so says the authoritative non- partisan cbo, congressional budget office, released last week in their report. over the past 30 years, the wealthiest 1% of americans had incomes that rose by, get this, 275%. the average salary for that top 1% of the wealthiest americans for one year of work was $352,000. where isas the middle, 60% of americans, aka the middle- class, saw children come increase by just 40%. the average salary for a middle- class american rose to just under $50,000 a year.

fact that we've seen countless statistics prove this point including in a report from the congressional budget office today that shows of the top one percent in america saw their income rise two hundred and seventy five percent since one thousand nine hundred eighty nine the other nine percent or ninety nine percent excuse me not so much and you see that's why people young and old are now involved in occupy wall street all over the country because it's about all of us but somehow the mainstream media thinks that these statistics those polls the protests they've got nothing to do with each other just one of stories that don't enter twine because they don't know how to step back they don't know how to look at the big picture connect the dots it's just more of that collective tunnel vision within the d.c. new york media bubble and just more of what they choose to miss. all right so let's get into a few specifics that came out today the highlight exactly what's going on in this country and what the overall mood is let's get back to that massive report released by the congressional budget office that exam

the congressional budget office says it. the numbers were reviewed by the budget committee itself. the chairman signed off that we were $500 million below to help the overall appropriations committee reduce its expenditures by $7 billion. so that's for 2011. then let's look at 2012. the president came to the congress and gave a dynamic state of the union speech. it touched america deeply when he said "i want to outbuild, outeducate, outinnovate anyone in the world." and he proposed his budget. when you look at what we're doing here, my appropriations, my commerce-justice appropriations is by the billion -- that's "b" like in barb, not $5 million like "m" like mikulski. we're $5 billion below in science, justice, science to outeducate, outinnovate anybody in the world. i'm $5 billion less than what the president of the united states said he needed to have to accomplish national goals. now we talk a lot about we want america to be exceptional. you've got to spend money to be exceptional. and we put your money in science, technology, education, where we can come up with new ideas, new

the congressional budget office found the richest 1% of americans saw their incomes rise 275% over the last 30 years. meanwhile, the middle-class grew by 40%. the bottom 20% of earners saw their incomes rise by just 18%. >> a doubling in the nation's wealth going to be topped 1%. >> the men of class is shrinking relative to the rest. >> republican officials insist tax hikes on millionaires will only hurt small businesses, but the report claims the average salary for the top 1% is just shy of $350,000 a year. social security benefits is part of the problem. the super committee is still at odds over cutting the deficit. members met for the first time in months and made it clear this is a race against the clock. kate amara has the story. >> with the deadline less than a month away, government watchdogs say it is time for taxpayers to worry. after secret talks and exchanges of proposals and where public meetings, members of the deficit to committee remain far apart. little progress on a plan to lop $1.20 trillion off the deficit. >> we are all over the top -- clock is ticking. >> both side

the head of the congressional budget office is scheduled to testify.less than a month to come up with a $1.5 trillion deficit reduction plan. >>> can you believe this? christmas is less than eight weeks away. not too early to start thinking about the holidays. alison kosik at the new york stock exchange with details on this year's most wanted gifts. what are they asking for this year, besides peace, love, happiness. >> we'll get to that in a minute, kyra. so, yeah, if you can't figure out what to get that special someone, you can't go wrong with clothes. clothes is the number one thing people are asking for. after that, it's all about gadgets. so, the second and third most wanted gifts, tablet computers, labtops, notebooks and ipads and that seems exactly what people are more willing to buy anyway. spending on electronics is expected to hit a record high this year. really a big change from last year. the number one gift people asked for last year, peace and happiness. what does that mean about our priorities then? maybe they got peace and happiness and

according to the nonpartisan congressional budget office, the disparity between how much money americans make has risen sharply over the past three decades. from 1979 to 2007 income for the wealthiest 1% nearly tripled, far outpacing income growth for all over groups. >>> well, while the majority of demonstrations sympathizing with occupy wall street across the country have been largely peaceful, that was not the case yesterday in california. riot police in oakland used tear gas and flash bangs to disperse antiwall street protesters camped out in front of city hall fort past two weeks. the crowd had been ordered to disperse earlier in the day, but they later regrouped and marched back to city hall. at least 85% were arrested. >>> and now here's a look at some other stories making news "early today" in america. a kentucky store clerk turned the tables on a would-be robber who threatened to kill him. the clerk was able to grab the suspect's gun and shoot him before he was able to escape. the suspect was arrested when police arrived. >>> in kansas a tractor-trailer wreck on interstate 70 ki

the congressional budget office says the plan's tax on millionaires would raise an estimated $453 billion. still, republican leaders, they don't like that tax. the president this weekend, we heard from him. he's pushing ahead anyway. >> some see this as class warfare. i see it as a simple choice. we can either keep taxes exactly as they are for millionaires and approximatelynair -- and billionaires, or we can ask them to pay at least the same rate as a plumber or bus driver. in the process we can put teachers and construction worker and veterans back on the job. we can either fight to protect their tax cuts, or we can cut taxes for virtually every work and small business in america. but we can't afford to do both. it's that simple. [ inaudible ] >> the majority leader in the house says the full bill is actually not going to get a vote in that chamber, sow it's setting up pretty much a showdown this week. senate expected to take action. the house says it will not. we'll see where the jobs bill goes. >>> the unemployment rate still at 9.1%. we got the numbers last week. the national retail

the congressional budget office report reveals that yes, there is a gap between the richest americansdy else. thprotesters to have somomething to gripe about. >> and if john boehner and the republicans persist in saying that they are not goingo consider taxncreases on ople who are very ririch, even though th may not be able to balce the budget, still taking that position is s really a slap in the fa to st pple. 3/4 of the people -you look at these polls -- 3 3/1/4 thingngs at the e veryich shshould pay me in taxes. -- 3/4 think that the very rich should pay more in taxes. it is reflected in the tolerance of a movement that is pretty anarchtic in some ways in it goals. >> you think it has legs? >> the cbo report draws sharp attention to the proposals of republican candidates. all of which are skewed towards the one gro of citizens who need it the least. >> absolutely nothing is going toappen meaningful on last -- this is a real possibility -- europe has a real meltdown. yes, ty got a bullet, but they haveuge problems to get -- yes, they dodged a bullet, but they still at huge problblem

the congressional budget office tells us between 1979 and 2007, america'sy wealthiest 1% saw their incomes increase by 275% to, at least $352,000. the incomes for america's middle class grew about 39% to more than $49,000. and there's a split of opinion about where this country is headed. in a new cbs news pole out tonight, 49% of americans told us they believe the country is headed into another recession. the unemployed, of course, still haven't recovered from the last one, and chip reid found part of their story here in seattle. >> come here! >> reporter: dale bridenbaugh of seattle is all smiles when she is playing with her dog but ask her about being unemployed for three years and the mood change is dramatic. >> sorry. the potential to lose my home. >> reporter: rose belongs to the 54% of unemployed americans who say their household financial situation is bad compared to only 30% of americans overall. rose and her husband have also joined the 53% of unemployed americans who raided their savings to get by. >> we've used all of our 401(k)s. we're almost through all of that. i was one of

that was also in the congressional budget office letter. but those reductions were overwhelmed by other costs that were identified in the c.b.o. letter that would produce a 27% to 30% increase. so the net result, according to the preduckses of february 2010 by the congressional budget office, was that there would be an increase in individual premiums of 10% to 13%. now, these individual premiums, premiums that individuals buy, are not the largest share of insurance policies in america, but they affect probably 12 million to 15 million americans. so that's a lot of people who are having their insurance costs go up. a recently released 2011 health insurance trend driver survey reports that for 2011, individual health care plans reported an estimated 4.7% increases due to the he new health care law. and then according to the september 8, 2010, "wall street journal" acialtion "health insurers say they plan to raise premiums for some employees complicating democrats' efforts to trumpet their signature achievement before the midterm elections." a

a new congressional budget office report reveals that yes, there is a huge gap between the richest americans and everybody else. after-tax income for the wealthiest 1% group 275% the past 30 years, 30% for the middle class. >> if john boehner and the republicans persist in saying that they are not going to consider tax increases on people who are very rich, even though that may not be able to balance the budget, still, taking that position is a slap in the face to most people. 3/4 other people -- you look at these polls, 3/4 think the very rich should pay more in taxes. it is reflected in the tolerance of a movement that is pretty and artistic in some ways in its goals -- anarchistic in some ways in its goals. >> you think it has legs? >> i think it will peter out soon. it has some staying power, but the cbo report draws sharp attention to the proposals coming out of the republican candidates, all of which are skewed towards the wonder of citizens who need it the least. -- the one at a group of citizens who need it the least. >> absolutely nothing is going to happen meaningful unless you're

