In 2010 The Rich Got Richer And The 99 Percent Got Pocket Change

93 Percent of 2010's Income Gains Went to the Richest 1 percent...


The Roosevelt Institute’s Mike Konczal points out that in 2010, the first full year of the economic recovery, was very good if you were one of America’s richest 1 percent. In fact, that year the richest 1 percent captured 93 percent of the nation’s income gains:

Well, we finally have the estimated data for 2010 by income percentile, and it turns out that the top 1% had a fantastic year. The data is in the World Top Income Database, as well as Emmanuel Saez’s updated Striking it Richer: The Evolution of Top Incomes in the United States…The takeaway quote from Saez should be: “The top 1% captured 93% of the income gains in the first year of recovery.”…The bottom 90% of Americans lost $127, the bottom 99% of Americans gained $80, and the top 1% gained $105,637. The bottom 99% is net positive for the year because of around $125 in average capital gains. They can take comfort in efforts by the Right to set the capital gains tax to 0%, which would have netted them an addition couple dozen bucks.

And while the 1 percent who have "suffered" lower bonuses whine about cutting back on luxuries, those of us in the 99 percent are still clawing and scratching just to keep going at all. I'd offer cheese to go with their "whine," but frankly, I can't afford to be so generous.

[H/T ThinkProgress]

About Diane Sweet

Diane Sweet's picture
Senior Editor, Lives in a gerrymandered district in Michigan.


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