Here's an interesting article from a couple of days ago, that doesn't seem to have had much attention paid to it (yet):
The Economist: Winners take all!
That article references an
interactive tool that the
Economic Policy Institute (EPI) made available on their web-site. As the web-site says ..
Use the sliders on the timeline to select a timespan, and see how growth in average income was shared between the richest 10% and the other 90%
of Americans. All figures are in 2008 dollars.
So, what The Economist writer did, was select 1977 to 2008. The tool comes back and gives the following chart:
Basically, what comes back is the rise or fall of average incomes (in the US), over that period of time; and how much of that rise or fall was
distributed in the upper 10% of income levels -vs- the lower 90% of income levels.
For the range The Economist selected (1977 to 2008) the results amount to:
- Average incomes in the U.S.
grew by $11,699.
-
All growth went to the richest 10%.
- Income for the bottom 90%
declined.
I ran the tool myself, for a the last 10 years of data available (1998 to 2008), the results were:
- Average incomes in the U.S.
fell by $459.
- The average income of the richest 10%
grew.
- For the bottom 90% average income
declined.
I ran the tool myself again, for a the last 20 years of data available (1998 to 2008), the results were:
- Average incomes in the U.S.
grew by $6,853.
-
All growth went to the richest 10%.
- For the bottom 90% average income declined.
Very interesting stuff indeed. Try the tool out yourself using this
link.
edit on 2011-2-18 by EnhancedInterrogator because: Fixed some formatting and typo's.