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
Update: According to The Verge, Facebook has verified the authenticity of the screenshot below. In what appears to be an internal Facebook post, Zuckerberg defends his company’s ongoing association with Peter Thiel — Facebook investor/board member and major donor to white-supremacist/pro-rape presidential candidate Donald Trump.
Matt Taibbi (previously), the best, angriest Rolling Stone writer today, turns in the definitive column on Trump’s death-spiral as the mercurial millionaire realizes that he isn’t going to win, and starts to lash out.
We laughed so hard, we woke up the neighbors — if you need any further enticement, look no farther than this endorsement from the pencil-neck Hitler wannabe with a face from Wal-Mart himself:
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