By Annie Lowrey
According to an analysis (XLS) of Internal Revenue Service data by the economists Thomas Piketty and Emmanuel Saez, the 99 percent account for 79 percent of income in 2008, with the top 1 percent taking the other 21 percent. “That’s not that bad,” you might say. “Of course, some people are going to be richer than others.” Perhaps. But the 1 percent has been eating a bigger and bigger share of the pie over time. Back in the 1970s, the 99 percent were earning about 90 percent of income, for instance. The top 1 percent of households took a bigger share of overall income in 2007 than they did at any time since 1928.
Occupy Wall Street says the top one 1 percent of Americans have gotten too rich. Are they right? – Slate Magazine [hat tip to NewMexiKen]
Brought to you by the people who occupy wall street. Why will YOU occupy?