Wealth-Income Inequalities–All Groups
by Thomas Baldwin on Wednesday, November 17, 2010 at 8:57pm
THE BIG, LONG TERM CON GRAPH: From Mother Jones, “Are the Tea Partiers Being Taken for a Ride”, Nov.-Dec. 2010.
If you are in the bottom 80 percent of American households, you’ve gained essentially no economic ground in the past three decades. Those of you lucky enough to be in the top 20 percent ($100,000+) might be heartened by the trajectory of the red line on the chart shown here—but sorry: The vast majority of those gains have actually gone to the top 1 percent (PDF) (average income: $1.9 million). And though the chart doesn’t show this because the line would run off the page, if you’re in the tippy-top 0.1 percent, your gains make the merely filthy rich look like chumps.