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Thursday, September 12, 2013

Saez: 95% of 2009-2012 Income Gains Went to the Top 1%

Emmanuel Saez (UC-Berkeley, Department of Economics), Striking it Richer: The Evolution of Top Incomes in the United States (Updated with 2012 Preliminary Estimates) (Sept. 3, 2013):

From 2009 to 2012, average real income per family grew modestly by 6.0% (Table 1). Most of the gains happened in the last year when average incomes grew by 4.6% from 2011 to 2012. However, the gains were very uneven. Top 1% incomes grew by 31.4% while bottom 99% incomes grew only by 0.4% from 2009 to 2012. Hence, the top 1% captured 95% of the income gains in the first three years of the recovery.

Table 1

Chart 3

New York Times, The Rich Get Richer Through the Recovery, by Annie Lowrey:

NYT

http://taxprof.typepad.com/taxprof_blog/2013/09/strongsaez-.html

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