Richest 1 Percent Account For Nearly All Of U.S. Recovery's Gains: Report
Source: Huffington Post
Technically, the economy has been in recovery for two years. But it turns out the rich have been doing most of the recovering.
In 2010 -- the first full year since the end of the Great Recession -- virtually all of the income growth in America took place among the country's very wealthiest people, says an economist at the University of California, Berkeley. The top 1 percent of earners took in a full 93 percent of all the income gains that year, leaving the other 7 percent of gains to be sprinkled among the vast majority of society.
Those numbers come courtesy of Emmanuel Saez, the Berkeley economist who co-created a resource known as the World Top Incomes Database. Saez and his colleagues crunched the data on income growth from 2010, the most recent year available, and found that it was shockingly lopsided.
While much of the country is simply treading water, with a growing number of people either edging toward poverty or already there, the richest of the rich seem to be coping nicely.
Read more: http://www.huffingtonpost.com/2012/03/05/1-percent-income-inequality_n_1321008.html
yurbud
(39,405 posts)Cal Carpenter
(4,959 posts)Not gonna happen
(eta, not that it would happen any other year, really, but especially not this one)
bayareamike
(602 posts)it will all trickle down!!!!!!!
xtraxritical
(3,576 posts)Uncle Joe
(58,364 posts)midnight
(26,624 posts)leveymg
(36,418 posts)Most of the middle-class got knocked on their asses in 2000 (dot-com bubble burst) and again in 2001 (post 9/11 retrenchment and war economy), and got totally whacked in 2008 (don't have to tell you) . That's a lot of lost income during that decade to try and make up. Most of us never will got back to where we once were before we got Bushwacked.
Octafish
(55,745 posts)...the loot. But did they listen? Nooooooo.
The Crimes and Cover Ups of the Reformer John McCain.
Phil Gramm is the Meyer Lansky of the War Party.
Which gives me pause to wonder.
Larry Ogg
(1,474 posts)Thank you for posting the links.
Their especially useful to myself, because I live in Arizona and know a lot of John McCain fans whose world-view might be properly adjusted thanks to a little enlightenment as to the cause of their personal economic downturn.
One must also be reminded as to how much influence these criminals have over our government, what they look like, and aside from a little bit of misleading lip service for election time, why, not much will ever be done about it; unless people begin to wake up.
Octafish
(55,745 posts)Here's my 2-cents on Arizona's senior senator and his chums in perfidy, the Gramms of Texas.
Know your BFEE: John McCain, Dim Knight Errant of the War Party.
ENRON and the Gramms.
Nothing personal against anybody, I just don't like it when the superrich own everybody who's anybody in government.
Thank you for grokking what's needed, Larry Ogg!
Newest Reality
(12,712 posts)news items about the economy improving are suspect to me. One has to ask, "For whom?"
One suspects a form of manipulation and management in the media, (as well as the numbers use for GDP and also Wall Steet's gains) that suggests a manipulation that seeks to preserve the Status Quo and gloss-over the impact in the economic trenches, i.e., what is happening to large numbers of us.
We will be first to know if and when things have improved and won't have to be told it is so. However, I suspect that one of the reasons for the management of our perception is that things won't or can't go back and a new way of life is in order, by choice or force.
Dokkie
(1,688 posts)which takes away from the denominator presenting a rosy unemployment numbers. We have less people working today that in 2007 but unemployment is at 8%. Go figure
DaveJ
(5,023 posts)Whether they have 5 million or 5 billion, the rich are just sitting on their asses anyway.
The way to keep the 99% working is to keep them poor.
BrainDrain
(244 posts)Not me.
thelordofhell
(4,569 posts)They just got richer
Lasher
(27,597 posts)Praise be to the benevolent invisible hand!
Canuckistanian
(42,290 posts)They're underwater now.
JHB
(37,160 posts)In a real tide, the biggest things are the last to float free, and the first to go aground when the tide goes out. Supply-side tides manage to act in a completely opposite fashion.
Lasher
(27,597 posts)krispos42
(49,445 posts)Beacool
(30,249 posts)The old adage is true: the rich get richer and the poor get poorer.
