What a surprise: Top 1% reaped 2/3 of gains 2002-07

http://www.cbpp.org/cms/index.cfm?fa=vie w&id=2908

I intuitively knew this was going on for the last decade under Bush, but seeing it laid out like this really leaves me at a relative loss for words.  The subtitle text reads "Income Concentration in 2007 Was at Highest Level Since 1928," and the thought strikes me that this concentration isn't the only thing that 2007 and 1928 have in common (mostly thinking about what happened the year after...).

Tags: economics (all tags)

Comments

2 Comments

Re: The L Curve

Important to remember that the 'income' your data represents includes capital gains. Serious Capital gains is the kind of income that makes the biggest and most insurmountable difference.)

I always like the L curve ( see graph at http://www.lcurve.org ) for its simplicity and audaciousness:

The US population is represented along the length of the football field, arranged in order of income.

Median US family income (the family at the 50 yard line) is ~$40,000 (a stack of $100 bills 1.6 inches high.)

--The family on the 95 yard line earns about $100,000 per year, a stack of $100 bills about 4 inches high.

--At the 99 yard line the income is about $300,000, a stack of $100 bills about a foot high.

--The curve reaches $1 million (a 40 inch high stack of $100 bills) one foot from the goal line.

--From there it keeps going up...it goes up 50 km (about 30 miles) on this scale!


by QTG 2009-09-09 08:39AM | 0 recs
Re: L curve explained on you-tube

http://www.youtube.com/watch?v=woIkIph5x cU

by QTG 2009-09-09 08:48AM | 0 recs

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