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
Former US House Speaker Dennis Hastert has been convicted of paying hush money to cover up his raping of children and is about to be sentenced, and his political friends have closed ranks around him.
The wealthiest one out of 1,000 US families — the 0.1 percent — comprise about 115,000 households whose net worth starts at $20M, and goes up and up from there, accounting for at least as much wealth as the poorest 90 percent of US households.
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