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Showing Original Post only (View all)The Richest 1 Percent Have Captured 121 Percent Of Income Gains During The Recovery [View all]
http://thinkprogress.org/economy/2013/02/12/1579211/1-percent-121-gains/Last year, economist Emmanuel Saez estimated that the richest 1 percent of the U.S. captured a whopping 93 percent of the income gains in 2010, as the U.S. was emerging from the Great Recession. Saez is now back with updated numbers from 2011, and they make the picture look even grimmer:
From 2009 to 2011, average real income per family grew modestly by 1.7% (Table 1) but the gains were very uneven. Top 1% incomes grew by 11.2% while bottom 99% incomes shrunk by 0.4%. Hence, the top 1% captured 121% of the income gains in the first two years of the recovery. From 2009 to 2010, top 1% grew fast and then stagnated from 2010 to 2011. Bottom 99% stagnated both from 2009 to 2010 and from 2010 to 2011.
How is it possible for the 1 percent to capture more than all of the nations income gains? The number is due to the fact that those at the bottom saw their incomes drop. As Timothy Noah explained in the New Republic, the one percent didnt just gobble up all of the recovery during 2010 and 2011; it put the 99 percent back into recession.
Saez added that In 2012, top 1% income will likely surge, due to booming stock-prices, as well as re-timing of income to avoid the higher 2013 top tax rates This suggests 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.
From 2009 to 2011, average real income per family grew modestly by 1.7% (Table 1) but the gains were very uneven. Top 1% incomes grew by 11.2% while bottom 99% incomes shrunk by 0.4%. Hence, the top 1% captured 121% of the income gains in the first two years of the recovery. From 2009 to 2010, top 1% grew fast and then stagnated from 2010 to 2011. Bottom 99% stagnated both from 2009 to 2010 and from 2010 to 2011.
How is it possible for the 1 percent to capture more than all of the nations income gains? The number is due to the fact that those at the bottom saw their incomes drop. As Timothy Noah explained in the New Republic, the one percent didnt just gobble up all of the recovery during 2010 and 2011; it put the 99 percent back into recession.
Saez added that In 2012, top 1% income will likely surge, due to booming stock-prices, as well as re-timing of income to avoid the higher 2013 top tax rates This suggests 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.
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The Richest 1 Percent Have Captured 121 Percent Of Income Gains During The Recovery [View all]
Fumesucker
Feb 2013
OP
Without a President committed to the middle class it could have been way worse! nt
Bonobo
Feb 2013
#2
Like I been telling people who complain about the rise in the cost of living--
Jackpine Radical
Feb 2013
#27
they got all the gains, plus some of what *you* already had. your loss they also gained. +
HiPointDem
Feb 2013
#47
It is this kind of lack of critical thinking skills, or even the faintest intellectual curiosity
AlbertCat
Feb 2013
#32
You Could Reach That Number By Confiscating The Wealth Lost By The Losers
TheMastersNemesis
Feb 2013
#26
Your reply and arguments are a perfect example of how this happened. n/t
Egalitarian Thug
Feb 2013
#34
How is it possible for the 1 percent to capture more than all of the nation’s income gains?
G_j
Feb 2013
#14
Gotta return the narrative to the 1% versus the 99%. It appears that is the only way these problems
Fire Walk With Me
Feb 2013
#19
All of something adds up to 100%. I don't dispute economic inequity, it most be eliminated.
bluestate10
Feb 2013
#45
The 1% got 121% of the total gains, because the rest of us 99% lost 21% of those gains.
reformist2
Feb 2013
#48