the congressional budget office reports that over the past three decades, the income of the wealthiest 1% of americans has skyrocketed 275%. tonight, we preview a moving hbo documentary, "the education of dee dee ricks," which premieres tomorrow night on hbo and shows that kind of imbalance may even determine who lives and who dies. dee dee ricks was young, only 38, when she found out she had stage ii breast cancer. the divorced mother of two young sons pulled herself out of poverty and made a fortune on wall street. how did you make the decision to have a double mastectomy? >> i was told my chances are better by having a double mastectomy. you do the most radical treatment possible. i want to be around for my boys. >> reporter: as dee dee fought for her own life, she took on another fight, as well. to help poor women have the same chance for a cure that she did. that battle is at the heart of a new hbo documentary airing tomorrow called "the education of dee dee ricks." >> i felt it was my obligation to give back to those who didn't have what i had. >> reporter: so, just one week afte

the congressional budget office report reveals that yes, there is an increasing gap between the richest and everybody else. the protesters to have something to gripe about. >> and its john boehner and the republicans persist in saying they will not consider tax increases on people who are very rich, even though that may not be able to balance the budget, taking that position is a slap in the face to most people. 3/4 of the people think that the very rich should pay more in taxes. is it reflected in the tolerance of this -- it is reflected in the tolerance of this movement that is pretty anarchistic in some ways in its goals. >> do you think it has legs? >> i think it has some staying power. what it does draw, the cbo report, attention to is the proposals from the republican candidates, all of which are skewed towards the one group of citizens who need it the least. >> absolutely nothing is going to happen meaningful unless -- this is a real possibility -- europe really does have a meltdown. yes, they dodged a bullet this week, but they still have huge problems to face. it would trigger

the congressional budget office used irs and census data from 1997 to 2007. the report shows america's top 1% nearly tripled, up 275%. the report showed washington, d.c. has the third widest income gap behind atlanta and new orleans. >>> news of a debt deal for greece is apparently causing markets to surge. they convinced banks to accept 50% losses on greek bonds and to expand the bailout fund. wall street futures are up sharply after ending higher yesterday in anticipation of just this kind of a deal. >>> let's get our first check of the forecast and rain throughout the region, top. is it going to be a washout today? >> well, it is. and looking at the radar right now, we have the dreaded moving blobs. >> look at them move and they are blobby. yes, the moving green you see is light rain across northern virginia, the district and into much of maryland. and those areas of yellow and orange raining pretty hard out in west virginia, western maryland, but closer to washington, radar now scanning the sky. just a few sdaterred sprinkles in prince georges, arlington,

the congressional budget office says fiscal year 2011 ended with an estimated deficit of $1.3 trillion. that's more than 8.5% of the overall u.s. economy. the deficit is the annual gap >> tom: still ahead, we meet one of those americans finding work recently under the golden arches. and our market monitor still thinks gold is a shining investment. he's mark leibovit of the vrgoldletter.com. >> well, come, not too many shining investments on wall street today, it was a pretty choppy day, to the big triple-digit gains or losses but it was choppy and investors still playing it pretty cautious going into the holiday weekend. >> cautious and choppy, trying to digest not only economic data on jobs today but figuring out what that portends, of course, into the holiday season here. let's go ahead and roll and look at tonight's market focus. the major stock indices snapped a three session rally on the heels of the jobs data and debt downgrades in europe. it was a choppy session. the dow industrials began the day in positive territory, unlike lunchtime when it fell into the red. a late afternoon

so says the authoritative non- partisan cbo, congressional budget office, released last week in their report. over the past 30 years, the wealthiest 1% of americans had incomes that rose by, get this, 275%. the average salary for that top 1% of the wealthiest americans for one year of work was $352,000. where isas the middle, 60% of americans, aka the middle- class, saw children come increase by just 40%. the average salary for a middle- class american rose to just under $50,000 a year. why this enormous income gap? one major reason is that u.s. workers without a college education cannot compete with the chinese, the indian, or other workers around the world that better educated and cheaper. question, is it a fallacy that the rich just get richer? pat buchanan? >> no, john. what happened to the american economy is dramatic historic transfer from manufacturing and production power to a financial capital where people buy and sell and trade paper. second thing happened is this, we dropped the u.s. economy, we had the highest wages in the world, and strict regulations into a global econom

