˙*ROBERT REICH:* Oh, no. In fact, Emmanuel Saez, my colleague at Berkeley who has really done the pioneering work on determining who has got what and looked at income tax records, he’s just came out with a new study showing that since the recovery, almost all the gains have gone to the very, very top. People who are in the top 1% are doing better than they did even before the great recession, better than they have done since 1928. Remember what happened after 1928, we had a great crash. Remember after 2007, which was the last peak in terms of inequality, we had another crash. We can get back to why there is a relationship there, but most Americans are on a downward escalator. The median wage in the United States adjusted for inflation keeps on dropping.
Posted on: Fri, 13 Sep 2013 16:36:17 +0000
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