Bush Deplores American Timidity

"PRESIDENT BUSH: Well, thank you. (Laughter.) Just teasing. (Laughter.)"

Income Inequality

Greg Ip writes in the Wall Street Journal: "The richest Americans' share of national income has hit a postwar record, surpassing the highs reached in the 1990s bull market, and underlining the divergence of economic fortunes blamed for fueling anxiety among American workers.

"The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue Service. That is up sharply from 19% in 2004, and surpasses the previous high of 20.8% set in 2000, at the peak of the previous bull market in stocks.

"The bottom 50% earned 12.8% of all income, down from 13.4% in 2004 and a bit less than their 13% share in 2000. . . .

"The IRS data go back only to 1986, but academic research suggests the rich last had this high a share of total income in the 1920s. . . .

"In an interview yesterday with The Wall Street Journal, President Bush said, 'First of all, our society has had income inequality for a long time. Secondly, skills gaps yield income gaps. And what needs to be done about the inequality of income is to make sure people have got good education, starting with young kids. That's why No Child Left Behind is such an important component of making sure that America is competitive in the 21st century.'"

Poll Watch

Mara Liasson reports for NPR that "President Bush's job approval rating"-- 38 percent -- "remains anemic, creating a big drag on the Republican Party, a new poll for NPR shows. . . .

"Likely voters have grown even more pessimistic about the direction of the country, according to the bipartisan poll. Sixty-eight percent say the country is on the wrong track, while only 23 percent say it's heading in the right direction."

Respondents were read two statements about the economy and asked which comes closest to their opinion.

Only 30 percent picked this one: "Increasing taxes will hurt the economy. The economy is getting better and creating new jobs. Higher taxes and higher spending will make the housing problem worse and stop companies from adding more jobs."

More than twice as many -- 63 percent -- picked this one: "President Bush's economic policy has been great for big business and the ultra wealthy, but it has left the middle class behind. We need tax cuts for the middle class, universal health coverage and investments in alternative energy to create quality American jobs."

Gore's Prize

Matt Spetalnick writes for Reuters: "Call it Al Gore's revenge.