Reference the chart from the Institute for Policy Studies, that demonstrates the distribution of wealth in America as of 2007. Over the last three decades, inequality has grown by almost all measures. Historically, while those at the top of the income distribution have enjoyed far higher average incomes than everybody else, the gap between the top and the bottom has grown enormously in recent years, driven both by slowdowns in income growth at the bottom and middle, and rapid acceleration of income growth at the top. (Interactive chart at When income grows, who gains?)
In recent decades, as Pres. Reagan's "trickle down" economic theory that cutting taxes for the rich, deregulating banks and deregulating Wall Street best stimulates growth has been implemented in state and federal governing policy, the bulk of income growth in America has gone to the top 10% of families.
We've all heard Gov. Perry and every Texas Republican claim that cutting government spending cutting taxes improves the business environment, which in turn creates jobs, improves the standard of living for the working people in Texas and generates enough more tax revenue to meet budget needs for things like public education. Texas Republicans have repeatedly said that continual cuts to government spending combined with business tax breaks result in more jobs being created, higher wages for the average worker, and an overall upturn in our economy. It's at the heart of trickle-down theory Pres. Reagan championed in the early 1980's.
Since taking office in 2001 Gov. Perry has signed every tax cutting Texas budget passed by Republican legislators, who have been in full control of Texas government since 2003, but those tax cuts have not been for thee and me.
