Quote of the day – July 31, 2012
Are America’s rich getting richer? Certainly. Every official yardstick shows that America’s most affluent are upping their incomes much faster than everyone else.
How fast? Between 1980 and 2010, note economists Emmanuel Saez and Thomas Piketty, incomes for America’s top 1 percent more than doubled after inflation. They now average a little more than $1 million.
The top 0.1 percent saw their incomes more than triple, to $4.9 million, over that same span. And income more than quadrupled for the top 0.01 percent — the richest 16,000 Americans — to nearly $24 million.
And what about the rest of us? After inflation, average incomes for America’s bottom 90 percent actually fell — by 4.8 percent — between 1980 and 2010, from $31,337 to $29,840.
- An excerpt from Sam Pizzigati’s article for www.otherwords.com “Marching Toward Greater Inequality”