Moral Outrage
Whew! God help us!

Income for top 1 percent skyrockets by 275 percent!

The Occupy Wall Street movement has made inequality a key focus of its protests, and has used the slogan, “We are the 99 percent.”

We already know that the gap between rich and poor has been widening lately. But some new numbers from the Congressional Budget Office put the issue into stark relief.

As the chart at top right shows, between 1979 and 2007, the share of after-tax income going to each of the bottom four income quintiles–the bottom 80 percent–has dropped.

The only quintile that has increased its share is the top 20 percent.

And the top 1 percent has more than doubled its share! That top 1 percent saw its income skyrocket by 275 percent.

Those between the 80th and 99th percentile–that is, the top 20 percent, excluding the very top 1 percent–also did pretty well, seeing their income rise by 65 percent.

Income for the bottom 20 percent, meanwhile, grew by just 18 percent.


One Response to “Income for top 1 percent skyrockets by 275 percent!”

  1. […] Between 1979 and 2009, productivity rose by 80%, while the incomes of the bottom 20% fell by 4%. The top 20% saw an increase of 55%, the top 1%: 275%. […]

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