Posts tagged with 1%

Why CEOs Love the Fiscal Cliff Deal

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In 2007 the top 1% earned 24% of all U.S. income.

(source.)

The top .1% earned 12%. The top .01 earned 6%.
In other words, taking that last stat, that is like 15,000 Americans sharing half of the GDP of Brazil.

I know those who pay attention understand this but for those who don’t spend their fleeting and finite time on the planet studying economics, this stat always surprises people. I haven’t ran into one person, liberal, conservative, and everything to the left and right of those labels, who thinks that this is OK. In a time when 1 in 8 Americans depend on food stamps, we all, when presented with the facts, know that something is wrong.

When the economy was doing it’s best the 1% earned around 9%.
Around the time of the Great Depression, this number was around 22%.
See the problem? See the pattern?

Income inequality and this stat are always linked.
Income inequality and the top marginal tax rate are always linked as well.
Income inequality and total military spending are always linked: the total budget, directly or indirectly, linked to military spending is over $1 trillion a year. (source)

Don’t get fooled by those who tell you otherwise.

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