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 »

Posted by Dwight Rousu - via Columbia Journalism Review

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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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