As the 1% reap 93 percent of the income gains from the recovery, we’re rapidly returning to pre-New Deal levels of inequality.
There was a brief debate focused on the following question: would the gains of the economy continue to accrue to the top 1% once the recovery started, or would they have a weak post-recession showing in terms of raw income growth as well as income share of the economy? The top 1% had a rough Great Recession. They absorbed 50 percent of the income losses, and their share of income dropped from 23.5 percent to 18.1 percent. Was this a new state of affairs, or would the 1% bounce back in 2010?
We finally have the estimated data for 2010 by income percentile, and it turns out that the top 1% had a fantastic year. The data is in the World Top Income Database, as well as Emmanuel Saez’s updated “Striking it Richer: The Evolution of Top Incomes in the United States” (as well as the excel spreadsheet on his webpage). Timothy Noah has a first set of responses here. The takeaway quote from Saez is, “the top 1% captured 93% of the income gains in the first year of recovery.”
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4 comments:
Thats because the top 1% were smart enough to start selling off when the markets were breaking 14,000, then they quickly starting putting money back in when the markets were hitting 7-8000. They didn't invest according to how the commercials and news told them to.
BUT - if they (the 1%) are asked to pay anymore, it will absolutely ruin their lives and bring their world crashing to a halt. How will they live? Down to 3 houses, 5 cars, a portfolio worth millions, etc. It ain't gonna be pretty. The Waltons, the Gates', the Buffet's, the DuPonts, etc are going to be down to their last 50-200 billion. Those OWS dummies better stop telling everyone about this or there's gonna be trouble...
So what they earned it. The current administration has certainly generated the class warfare. Jealousy is a terrible thing. I guess if socialism wins we won't have to worry anymore, other than where will the havenots get their money when all the haves have been robbed clean. Thats when socialism colapses. look at history. I am a havenot but would prefer democracy any day to socialism. If we aren't careful we will get exactly what we ask for.
9:31 ha ha. Sure, because the phrase "rich get richer, poor get poorer" was just recently coined when Obama came into office. How about you take a day off the Fox News talking points.
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