HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Incomes Flat in Recovery,...
Introducing Discussionist: A new forum by the creators of DU

Fri Feb 15, 2013, 08:38 PM

Incomes Flat in Recovery, but Not for the 1%

Last edited Sat Feb 16, 2013, 09:42 PM - Edit history (1)

Source: NY Times

Incomes rose more than 11 percent for the top 1 percent of earners during the economic recovery, but barely at all for everybody else, according to new data.

The numbers, produced by Emmanuel Saez, an economist at the University of California, Berkeley, show overall income growing by just 1.7 percent over the period. But there was a wide gap between the top 1 percent, whose earnings rose by 11.2 percent, and the other 99 percent, whose earnings rose by just 0.4 percent.

Mr. Saez, a winner of the John Bates Clark Medal, an economic laurel considered second only to the Nobel, concluded that “the Great Recession has only depressed top income shares temporarily and will not undo any of the dramatic increase in top income shares that has taken place since the 1970s.”

The disparity between top earners and everybody else can be attributed, in part, to differences in how the two groups make their money. The wealthy have benefited from a four-year boom in the stock market, while high rates of unemployment have continued to hold down the income of wage earners.

Read more: http://www.nytimes.com/2013/02/16/business/economy/income-gains-after-recession-went-mostly-to-top-1.html

11 replies, 2957 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 11 replies Author Time Post
Reply Incomes Flat in Recovery, but Not for the 1% (Original post)
alp227 Feb 2013 OP
daleo Feb 2013 #1
Berlum Feb 2013 #2
Demo_Chris Feb 2013 #9
Phlem Feb 2013 #3
Smilo Feb 2013 #4
1983law Feb 2013 #8
blkmusclmachine Feb 2013 #5
lonestarnot Feb 2013 #6
Kablooie Feb 2013 #7
Demo_Chris Feb 2013 #10
TomClash Feb 2013 #11

Response to alp227 (Original post)

Fri Feb 15, 2013, 09:04 PM

1. Nice work if you can get it

But only one percent can get it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to alp227 (Original post)

Fri Feb 15, 2013, 09:16 PM

2. "Hip hip hooray." - Republicans (1%)

"Too bad about you smelly proles. Smirk." - Republican Party

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Berlum (Reply #2)

Sat Feb 16, 2013, 06:43 AM

9. This is a false narrative it would be better to abandon

 

There is only a very slight difference in terms of wealth breakdown between the two parties, and while the GOP does have somewhat more hyper-wealthy neither party has any real meaningful advantage. If one were to ask which party represents the wealthy the correct answer would be BOTH -- which is, of course, why neither wants to do anything about it. They both have their fair share of wealthy members, both recieve donations from the same corporations, and both for the most part propose doing much the same things to address the problem.

It would be nice of those of us in the bottom 80% had some representation, but there it is.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to alp227 (Original post)

Fri Feb 15, 2013, 09:22 PM

3. This comparison is inadequate

As I think people who are looking for work and can't find it, don't have incomes are not included in this NY Times article.



-p

Reply to this post

Back to top Alert abuse Link here Permalink


Response to alp227 (Original post)

Fri Feb 15, 2013, 10:17 PM

4. But the 1% are working very hard

on how the can make more cuts to wages, increase the work week, do away with any benefits for the workforce and all the while make themselves lots more money.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Smilo (Reply #4)

Sat Feb 16, 2013, 03:39 AM

8. You are not suggesting that all those in the 1%...

 

are getting over?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to alp227 (Original post)

Fri Feb 15, 2013, 10:30 PM

5. Go figure. The 1 percent own DC.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to alp227 (Original post)

Fri Feb 15, 2013, 10:38 PM

6. No one has been able to stop them apparently. Still stealing us blind.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to alp227 (Original post)

Sat Feb 16, 2013, 02:07 AM

7. My salary has dropped to about what I was making 20 years ago.

The good years are all behind, I guess.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Kablooie (Reply #7)

Sat Feb 16, 2013, 06:48 AM

10. And for those who never got those good years, well...

 

They just get stuck with the wreckage and the bill I guess.

It will only get worse. All those state pensions that no one apparently bothered to fund twenty plus years ago, well they are coming due, those folks want their money and the money is not (and likely never was) there. It's a disaster. Sadly, it is not an unexpected disaster.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to alp227 (Original post)

Sat Feb 16, 2013, 09:10 PM

11. And the beat goes on . . .

You and I won't do anything about it. Trust me, we won't. They think we are a joke and they're right.

Write a letter. Attend a protest. Occupy for a day! Vote for the state capitalist duopoly. Start a blog! That's "change."

Chump change.


Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread