Saez: Top 1% Captured 93% of All Income Gains in 2010

Economist Emmanuel Saez has a paper that summarizes the impact of the Great Recession on the incomes of the top 1& and the bottom 99%.  Saez states that from 2007 to 2009, average real income for the bottom 99% fell by 11.6% – wiping out 6.8% gain from 2002 to 2007.  What about the recovery that began in 2010?  Saez writes:

In 2010, average real income per family grew by 2.3% (Table 1) but the
gains were very uneven. Top 1% incomes grew by 11.6% while bottom 99%
incomes grew only by 0.2%. Hence, the top 1% captured 93% of the income
gains in the first year of recovery.

 

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