h/t Think Progress.
The top ten percent of earners in the United States took home more than 50 percent of all income in 2012, the highest amount ever recorded since data was first collected in 1917, according to an updated report from economists Emmanuel Saez and Thomas Piketty.
While the wealthiest took a big hit during the financial crisis, they’ve almost fully recovered. Last year, income for the top 1 percent of earners “increased sharply,” the report notes, growing by nearly 20 percent, while the bottom 99 percent only saw money rise by 1 percent. “In sum,” the authors write, “top 1% incomes are close to full recovery while bottom 99% incomes have hardly started to recover.”
This follows a trend since the recovery officially began. From 2009 to 2012, income for the 1 percent grew by 31.4 percent, while everyone else only saw it grow by 0.4 percent. That means the 1 percent “captured 95% of the income gains in the first three years of the recovery,” they write.
Ordinary non-rich Americans are the losers in an economic system that transfers wealth upwards. In the U.S. income inequality is more extreme than in Egypt, Tunisia, Yemen, the Ivory Coast, Pakistan, and Ethiopia.