A recent study by Emmanuel Saez of U.C. Berkeley found that those in the top 1% of the income distribution received a disproportionate share of the new wealth generated during the economic recovery in 2010: they received 93% of the income gains during this period. In earlier recoveries, the proportion going to the top 1% was much lower. The outsized transfer of wealth to an ever smaller proportion of the population has grave implications for the future economic and political development of our nation, as discussed by Harold Myerson in the Washington Post.
The rich are getting richer.
Don’t bother asking which’re
The folks that get the dough
I’m sure you already know.
It hasn’t always been this way -
Back in an earlier day
Our wealth was better shared
By everyone compared
To now. It seems to me
Recovery would be
Much faster if the cash, it
Didn’t go to those who stash it
But instead if they had sent it
To folks who would have spent it.