Rich take all

This (via here) is pretty stunning:

National income gained overall in 2010, but all of the gains were among the top 10 percent. Even within those 15.6 million households, the gains were extraordinarily concentrated among the super-rich, the top one percent of the top one percent.

Just 15,600 super-rich households pocketed an astonishing 37 percent of the entire national gain.

… median pay fell in 2010 to its lowest level since 1999.

In case you think this is the way it’s always been:

The top one percent enjoyed 45 percent of Clinton-era income growth, 65 percent of Bush-era growth and 93 percent of Obama-era growth, though that is only through 2010.

and in the first mini-recovery from the Great Depression from 1933-4, the average income of the bottom 90% went up 8.8% while the average for the top .01% went down 3.4%.

These kind of changes don’t just happen, they come from the actions (or lack thereof) of the government.

1 Comment (+add yours?)

  1. Trackback: Rich Lowry: most of us don’t matter « Petunias

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