a new report from the congressional budget office says incomes of the wealthiest 1% of americans nearly tripled between 1979 and 2007. middle class incomes, about 60% of the population, grew 40%. and the 20% at the bottom of the economic scale saw income growth of only about 18%. >>> also a cbs news/"the new york times" poll found most americans believe the economy is getting worse. norah o'donnell sat down with treasure secretary timothy geithner yesterday and asked if americans are right to feel that way. >> it's still very tough out there. the people are very frustrated and still hurting a lot. >> reporter: but is it getting worse? >> the economy as a whole? the economy is just not growing fast enough. >> reporter: are you convinced we have hit rock bottom? could there be a second recession? >> i think the strength of the economy right now depends on two things. it depends on how successful europe is in resolving their financial chronic and people in and it depends on the people in washington. if congress does not act on these proposals in the president's jobs act, taxes will go up f

he's doug holtz-eakin, president of the american action forum and former director of the congressional budget office >> a lot of people have heard about tax reform, but they don't really understand why it would be important. let's start with corporate tax reform. most people focus on the fact that the united states has a combined income tax of 39.2%, the highest in the developed world, for the single most anti- growth tax of all the possible taxes. so if you have a factory, the tax wipes out the incentives for hiring more workers. that hurts jobs, that hurts incomes, that hurts our standard of living. worse, that factory is competing with, say german, factories in, say, the czech republic. when germany sells in the czech republic, they pay just the 19% czech republic tax. but the u.s. firm pays 19% plus another 20.2% to reach the u.s. tax of 39.2%. the u.s. factory will lose that business. even worse, when corporations realize they can't compete in the united states these jobs in the u.s. are going to go away entirely and end up in factories around the globe. which brings us to the most important th

. >>> the super committee met yesterday and discussed the impacts of the cuts with the congressional budget office. the 12 senators and representatives have until november 23 to come up with an agreement on what should be slashed. if they don't 1.2 trillion in automatic cuts across the board will kick in. >>> college students took out loans totaling more than $100 billion last year. that's first time that amount has ever been reached. president obama wants to help them manage that debt. under the president's plan that's out now, your maximum payment would be 10% of your income. you still have to pay the whole thing. it would just take longer that could save you hundreds of dollars per month. overall the total amount of money owed to loan programs tops a trillion dollars this year. that number far exceeds the amount of credit card debt for americans which now stands at $793 billion. >>> prince george's county former top prosecutor is running for congress. glenn ivey plans to run for the seat now held by democratic congresswoman donna edwards. >> the district includes prince george's county, much of

both congressional budget office and office of management and budget came up with these kind of budgetumbers. if you take the money away it has to happen and looks like it is lost jobs. martha: what can they do if anything to fight back against this doesn't look like the jobs bill will pass so it may not be an issue they have to deal with? i'm sure their lobbyists are going crazy to make sure it doesn't happen? >> certainly the jobs bill doesn't appeer to have a future. super committee is looking at deficit reduction measures. the one concern the democrats would introduce the measure in that forum would have the same impact. may look like we're saving federal budget money but would have a very bad impact on economy. martha: doug, thank you very much for that analysis. good to talk to you always. have a good one. >> thanks. bill: a major part the health care overhaul has been scrapped. what does that mean for the law? what does it mean for you? dr. marc siegel has some answers on that in a moment. also there is this. >> here we go. >> a huge crash. >> up in turn number two. >> oh, multi

the critics who are going after it are using these start of static analysis that the congressional budget offices, assumes that for example, that the bush tax cuts will expire which may not happen and it didn't take into effect how a platter code, a more efficient code will incentivize economic growth. so, that's where the debate will be. and raise enough revenue. >> when you say static analysis, you raise the rates, lower the rates and adjust proportionally and the argument for a flat tax, it will increase growth, but politically, one of the things it doesn't have, perry plan doesn't have is that sales tax, with the 9-9-9 plan that cain has and that's pretty deliberate proposal here to avoid that. >> yes, that's right. on the other hand, it keeps the mortgage deduction and a number of other deductions. >> charitable deduction and state and local taxes, the big three, those are the big three. >> so it's krits sized as not being simple enough and being a kind of jobs bill for accountants. but i think, you know, af got to step back and see what's going on here. all of these presidential candidates

a new analysis from the congressional budget office supports the idea that income inequality has grown considerably over the past few decades. the report found that household income grew by 275% between 1979 and 2007 for the wealthiest 1% of the population. for the rest of the top fifth of the country, it grew by 65%. by contrast, the bottom fifth of the population saw its income grow by just 18%. the "newshour's" economics correspondent paul solman has been exploring the consequences of those trends in previous stories he has done in his series. tonight, he gets a contrarian view, suggesting inequality in a free market system may not be as bad as advertised. it's part of his ongoing reporting on "making sense of financial" news. >> reporter: richard epstein, welcome. >> thank you for having me. >> reporter: what's good about inequality? >> what's good about inequality is if, in fact, it turns out that inequality creates an incentive for people to produce and to create wealth, it's a wonderful force for innovation. so let's just go and take somebody like bill gates or any entrepreneur.

