Economic Recovery Overwhelmingly Went to Top 1%, Who Gained 93% of Growth

Friday, March 09, 2012
It is no wonder public discontent has been so sharp during the so-called economic recovery in the United States, considering the findings of a new study by Emmanuel Saez, whose previous studies on income distribution have given a statistical basis to suspicions of widespread income inequality.
In 2010, the first year after the Great Recession ended, average real income of the top 1% grew by 11.6%, while the bottom 99% incomes expanded only by 0.2%.
This means the wealthy captured 93% of the income gains in the first year of recovery.
“It is likely that this uneven recovery has continued in 2011 as the stock market has continued to recover,” writes Saez in his paper. “National Accounts statistics show that corporate profits and dividends distributed have grown strongly in 2011 while wage and salary accruals have only grown only modestly. Unemployment and non-employment have remained high in 2011.”
-Noel Brinkerhoff
To Learn More:
Income Inequality in U.S. Reaches Record High (by Noel Brinkerhoff, AllGov)

Most Americans Wish U.S. was Like Sweden (by Noel Brinkerhoff, AllGov) 


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