Friday, September 05, 2014

Change you can believe in, yet again

Man, is Barack Obama gonna be upset when he finds out about this:
The Fed survey released suggests that wealth and income is concentrated not just within the top 1 percent, as some analyses have suggested, but actually among a slightly broader slice of the ultra-rich: the top 3 percent.

From 2010 to 2013, average income for U.S. families rose about 4 percent after accounting for inflation, the survey showed. All of the income growth was concentrated among the top earners, the survey showed, with the top 3 percent accounting for 30.5 percent of all income.

The disparity was even greater by wealth, with the top 3-percent holding 54.4 percent of all net worth in 2013, up from 51.8 percent in 2007 and 44.8 percent in 1989.
I thought all this was going to end in the our new egalitarian era. Huh.

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