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onehandle

(51,122 posts)
Mon Mar 5, 2012, 06:51 PM Mar 2012

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

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Richest 1 Percent Account For Nearly All Of U.S. Recovery's Gains: Report (Original Post) onehandle Mar 2012 OP
this deserves more attention. yurbud Mar 2012 #1
During an election year? Cal Carpenter Mar 2012 #14
But, but, but bayareamike Mar 2012 #2
Oh yeah, better get an umbrella. eom xtraxritical Mar 2012 #27
Like a golden shower and we will all be singing "Urine the Money!" Uncle Joe Mar 2012 #51
Seems that those who had the most, got the most, and they will not be protesting anytime soon... midnight Mar 2012 #3
Not at all surprising, but Rec for visibility. leveymg Mar 2012 #4
Well stated, leveymg. We tried to tell everybody, when we still had time to collect... Octafish Mar 2012 #26
These are some of the history lessons that should not be forgotten. Larry Ogg Mar 2012 #39
You are most welcome, Larry Ogg! Octafish Mar 2012 #49
That's why those Newest Reality Mar 2012 #5
dont forget the fake unemployment numbers Dokkie Mar 2012 #53
U.S. needs Workers to work! Rich are sitting on their asses regardless. DaveJ Mar 2012 #6
and this is a surprise to....who? BrainDrain Mar 2012 #7
This is misleading......The rich had nothing to recover from thelordofhell Mar 2012 #8
A rising tide lifts all boats. Lasher Mar 2012 #9
Except for all those boats that are anchored with chains Canuckistanian Mar 2012 #11
More like believing a tide rises from the top down. JHB Mar 2012 #31
The trickle down tide Lasher Mar 2012 #32
Oooo... good one! n/t krispos42 Mar 2012 #43
Great toon!! Beacool Mar 2012 #45
Exactly true Beavker Mar 2012 #47
Yeah, go figure. Beacool Mar 2012 #48
So things went exactly according to plan... nt Pholus Mar 2012 #10
Exactly! FiveGoodMen Mar 2012 #12
Eggcellent, Smithers.... Pholus Mar 2012 #13
Mmm, capitalism, gotta love it. joshcryer Mar 2012 #22
Naw... krispos42 Mar 2012 #44
Pretty much. nt SammyWinstonJack Mar 2012 #52
Anyone still want to argue class war? The rich are kicking our ass. sarcasmo Mar 2012 #15
Obvious to anyone paying attention ... sendero Mar 2012 #16
A rising tide lifts all boats Vanje Mar 2012 #17
Whaaaat? I can't believe neo-liberal trickle down didn't work. progressoid Mar 2012 #18
That's a brilliant graphic. nt. harmonicon Mar 2012 #36
Well it did trickle down into places like China and India n/t Larry Ogg Mar 2012 #41
so when is trickle down ........ chknltl Mar 2012 #19
The rich know how to spend money even as most suffer bora13 Mar 2012 #20
"...1 percent of earners took in a full 93 percent of all the income gains..." unkachuck Mar 2012 #21
Tradition! Octafish Mar 2012 #23
Is anyone suprised? me b zola Mar 2012 #24
Windfall profits tax. aquart Mar 2012 #25
"Make No Mistake: in my second term, I'll MannyGoldstein Mar 2012 #28
They've already got our austerity plans mapped out.. girl gone mad Mar 2012 #30
To be fair, they accounted for a lot of the losses as well. ProgressoDem Mar 2012 #29
K&R varelse Mar 2012 #33
Post removed Post removed Mar 2012 #34
trickle ...... marble falls Mar 2012 #35
Fresh from the "no shit" files! nt. harmonicon Mar 2012 #37
By design. bvar22 Mar 2012 #38
No Shit Hawkowl Mar 2012 #40
It's times like these when I cling to Capitalism txlibdem Mar 2012 #42
K and R. LuckyLib Mar 2012 #46
Ah, a rising tide lifts all yachts, then? MADem Mar 2012 #50
i think this is more 'Change', than 'Hope' bart95 Mar 2012 #54

Cal Carpenter

(4,959 posts)
14. During an election year?
Mon Mar 5, 2012, 09:02 PM
Mar 2012

Not gonna happen

(eta, not that it would happen any other year, really, but especially not this one)

leveymg

(36,418 posts)
4. Not at all surprising, but Rec for visibility.
Mon Mar 5, 2012, 07:20 PM
Mar 2012

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)
26. Well stated, leveymg. We tried to tell everybody, when we still had time to collect...
Mon Mar 5, 2012, 11:58 PM
Mar 2012

...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)
39. These are some of the history lessons that should not be forgotten.
Tue Mar 6, 2012, 12:28 PM
Mar 2012

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)
49. You are most welcome, Larry Ogg!
Tue Mar 6, 2012, 02:47 PM
Mar 2012

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)
5. That's why those
Mon Mar 5, 2012, 07:27 PM
Mar 2012

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)
53. dont forget the fake unemployment numbers
Tue Mar 6, 2012, 05:29 PM
Mar 2012

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)
6. U.S. needs Workers to work! Rich are sitting on their asses regardless.
Mon Mar 5, 2012, 07:33 PM
Mar 2012

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.

JHB

(37,160 posts)
31. More like believing a tide rises from the top down.
Tue Mar 6, 2012, 06:32 AM
Mar 2012

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.

sendero

(28,552 posts)
16. Obvious to anyone paying attention ...
Mon Mar 5, 2012, 09:18 PM
Mar 2012

... THERE IS NO RECOVERY.

Not only that, BUT THERE IS NOT GOING TO BE A RECOVERY ANYTIME SOON.

chknltl

(10,558 posts)
19. so when is trickle down ........
Mon Mar 5, 2012, 10:32 PM
Mar 2012

.....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)
20. The rich know how to spend money even as most suffer
Mon Mar 5, 2012, 10:35 PM
Mar 2012

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)
21. "...1 percent of earners took in a full 93 percent of all the income gains..."
Mon Mar 5, 2012, 10:46 PM
Mar 2012

....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)
23. Tradition!
Mon Mar 5, 2012, 11:47 PM
Mar 2012

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)
24. Is anyone suprised?
Mon Mar 5, 2012, 11:48 PM
Mar 2012

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.

 

MannyGoldstein

(34,589 posts)
28. "Make No Mistake: in my second term, I'll
Tue Mar 6, 2012, 01:45 AM
Mar 2012

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)
30. They've already got our austerity plans mapped out..
Tue Mar 6, 2012, 01:57 AM
Mar 2012

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)
29. To be fair, they accounted for a lot of the losses as well.
Tue Mar 6, 2012, 01:48 AM
Mar 2012

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)

bvar22

(39,909 posts)
38. By design.
Tue Mar 6, 2012, 12:19 PM
Mar 2012

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)
40. No Shit
Tue Mar 6, 2012, 12:33 PM
Mar 2012

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)
42. It's times like these when I cling to Capitalism
Tue Mar 6, 2012, 01:21 PM
Mar 2012

and would never think of having any other economic system.

Especially not a resource based economy.

MADem

(135,425 posts)
50. Ah, a rising tide lifts all yachts, then?
Tue Mar 6, 2012, 02:52 PM
Mar 2012

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)
54. i think this is more 'Change', than 'Hope'
Wed Mar 7, 2012, 12:06 PM
Mar 2012

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

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