Congress' studied effort at ignoring the Occupy movement isn't that surprising when you take a look at legislators' tax returns: Many representatives sit comfortably in the 1 percent. Between 1984 and 2009, the median income of members of the House ballooned from $280,000—an already impressive figure—to $725,000, according to the new Panel Study of Income Dynamics from the University of Michigan. An analysis of the study in The Washington Post did not include figures for the Senate. In comparison, the median income of an American family has slipped from $20,600 to $20,500 over the same time period. No wonder that Congress was squeamish about passing a millionaire surtax or signing on to support the protesters in Zuccotti Park.
- Payroll Tax-Cut Fight Extension Sets Up 2012 Fight Over Longer Plan Bloomberg Businessweek
- In Europe, Securities Overseer Spreads Gospel of Streamlined Regulation The New York Times
- Delayed Gratification The New Yorker
- The 2011 Year in Review for Washington Business The Washington Post
CHART OF THE DAY
Economic confidence is ending this year at its highest level since June, and 20 percentage points higher than in December 2008. However, confidence is lower than it was the past two Decembers, a hint that the public is becoming more cautious about the economy getting back on track.
REASON TO GET OUT OF BED IN THE MORNING