The political miracle is that Bush was able to get nearly half the vote with policies that helped his base — the top 1 percent. By 2007, the U.S. savings rate, at -0.7 percent, had reached its lowest level since 1929, right before the Great Depression. And with the price of oil rising to its July 2008 peak of $147 a barrel, Bush won the battle to help his buddies in Houston and Saudi Arabia. One measure of that help: Between January 2001 and August 2006, the W-Industrial Complex Index (WIC) — a group of energy and defense stocks — rose 184 percent, while the S&P 500 fell 4 percent.
Continue reading With income inequality at record levels, Bush’s legacy lives on
With income inequality at record levels, Bush’s legacy lives on originally appeared on DailyFinance on Tue, 29 Sep 2009 09:20:00 EST. Please see our terms for use of feeds.
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With income inequality at record levels, Bush’s legacy lives on
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Stocks in the news: Starbucks, Walgreen, Gannett
Filed under: Company News, Investing, Earnings, JP Morgan Chase, CIT Group, Dell, Delta Air Lines, General Electric , Bank of America, Starbucks
Some of the companies making headlines today:
Starbucks (SBUX) is rolling out its new instant coffee, Via, throughout North America after offering it for eight months in Seattle and Chicago only. Starbucks will also have its first-ever television ads.
Walgreen Co. (WAG) said Tuesday that its fiscal fourth-quarter profit declined to $436 million, or 44 cents a share as quarterly sales rose 8 percent to $15.7 billion. Adjusted earnings beat Wall Street expectations of 39 cents a share on sales of $15.7 billion. Same-store sale rose 2.4 percent. Shares jumped 10 percent ahead of the bell.
Continue reading Stocks in the news: Starbucks, Walgreen, Gannett
Stocks in the news: Starbucks, Walgreen, Gannett originally appeared on DailyFinance on Tue, 29 Sep 2009 09:00:00 EST. Please see our terms for use of feeds.
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Stocks in the news: Starbucks, Walgreen, Gannett
Tags: a-friend-via, bush, chicago, companies, entry, focusing-on-the, investing, poverty, profit-declined, quarterly-sales, redistribution, tax cut, walgreen
