Top 1 Percent of Americans Reaped Two-Thirds of Income Gains in Last Economic Expansion

Income Concentration in 2007 Was at Highest Level Since 1928, New Analysis Shows

Two-thirds of the nation’s total income gains from 2002 to 2007 flowed to the top 1 percent of U.S. households, and that top 1 percent held a larger share of income in 2007 than at any time since 1928, according to an analysis of newly released IRS data by economists Thomas Piketty and Emmanuel Saez.[1]

During those years, the Piketty-Saez data also show, the inflation-adjusted income of the top 1 percent of households grew more than ten times ... Full Story »

Posted by Dwight Rousu - via Columbia Journalism Review
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Posted by: Posted by Dwight Rousu - Sep 9, 2009 - 3:39 PM PDT
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Edited by: Dwight Rousu - Sep 9, 2009 - 3:39 PM PDT
Glenn LaBauve
4.3
by Glenn LaBauve - Sep. 15, 2009

Economics by its nature of being based on facts and figures can be rather hard to digest, but this article breaks it down well with words and pictures

It is about time that we have some ammunition to throw at the uneducated poor that believe that those taxes the rich avoid somehow means the poor will get more money in their pockets. It is only Fair that those that receive the most benefits pay the most in taxes, it makes little difference who is in charge when you merely exist.

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Lynn R. Willis
4.8
by Lynn R. Willis - Sep. 12, 2009

This piece tells a compelling story, and assuming that the statistics are accurate and appropriately represented, points to an inescapable conclusion; i.e., that barring a change (soon) in the way wealth is distributed in this country, America as we know it will cease to exist. Indeed, David S. Mason voices exactly this concern in his recent book, "The End of the American Century."

Some folks, particularly the mega-rich, will probably choose to ignore these statistics or challenge their validity. If this situation continues, I'd wager that paying for health care reform will be the least of our worries.

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Dwight Rousu
4.5
by Dwight Rousu - Sep. 9, 2009

The article gives a well footnoted and bar-charted presentation.

The great and growing disparity of wealth is a sign of deterioration of our society.

Saez, along with Harvard economist Lawrence Katz, points to previous recessions and notes that only major policy shifts like the New Deal have prevented income ... More »

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Patrick McGuire
5.0
by Patrick McGuire - Sep. 12, 2009

Very well done with facts and graphs for a clearer picture. It is well sourced even with footnotes.

It is insightful but no surprising as the US has a history of the growing gap between the ri ch and poor but it nevers get addressed.

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alan segal
5.0
by alan segal - Sep. 12, 2009

It is based on facts period.

This is something you will never hear about on Fox News or from the right wing propaganda machine amidst their attacks on Obama as a Socialist. And if it is covered at all by the mainstream media it will be buried in the papers and just a blurb on the network news. Yet it is the results of 8 years of Republican rule, and if you are in the top 1%, it doesn't matter that the Bush neglect of regulating the economy and his unprecedented foreign policy failures have brought this country ... More »

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