[Fwd: [Marxism] U.S. Income inequality at an all time high]

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-------- Original Message --------
Subject:     [Marxism] U.S. Income inequality at an all time high
Date:     Sat, 15 Aug 2009 13:30:55 -0700 (PDT)
From:     Pat Costello <pt_costello at yahoo.com>
Reply-To:     Activists and scholars in Marxist tradition
<marxism at lists.econ.utah.edu>
To:     aorta <aorta at home.nl>



Income inequality in the United States is at an all-time high,
surpassing even levels seen during the Great Depression, according to a
recently updated paper by University of California, Berkeley Professor
Emmanuel Saez. The paper, which covers data through 2007, points to a
staggering, unprecedented disparity in American incomes. On his blog,
Nobel prize-winning economist and New York Times columnist Paul Krugman
called the numbers "truly amazing."

Though income inequality has been growing for some time, the paper
paints a stark, disturbing portrait of wealth distribution in America.
Saez calculates that in 2007 the top .01 percent of American earners
took home 6 percent of total U.S. wages, a figure that has nearly
doubled since 2000.

As of 2007, the top decile of American earners, Saez writes, pulled in
49.7 percent of total wages, a level that's "higher than any other year
since 1917 and even surpasses 1928, the peak of stock market bubble in
the 'roaring" 1920s.'"

Beginning in the economic expansion of the early 1990s, Saez argues, the
economy began to favor the top tiers American earners, but much of the
country missed was left behind. "The top 1 percent incomes captured half
of the overall economic growth over the period 1993-2007," Saes writes.

Despite a rising stock market, largely growing employment and a historic
housing boom things were not nearly so rosy for the rest of U.S.
workers. This trend, according to Saez, only accelerated during the
George W. Bush's tenure as President:

    "...while the bottom 99 percent of incomes grew at a solid pace of
2.7 percent per year from 1993-2000, these incomes grew only 1.3 percent
per year from 2002-2007. As a result, in the economic expansion of
2002-2007, the top 1 percent captured two thirds of income growth."

READ the entire paper:



http://www.huffingtonpost.com/2009/08/14/income-inequality-is-at-a_n_259516.html

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