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The 1% are recovering from 2008 recession while 99% are still waiting
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
Posted: July 11th, 2016
https://www.theguardian.com/business/2016/jul/06/one-percent...
The top 1% of Americans are finally recovering from the great recession. A new analysis of IRS data revealed that the average income of the top 1% of income earners grew by 7.7% in 2015, reaching $1.36m. Report author Emmanuel Saez, an economics professor at the University of California-Berkeley ... revealed that in 2015, the rich were also taking home larger chunk of the US income. The share of income going to the top 10% of income earners those making on average about $300,000 a year increased to 50.5% in 2015 from 50.0% in 2014, the highest ever except for 2012, Saez wrote. It should not come as a shock that to many Americans talk of economic recovery rings hollow. The top 1% of families saw their income grow by 37% between 2009 to 2015, from $990,000 to $1.36m. The incomes of the other 99%, however, grew by just 7.6% during that time from $45,300 in 2009 to $48,800 in 2015. In 2015, the income of the 99% grew by just 3.9%. After factoring in inflation, Saez calls it: the best real income growth in 17 years. And the rich? At 7.7%, their growth was twice that. Economy remains a top concern for US voters, according to a recent Gallup survey of 1,530 adults. The gap between rich and poor is bigger now than its been just about any time since the 1920s.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
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