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Mon Jan 28, 2013, 01:55 AM

 

Wages for bottom 90% declined 1.2% during 2009-2011 recovery, top 1% income grew 8.2%

The annual wages of the bottom 90 percent of workers declined by 1.2 percent between 2009 and 2011 when adjusted for inflation, according to a new report from the Economic Policy Institute, a left-leaning think tank. Meanwhile, the top one percent's wages rose 8.2 percent during the same time period by the same measure.

The richest Americans have benefited the most from the economic recovery so far. The top one percent captured 93 percent of all income gains during the first full year of the economic recovery (2010), according to a study by Emmanuel Saez, an economics professor at the University of California at Berkeley. That was largely due to the fact that rich people hold most stocks, and the stock market has rebounded strongly since the recession. The new report from the Economic Policy Institute signals that wages also have recovered for the rich.

The rich have been gaining far more economic ground than the rest of the country for decades, as demonstrated in this graph from the Economic Policy Institute:



http://www.huffingtonpost.com/2013/01/27/wages-one-percent_n_2552314.html?ref=topbar

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Reply Wages for bottom 90% declined 1.2% during 2009-2011 recovery, top 1% income grew 8.2% (Original post)
HiPointDem Jan 2013 OP
Sherman A1 Jan 2013 #1
aandegoons Jan 2013 #2
Victor_c3 Jan 2013 #3
hay rick Jan 2013 #4

Response to HiPointDem (Original post)

Mon Jan 28, 2013, 04:39 AM

1. K&R

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Response to HiPointDem (Original post)

Mon Jan 28, 2013, 05:54 AM

2. On the backs of the poor.

The beatings will continue....

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Response to HiPointDem (Original post)

Mon Jan 28, 2013, 09:50 AM

3. yup

And as long as the unemployment remains where it is, people will say to themselves "at least I have a job" and accept this decrease.

With this in mind, there is no incentive for the rich to help get a "real" recovery and for big business to drive down the unemployment rate. They can keep dangling "at least you have a job" in front of you as they make your productivity increase and stagnate your wages.

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Response to HiPointDem (Original post)

Mon Jan 28, 2013, 11:15 AM

4. This should be front and center in the "fiscal cliff debate."

Last edited Mon Jan 28, 2013, 11:52 AM - Edit history (1)

Especially among Democrats. The failure to even entertain the thought of significantly higher taxes on the very rich, commensurate with their greatly increased share of wealth and income, is a failure to represent the interests of the majority of Americans.

Link to the full EPI article: http://www.epi.org/publication/ib347-earnings-top-one-percent-rebound-strongly/

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