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Thread: Over 90% of the income gains in the first year of the recovery went to the top 1%

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    Over 90% of the income gains in the first year of the recovery went to the top 1%

    “In 2010, average real income per family grew by 2.3% … but the gains were very uneven. 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. Such an uneven recovery can help explain the recent public demonstrations against inequality.”

    The 10 page update offers a clear picture of how income shares have varied over different business cycles, as well as the long-term trends since 1917. Top income shares fell dramatically after World War II, stayed flat, then began to rise in the early 1980s and have returned to their pre-War levels.

    The top 10% in the US take now take home about 47% of all income, but this is driven by the top 1% who account for 20%.

    The difference between the business cycle of the 1990s and the 2000s is that the incomes of the bottom 99% grew by 20% between 1993 and 2000, but only by 6.8% between 2002 and 2007.

    Saez suggests that this “may … help explain why the dramatic growth in top incomes during the Clinton administration did not generate much public outcry while there has been a great level of attention to top incomes in the press and in the public debate since 2005.”

    Over 90% of the income gains in the first year of the recovery went to the top 1% « Economics for public policy
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    And the right wing ignores, and calls it all lies...


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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Most of us on the right from a fiscal perspective were against the stimulus. I dont know what point you are trying to prove other than we shouldn't have spent it. Corporate cronyism is rampant in both parties.

    The far left thinks more government in everything is good, which means more cronyism or lessen the impact of government so its got its hand in fewer things.

    Oh and look the top 10% makes up 70% of the income taxes on 45% of the AGI.
    AGI numbers for 2010.jpg

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Opportunity Cost,

    I am pretty sure this post was not something you grasped. It had nothing to do with the stimulus in any way.
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    All this proves is that Keynsian economics does not benefit the masses.

    But it also bolsters my signature.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by ksu_aviator View Post
    All this proves is that Keynsian economics does not benefit the masses.

    But it also bolsters my signature.
    Ha ha! What Keynesian economics? The article clearly shows that since the 1980's (cough trickle down), that this inequality has become more exaggerated. are you guys even reading this????
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by TheDemSocialist View Post
    And the right wing ignores, and calls it all lies...
    actually many of us say so what? those who have money to invest are going to see their income grow more than those who spend every penny they earn

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by TurtleDude View Post
    actually many of us say so what? those who have money to invest are going to see their income grow more than those who spend every penny they earn
    And where are those jobs again?????
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    That
    Quote Originally Posted by JP Hochbaum View Post
    Ha ha! What Keynesian economics? The article clearly shows that since the 1980's (cough trickle down), that this inequality has become more exaggerated. are you guys even reading this????
    Yes, I read it. That isn't the question. The question is, did you think about it?

    The article clearly shows the relation of the top earners and government spending. It then tries to relate economic down turns to an income disparity as if that is abnormal. The reality is, it is the lower paid workers that lose their incomes first. They are the most expendable. Further, of course the top 1% will make more than 1% of the total income. It is statistically impossible for there not to be a greater percentage of income going to the top 1%.

    But, as was said above, so what? What moral imperitive gives the government the right to tell people what they can and can't earn?
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by ksu_aviator View Post
    That
    Yes, I read it. That isn't the question. The question is, did you think about it?

    The article clearly shows the relation of the top earners and government spending. It then tries to relate economic down turns to an income disparity as if that is abnormal. The reality is, it is the lower paid workers that lose their incomes first. They are the most expendable. Further, of course the top 1% will make more than 1% of the total income. It is statistically impossible for there not to be a greater percentage of income going to the top 1%.

    But, as was said above, so what? What moral imperitive gives the government the right to tell people what they can and can't earn?
    It is true that the top 1% will always earn a greater income. But since trickle down started that percentage has become at its worse since before WW2. After WW2 we had the Keynesian Era and the gap was historically at its lowest. Then in 1980 trickle down policies started and have continued. And since then the gap in earnings has not only been immoral but also non existant for wage earners.
    My blog, where I talk latest news on economics and some other issues.

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