“Everything’s coming up roses for people who own a chunk of American capital,” observed Brookings Institution economist Gary Burtless after the new stats emerged. “What we’ve seen in the economic recovery is inequality on steroids. The market is giving wealthy people a very good run.” That “very good run” has actually been lasting a very long time. Since 1982, the income share of America’s top 1 percent has more than doubled, from 10.8 percent in 1982 to 22.5 percent in 2012. Americans down below those top 1 percent heights, meanwhile, haven’t been on much of a run at all. They’ve been falling. The wealth of the typical American household has dropped nearly 20 percent since 1984, says a new Russell Sage Foundation study.
Posted on: Mon, 11 Aug 2014 18:14:50 +0000
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