Top 1 Percent of Americans Reaped Two-Thirds of Income Gains in Last Economic Expansion
Income Concentration in 2007 Was at Highest Level Since 1928, New Analysis Shows
Two-thirds of the nation’s total income gains from 2002 to 2007 flowed to the top 1 percent of U.S. households, and that top 1 percent held a larger share of income in 2007 than at any time since 1928, according to an analysis of newly released IRS data by economists Thomas Piketty and Emmanuel Saez.[1]
During those years, the Piketty-Saez data also show, the inflation-adjusted income of the top 1 percent of households grew more than ten times ...
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This is something you will never hear about on Fox News or from the right wing propaganda machine amidst their attacks on Obama as a Socialist. And if it is covered at all by the mainstream media it will be buried in the papers and just a blurb on the network news. Yet it is the results of 8 years of Republican rule, and if you are in the top 1%, it doesn't matter that the Bush neglect of regulating the economy and his unprecedented foreign policy failures have brought this country to the brink of bankruptcy, you got yours. This is why partisan Republican media pimps with their multi-million dollar contracts and side deals, such as Limbaugh, Hannity, Beck, Savage and OReilly, are getting even more vicious in their hateful attacks on Obama and the Dems for trying to level the economic playing field, by lowering the cost of health care, improving education, and making us energy self sufficient and creating new jobs.