Friday, March 9, 2012

How the 1% have been doing

Emmanuel Saez updated his article "Striking it Richer" to include data through 2010.  From the excel tables, available on his website:

Summary of the findings from Planet Money:

"1. Over the long term, the top 1 percent have seen much larger gains than everyone else.
2. During the recession, the incomes of the top 1 percent fell more sharply than the incomes of everyone else. This happened because the stock market crashed, and the highest earners get a big chunk of income from investments.
3. In 2009-2010, when the market came back, incomes of the top 1 percent bounced back, while incomes for everyone else remained flat."

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