The Greedheads are Back and Getting Richer with a Vengeance

The Greedheads are Back and Getting Richer with a Vengeance

Emanuel Saez has updated his study, to the Excel file that produced all the charts in that report if you click righ to call it), average real income per family fell by 17.4%, and average real income for the top 1% fell by 36.3%. The fall at the top was mostly attributable to a decrease in capital gains income due to the huge drop in stock prices.

Things started getting better in 2010. Average real income per family grew by 2.3%. Saez describes how that gain was distributed:

Top 1% incomes grew by 11.6% while bottom 99% incomes grew only by 0.2%. Hence, the top 1% captured 93% of the income gains in the first year of recovery.

And if anyone out there still isn’t sure what Occupy Wall Street is all about, now you have your answer.

Here’s a graph from the report that puts historical income inquality in perspective:

The graph shows the greedheads aren’t quite back to where they were before the recession but, incomes grew through 2011 and into 2012, so I have no doubt their ravenous grab of the lion’s share has continued. I suspect the 2012 charts will show them back at their peak or past it.

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