Posts tagged income
Posts tagged income
Of Total Income Increase in 2010…
Steven Rattner, a Wall Street executive and New York Times Op-Ed contributor, writes:
In 2010, as the nation continued to recover from the recession, a dizzying 93 percent of the additional income created in the country that year, compared to 2009 — $288 billion — went to the top 1 percent of taxpayers, those with at least $352,000 in income. That delivered an average single-year pay increase of 11.6 percent to each of these households.
Still more astonishing was the extent to which the super rich got rich faster than the merely rich. In 2010, 37 percent of these additional earnings went to just the top 0.01 percent, a teaspoon-size collection of about 15,000 households with average incomes of $23.8 million. These fortunate few saw their incomes rise by 21.5 percent.
The bottom 99 percent received a microscopic $80 increase in pay per person in 2010, after adjusting for inflation. The top 1 percent, whose average income is $1,019,089, had an 11.6 percent increase in income.
Steven Rattner, The New York Times. The Rich Get Even Richer.
Yikes. The balance is off.
I’m sure that .01% just worked harder than the rest of us. What’s $4.2 million divided by 80 dollars? OK, they worked 52,500 times harder than everyone else did. Seems legit.
Members of Congress had a collective net worth of more than $2 billion in 2010, a nearly 25 percent increase over the 2008 total, according to a Roll Call analysis of Members’ financial disclosure forms.
Nearly 90 percent of that increase is concentrated in the 50 richest Members of Congress. Two years ago, Roll Call found that the minimum net worth of House Members was slightly more than $1 billion; Senators had a combined minimum worth of $651 million for a Congressional total of $1.65 billion. Roll Call calculates minimum net worth by adding the minimum values of all reported assets and subtracting the minimum values of all reported liabilities.
According to financial disclosure forms filed by Members of Congress this year, the minimum net worth in the House has jumped to $1.26 billion, and Senate net worth has climbed to at least $784 million, for a Congressional total of $2.04 billion.
“Occupiers of Zuccotti Park and other sites around the country have been criticized for the fuzziness of their goals. Their complaint that the privileged few in the top 1 percent are getting a disproportionate share of the nation’s prosperity, however, is spot on. And Wall Streeters are taking a bigger and bigger chunk of that income.” - NYT
The number of millionaires increased by about 20 percent.
EPI Interactive: When income grows, who gains? Move the slider to select a date range and see how average income growth was shared between the top 10% and the bottom 90%.