Beavker
(823 posts)Even the teabaggers agree, yet they go vote for the guy who makes it happen.
Beacool
(30,249 posts)Pholus
(4,062 posts)FiveGoodMen
(20,018 posts)Pholus
(4,062 posts)But what do you mean I am not in the 1%?
joshcryer
(62,276 posts)they were hoping for the "Ivory Recovery".
They get 9944/100%
SammyWinstonJack
(44,130 posts)sarcasmo
(23,968 posts)sendero
(28,552 posts)... THERE IS NO RECOVERY.
Not only that, BUT THERE IS NOT GOING TO BE A RECOVERY ANYTIME SOON.
Vanje
(9,766 posts).....but if you dont have a boat , fuck you.
progressoid
(49,991 posts)Oh, wait - I guess it did work.
harmonicon
(12,008 posts)Larry Ogg
(1,474 posts)chknltl
(10,558 posts).....gonna start trickling down? I suspect if I asked my only republican freind, who btw, believes in trickle down economics, his response would be that those with the cash are holding out for less uncertain times. There is no arguing with him! I take no delight in his disappointment over his candidate's poor showing. Why anyone would want the newtster as POTUS boggles my mind.
bora13
(860 posts)The bubble I live in (not for much longer) in Fairfield County, CT is moving along nicely. The contractors are still getting theirs, the shop owners are getting theirs, the car dealers are getting theirs, and on and on. If it would only spread thicker to those who have falling on hard times, it wouldn't be so disgusting. The snow removal people are not getting theirs this year. They got some last year though.
unkachuck
(6,295 posts)....so, this explains why the American people are pessimistic and in a funk....
....the scummy 1% have stolen our future, wrecked our lives and continue unabated upon their merry way....and the 99% have no recourse or ability to do anything to stop them....
Octafish
(55,745 posts)Proud to write:
"Servicing the One Percent is a Democratic Party plank now, too."
Not.
Long past three years for a pony like a jobs program, let alone an effort to reverse climate change,
me b zola
(19,053 posts)How can anyone have thought that the fixes to the economy were meant to help the average person? Seeminly every fix to the problem was approached from a conservative frame.
aquart
(69,014 posts)We need to tax these space cadets back onto our planet.
MannyGoldstein
(34,589 posts)do for the 99% what I did for the 1% in my first term.
Ah, who am I kidding - we all know that it's pea-eatin' time come the day after the election. But who the @#$% else ya gonna vote for, chumps?
Now excuse me, I need to dream up some new free trade agreements."
girl gone mad
(20,634 posts)if reports are to be believed. Yes, they're holding off until after the election. Romney, Obama.. doesn't matter.
How does that line go? Laugh about it, shout about it, when you've got to choose, every way you look at it you lose.
ProgressoDem
(221 posts)But also to be fair, they fucking caused the whole shitfucking catastrophe. And losing X% of your money when you're a rich person isn't the same as losing X% when you're working class.
Response to onehandle (Original post)
Post removed
marble falls
(57,099 posts)up works really well.
harmonicon
(12,008 posts)bvar22
(39,909 posts)DURec.
Cherish your memories,
because "they" are taking everything else.
[font size=5 color=green]Solidarity99![/font][font size=2 color=green]
--------------------------------------------------------------------------------------------------------------------------------[/center]
Hawkowl
(5,213 posts)The 1% IS the economy according to the msm. If you are too poor to buy anything but food, clothing and shelter, you don't contribute much to the economy.
txlibdem
(6,183 posts)and would never think of having any other economic system.
Especially not a resource based economy.
LuckyLib
(6,819 posts)MADem
(135,425 posts)I suppose this is a simple byproduct of the dictum "Ya gotta spend money to make money."
Who are the ones who have money? The rich.
Makes sense they get to lead the parade...they're the ones with the dough.
Hopefully our day will come, too...
bart95
(488 posts)gee, i thought giving the rich 1 trillion for free would 'trickle down'?
the only thing that 'changed was that instead of giving them tax breaks, we just handed them money