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Tuesday, September 10, 2013

95% of new wealth created 2009 to 2012 in USA went to top 1% income earners


"Some 95% of 2009-2012 Income Gains Went to Wealthiest 1%"
2013-09-10 by  Brenda Cronin [http://blogs.wsj.com/economics/2013/09/10/some-95-of-2009-2012-income-gains-went-to-wealthiest-1/]:
Research released this month shows that the incomes of the well-off have largely climbed back from the toll of the most recent recession while those of the poor have yet to start recovering.
According to the latest version of “Striking it Richer: The Evolution of Top Incomes in the United States,” by Emmanuel Saez, of the University of California, Berkeley, the income inequality gap has been expanding, rather than narrowing, as the 2007-2009 recession recedes. That trend has been unfolding for more than 30 years, with the highest earners only temporarily set back by the most recent downturn.
The findings, based in part on U.S. income-tax data and census figures, update Mr. Saez’s earlier work with Thomas Picketty, with initial income estimates for 2012. The research will be updated again in January 2014.

Among the highlights:
* All told, average inflation-adjusted income per family climbed 6% between 2009 and 2012, the first years of the economic recovery. During that period, the top 1% saw their incomes climb 31.4% — or, 95% of the total gain — while the bottom 99% saw growth of 0.4%.
* Last year, the richest 10% received more than half of all income — 50.5%, or the largest share since such record-keeping began in 1917. Here is how the top earners break down: Top 1%: incomes above $394,000 in 2012; Top 5%: incomes between $161,000 and $394,000; Top 10%: incomes between $114,000 and $161,000.
* The housing and stock markets give and they also take away. The one-percenters saw their incomes slide 36.3% during the 2007-2009 recession; incomes of the 99-percenters fell 11.6% during the downturn. “The fall in top decile income share from 2007 to 2009 is actually less than during the 2001 recession from 2000 to 2002, in part because the Great Recession has hit bottom 99% incomes much harder than the 2001 recession, and in part because upper incomes excluding realized capital gains have resisted relatively well during the Great Recession,” Mr. Saez wrote.

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