home | FAQ |

More on the 99% ... "93" is the number to remember

If you make or need or otherwise have anything to do with money, this article by Harold Meyerson is well worth reading:
http://ht.ly/9VNwB
Bottom line, the top 1% gained 93% of the income growth in 2010. The rest of us shared in 7% of the income growth.
Quotable:

Occupy Wall Street is not known for the precision of its economic analysis, but new research on income distribution in the United States shows that the group’s sloganeering provides a stunningly accurate picture of the economy. In 2010, according to a study published this month by University of California economist Emmanuel Saez, 93 percent of income growth went to the wealthiest 1 percent of American households, while everyone else divvied up the 7 percent that was left over. Put another way: The most fundamental characteristic of the U.S. economy today is the divide between the 1 percent and the 99 percent.

... intergenerational mobility in the United States has fallen far below the levels in Germany, Finland, Denmark and other more social democratic nations of Northern Europe. Now, Saez’s analysis of income data provides further evidence that mocks America’s self-image as a land where hard work yields rewards.

Capitalism can create prosperity, but left unfettered it doesn’t create broadly shared prosperity — and never will. If belief and participation in democracy are sustained by people’s conviction that democracy produces good economic outcomes, then the growing concentration of wealth and income in the United States is a long-term threat to everything we profess to stand for. A nation where 93 percent of income growth goes to the top 1 percent is not a nation that will embark on great projects, or long command the allegiance of its people.

We must imagine a new kind of capitalism ...