Between 1966 and 2011 the incomes of 90% of Americans (factoring in inflation) went up an average of $59.
For the top ten percent over that same period of time, incomes went up an average of $116,071.
Oh, BTW, over that same period of time the working hours and the productivity of that 90% also rose dramatically.
Those at the top are pulling away from everyone else not because of hard work, but the shift of income from labor to capital and changes in federal income, gift, and estate tax rules.
The median wage has been stuck since 1999 at a bit more than $500 per week in real terms and job growth has lagged far beyond population growth. But capital gains and dividends have soared, a new Congressional Research Service study shows.
In simpler terms, the American people are getting ****ed over BIG TIME. Wake the **** up, dummies.
The Saez-Piketty analysis shows the concentration of growth at the very top increasing. That is bad for tax revenue and bad for social stability. The drop in incomes among the vast majority holds back economic growth, because there is just not enough aggregate demand to support creating enough new jobs to keep up with population growth.
And who was hit hardest by the new federal taxes that took effect this year? The vast majority.