according to the nonpartisan congressional budget office, the disparity between how much money americans make has risen sharply over the past three decades from 1979 to 2007, income for the wealthiest 1% nearly tripled, far outpacing income growth for all other groups. >>> while the majority of demonstrations sympathizing with occupy wall street across the country have been largely peaceful, that was not the case yesterday in california. riot police in oakland used tear gas and flash bangs to dispersanty wall street protesters camped out in front of city hall for the past two weeks. the crowd had been ordered to disperse earlier in the day but they later regrouped and marched back to city hall. at least 85 people were arrested. >>> now here's your first look at the other news going on around america. a kentucky store clerk turned the tables on a would-be robber who threatened to kill him. the clerk was able to grab the suspect's gun and shoot him before he could escape. the suspect was arrested when police arrived. >>> and in kansas a tractor-trailer wreck on interstate 70 killed the dri

the violence in oakland comes as the latest report from the congressional budget office reafirms the rally cry of occupy wall street protesters. we are the 99%. the new report finds between 1979 and 2007, the top 1% of americans with the highest incomes have seen their incomes grow by 275%. meanwhile, the 60% middle income workers saw their incomes rise by just 40%. the report goes on to cite the rapid growth of celebrity salaries, the increasing size of the financial services industry, and changes in executive compensation. across bay from the protesters, a dramatically different scene. president obama was attending an expensive dnc fund-raiser in san francisco. the price, $7500 a plate to be in the presence of that man. the event was one of several fundraisers scheduled on the president's western tour. in an interview jay leno, the president acknowledged that americans are frustrated with the economy and with washington's work on solving the country's problems. >> people are hurting. they've been hurting for a while. and people were having a tough time even before the crisis. incom

we have had a number of hearings on the overview of the budget from the director of the congressional budget office, one on tax reform, a number more that will be scheduled. there will be that opportunity to take testimony and for people to take input. in this polarized environment, it makes sense that some of the back and forth between members of the committee, but i also think there is an essential role for the year included a public hearing process. >> there is another issue of transparency that some people are concerned about. by concentrating power in these 12 people, it will become a lobbying bonanza. what interest groups have been matched with since you have been on the super committee? >> i effort from a range of people. >> can you name some? >> i have heard from citizens who are worried about medicare and social security. i have heard from folks in maryland hospitals were worried about the impact of the cuts in medicare might have. i have heard from a range of people, a grass-roots organizations, doctors, hospitals, others. in my view, the role of any member of congress, whether they're on

the congressional budget office reports the highest-paid 1% of americans saw their income increase by 275% over the past three decades. in that same period, middle class wage earners' income grew 40% , and low income americans saw an increase of 18%. the occupy movement is attracting many women to the tent cities and gaining the support of female voters. unions and organizations like working america believe that's because women are feeling the continuing economic pain of cutbacks and layoffs in both the government and corporations. >> women are feeling that pressure even more in these dangerous times, and i think that's why women are really responding to this message. >> despite violence at some of the occupy sites this week, protestors vow to continue the movement until they see change. >> the people in the parks, a lot of them are young people who feel like, okay i'm in debt up to my eyeballs and now i can't find a job. i went to school, i did what i was told and there are no opportunities for me, that's a lot of who it is. but its also iraq vets who have unbelievable unemployment r

. >>> new numbers released this week from the congressional budget office show how much income inequality has grown in the u.s. over the last three decades. the report says the incomes of the top 1% of the country grew by 275% between 1979 and 2007. incomes of the lowest 20% grew by only 18%. >>> giving to the poor was one of many issues raised in a new survey of u.s. catholics. according to the results, 60% now believe you can be a good catholic without donating time or money to the poor. that number was 44% in 2005. the survey also found that a majority of catholics now believes that individuals, not church authorities, should be the ones to make decisions about abortion, homosexuality and other social issues. joining me now are kim lawton, managing editor of this program and kevin eckstrom editor of religion news service. welcome to you both. kevin, can you explain this astonishing figure that 60% of those surveyed, 60% of catholics in this country say, they can be good catholics without at the same time giving money to the poor or giving time to helping the poor. >> it's one of the gr