"The gulf between the richest 1% of the USA and the rest of the country got to its widest level in history last year.
The
top 1% of earners in the U.S. pulled in 19.3% of total household income
in 2012, which is their biggest slice of total income in more than 100
years, according to a an analysis by economists at the University of
California, Berkeley and the Paris School of Economics at Oxford
University.
The richest Americans haven't claimed this large of a
slice of total wealth since 1927, when the group claimed 18.7%. The
analysis is based on data from Internal Revenue Service data.
One
of the economists behind the research, Emmanuel Saez of the University
of California, Berkeley, is a top researcher in the topic of wealth and
income inequality. He won the John Bates Clark medal last year. The
Clark medal is awarded to the most promising economists under the age of
40. Past winners have includes Paul Krugman of Princeton University,
Lawrence Summers and Steve Levitt, co-author of "Freakonomics."
In
a separate analysis, Saez found the top 1% of earnings posted 86% real
income growth between 1993 and 2000. Meanwhile, the real income growth
of the bottom 99% of earnings rose 6.6%."
.............so...still think the game isn't rigged? The system is corrupt and broken and you can't do a damn thing about it...Not to be melodramatic, but I keep wondering if the military-which is mostly lower and working class-will side with the people if and when it all collapses. Meanwhile, according to today's paper 6,000 of Warren County's 41,000 people are living at or below the poverty level ($23,550 for a family of four) yet the EOC (Economic Opportunities Council) has a mere $10,000! to help them pay the rent. The spokeswoman says she receives 10 calls a day asking for assistance. So,while bridges are falling down, people are living in poverty and we waste trillions of dollars on war, it remains unconscionable that this nation should find itself in such dire straits.
Tuesday, September 10, 2013
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