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

cbpp.org, Center on Budget and Policy Priorities by Avi Feller, Chad Stone | Sep. 9, 2009 (Special Report)
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 »

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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 concentration from “bouncing back” after a decline. In the absence of significant policy changes, income concentration levels could well return to their previous highs after the current recession ends and resume their 30-year climb.

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