Dear Dirty America


Edging Toward Poverty: Income Gains Going Straight to the Top

March 09
21:22 2012

Berkeley economist Emmanuel Saez found:

In 2010 — the first full year since the end of the Great Recession — virtually all of the income growth in America took place among the country’s very wealthiest people…. The top 1 percent of earners took in a full 93 percent of all the income gains that year, leaving the other 7 percent of gains to be sprinkled among the vast majority of society.

While much of the country is simply treading water, with a growing number of people either edging toward poverty or already there, the richest of the rich seem to be coping nicely.

Income for most workers has barely risen in the last 30 years, but the top 1 percent of earners have seen their income almost triple in the same amount of time. Economists and other experts say that could be the result of any number of factors, including the decline of labor unions, the explosion in capital gains during the middle part of the aughts, and tax policies put in place in recent years that favor the wealthy.

See also, California’s disturbing wealth gap

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1 Comment

  1. Geoff Granfield
    Geoff Granfield June 25, 18:48

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