The One Percent gobbled up the recovery and put the 99 percent in recession
(Source: New Republic, February 13, 2013)
When you look at the economic recovery's first two years, the top one percent (which by 2011 meant any household making more than about $367,000) captured 121 percent of all pre-tax income gains.
How is it even possible for the one percent to capture more than 100 percent of all income gains since the last recession? Looked at from one point of view, it's not. It is enough to say that in 2010 and 2011 all of the recovery went to the one percent. If you were in the bottom 99 percent, as by definition nearly all of us are, you didn’t see a dime of that recovery.
What did the bottom 99 percent see? Over 2010 and 2011, it saw, on average, a slight net decline in pre-tax income of 0.4 percent.
Full story: New Republic
Wednesday, February 13, 2013
