Get sick, get well
Hang around a ink well
Ring bell, hard to tell
If anything is goin' to sell
-- Bob Dylan

Monday, June 20, 2011

Growing share of income for the rich

Inequality in the U.S. has has grown steadily since the 1970s, following a flat period after World War II. In 2008, the wealthiest 10 percent earned almost the same amount of income as the rest of the country combined.
INCOME LEVEL NUMBER OF PEOPLE AVERAGE INCOME OVERALL CHANGE 1970-2008
Top 0.1% 152,000 $5.6 million +385%
Top 0.1-0.5% 610,000 $878,139 +141%
Top 0.5-1% 762,000 $443,102 +90%
Top 1-5% 6.0 million $211,476 +59%
Top 5-10% 7.6 million $127,184 +38%
Bottom 90% 137.2 million $31,244 -1%
*Based on the salary, bonuses and stock options of the three highest-paid officers in the largest 50 firms. ** Calculated from Bureau of Economic Analysis data. NOTE: All figures have been adjusted for inflation.
SOURCES: The World Top Incomes Database and reports by Jon Bakija, Williams College; Adam Cole, U.S. Department of Treasury; Bradley T. Heim, Indiana University; Carola Frydman, MIT Sloan School of Management and NBER; Raven E. Molloy, Federal Reserve Board of Governors; Thomas Piketty, Ehess, Paris; Emmanuel Saez, UC Berkeley and NBER. GRAPHIC: Alicia Parlapiano - The Washington Post. Published June 18, 2011.

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