Do you remember when Rudolph Giuliani didn’t know the price of milk? Well, it may be time to ask again. Milk prices have jumped – 15 cents a quart in the supermarkets near me. Have politicians noticed? (In the most concrete sense of course, they know since milk prices are regulated)

One way to think about the fiscal impact on families of Bush years is to imagine how our national economic (income) pie is shared, according to the Economic Policy Institute. When economists write of pie, I imagine pie charts; but in this case it’s an interesting bar graph. The EPI’s Laurence Mishel tells us that in 2001-2005 period the very richest among us (top 1%) have seen their share of the pie increase while bottom-half and middle income people are getting less. This clearly written (for an economist) squib and chart are definitely worth a click if only to confirm that it’s not your imagination: almost all of us are worse off than we were in 2001 (to unearth a Ronald Reagan slogan). See also this excellent Alternet article and this essay by James Parrott on how inequality plays out in NYC.

One reason, as it turns out, the rich are different from you and me is that they pay taxes at a much lower rate than the rest of us.  read more »