In 2013 UC Berkeley economist Emmanuel Saez wrote "Striking it Richer: The Evolution of Top Incomes in the United States." The study showed how 95% of the income gains from 2009 through 2012 went to the top 1%. As revealing as this study was, this chart is stunning because of how it shows what's been happening to income in America since 1949.
In a few words, since Republicans started going after New Deal institutions, attacking labor, and granting favorable legislation and sweet tax deals to America's richest class the top 10% has been devouring the fruits of America's productivity - as if the rest of us don't matter.
With such a prolonged period of stagnant wages and rising debt levels - with little hope of change in sight - one could argue that a modern form of debt drenched serfdom is just around the corner. Only, instead of working a manorial lord's land we work to pay off the debts that the lords of Wall Street manage.
Oh, yeah. I already wrote that piece.
- Mark
In a few words, since Republicans started going after New Deal institutions, attacking labor, and granting favorable legislation and sweet tax deals to America's richest class the top 10% has been devouring the fruits of America's productivity - as if the rest of us don't matter.
With such a prolonged period of stagnant wages and rising debt levels - with little hope of change in sight - one could argue that a modern form of debt drenched serfdom is just around the corner. Only, instead of working a manorial lord's land we work to pay off the debts that the lords of Wall Street manage.
Oh, yeah. I already wrote that piece.
- Mark
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