Income Inequality Is At The Highest Level In American History

[applegrove]

Income Inequality Is At The Highest Level In American History

BY BRYCE COVERT at Think Progress

http://thinkprogress.org/economy/2016/07/01/3794970/income-inequality-2015/

"SNIP..............


According to a new analysis by economist Emmanuel Saez, Americans in the bottom 99 percent of the country’s income distribution saw their take home pay rise 3.9 percent in 2015 over 2014’s levels, adjusted for inflation, the best increase they’ve seen in 17 years. But the top 1 percent of the country far outpaced them: the wealthy’s income grew by 7.7 percent last year, reaching a new high.

...........

But the rich are doing great. The incomes of the 1 percent grew 37 percent between 2009 and 2015. They captured more than half of all the income growth in the country over that period, leaving just 48 percent to spread out among the bottom 99 percent of families.

The top 10 percent of American earners took home more than half of all income last year, the highest share ever except for 2012.

And in fact, income inequality is now at the highest level the country has ever recorded in its entire history. While most data only goes back to the turn of the 20th century, economists Peter Lindert and Jeffrey WIlliamson used tax records, directories, and historical accounts to go back even further. They found that in the country’s earliest post-colonial history, inequality was quite low and much lower than countries across the Atlantic.


...............SNIP"

[SoLeftIAmRight]

1. Hillary will fix it

...

[enough]

4. Where's your sarcasm thing? (nt)

[AgingAmerican]

13. By what means?

[Photographer]

2. k&r x 100 Send this to the greatest page.

[davidn3600]

3. This economy is fantastic right now....

...if you already have money.

[sakabatou]

5. Not surprising

[840high]

7. yep

[FXSTD]

6. If Obama didn't fix it, it can't be fixed. I think all the meddling trying to fix it makes it worst.

[Cryptoad]

8. It can not be fixed ,,,,,

as long as the GOP controls Congress. They do not allow any comprehensive economic reform of the GOP economic policies that were put in place starting in the 80's

[applegrove]

14. +100

[MaggieD]

16. Exactly, which is why we damn sure ought to stop blaming Dems

And work our tails off to ditch these GOPers.

[phazed0]

10. It could be fixed...

But the powers that be have no desire.

Lets see some Presidential executive orders (Obama issued lowest amount since Bush Sr.)

No, we can't have that... we can't even get a Presidential determination,Presidential memorandum or a Presidential notice.

Cite national security and do it that way.. but to not lift a finger and then make the problem worse, well, seems more on the side of 'will" than of impossibility.

[Lord Magus]

20. Executive orders don't work that way.

The president can't just invent new powers for himself. He can't rule by decree. Any executive order has be based on the existing authority granted by the Constitution and the laws already on the books.

[pampango]

9. "a lot has to do with taxes ... taxes and public programs are doing much less than they used to ..."

Many factors have contributed to growing income inequality, but a lot of them have to do with taxes. Since the late 1990s, income inequality has been driven by the rich getting more and more of their money from returns on investments, something the less well off are less likely to benefit from, and that money is taxed at a lower rate. Overall, taxes and public programs are doing much less than they used to to mitigate the growth of income inequality as taxes have been lowered on the rich while lawmakers have withered the social safety net.

You don't do what FDR did, bad things happen.

[uponit7771]

18. Its like automation with manufacturing jobs the M$M ignores taxes when it comes to income equality

[Skeeter Barnes]

11. Neither party gives a shit. Dems will Occupy the House floor for a gun ban but not for $15/hr.

None of them raised hell when the public option was declared "just a sliver" and dropped from ACA.

[Scootaloo]

12. Well, according to what's been getting screamed in my face for the past year, that's a good thing

After all, economic justice is directly inverse to social justice. The more income inequality there is, the higher the poverty rate, the closer we are to a truly egalitarian society. If you're interested in economics, it's because you;re a white suprmeacist and opposed to socail progress for nonwhites, women, and LGBT people.

Or so the screaming tells me.

[bhikkhu]

15. Interpreting what is important there - the number of poor people is at an all time high

92 million or so in the lower income class. I suppose it could be argued whether "lower income class" means poor, but having scraped along a few years there myself I can attest - it isn't easy. Its rough on a person physically and mentally, and its a hard place to climb out of.

On the good side of things (also leading to the "inequality" problem) we also have a record number of wealthy people in the high income class. Which means, we as a nation have the wealth to balance things out better, if there is a will to do so.

[CrispyQ]

17. Don't worry. Congress will fix it.

Oops. Maybe not.

[bigwillq]

19. Great graphic