Here's a rather graphic representation of the growth in income inequality in the USA since the 1960s; plotted on a chart where the income growth of the bottom 90 percent is represented by an inch-high bar; the growth of the top 10 percent needs a 163 foot-tall bar; while the top 0.01% need a 4.9 mile-high bar to represent their real wealth growth in the same period.
The income growth and shrinkage figures come from analysis of the latest IRS data by economists Emmanuel Saez and Thomas Piketty, who have won acclaim for their studies of worldwide income patterns over the last century.
In 2011 entry into the top 10 percent, where all the gains took place, required an adjusted gross income of at least $110,651. The top 1 percent started at $366,623.
The top 1 percent enjoyed 81 percent of all the increased income since 2009. Just over half of the gains went to the top one-tenth of 1 percent, and 39 percent of the gains went to the top 1 percent of the top 1 percent.
Ponder that last fact for a moment -- the top 1 percent of the top 1 percent, those making at least $7.97 million in 2011, enjoyed 39 percent of all the income gains in America. In a nation of 158.4 million households, just 15,837 of them received 39 cents out of every dollar of increased income.
Income Inequality: 1 Inch to 5 Miles
I don’t think Stewart’s ever been in finer form, and his “I’ve been living in a cave”/Transmet schtick plays well with Colbert’s own persona.
Deji from Access Now writes, “You remember that spooky story about the U.S. screening everyone’s social media ‘presence’ at the border? Well, now there’s a way to tell the government exactly what you think about it.”
Laurie Penny, “a radical queer feminist leftist writer burdened with actual principles,” has a weird frenemy relationship with trolling, racist, alt-right opportunist Milo Yiannopoulos, who was just permanently banned from Twitter for orchestrating a racist harassment campaign against Ghostbusters star Leslie Jones.
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