The Richest 1% of Americans now Take Home Almost 24 Percent of Income

From The NY Times:

The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976. As Timothy Noah of Slate noted in an excellent series on inequality, the United States now arguably has a more unequal distribution of wealth than traditional banana republics like Nicaragua, Venezuela and Guyana.

C.E.O.’s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001. Perhaps the most astounding statistic is this: From 1980 to 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent.

(via Reddit)

7 Comments

  1. Big boys gotta get the goods and services to the consumers at a price that will be competitive. That means hiring as few people as possible and paying them to lowest possible amount–automate and outsource and cut those costs.

    But, the consumers are are also the workers–crap! Along comes unemployment and–Doh! Shit starts to break down.

    Unsustainable.

    We’ve got to strive for a system where the interest of the people are put first, not profits. …And don’t give me any of that “if if wasn’t for capitalism people wouldn’t have any incentive to innovate” bullshit!

  2. Expect that 1% to make even more now that the mid-terms are over. And then even more when the next Bush gets elected in a couple years.

  3. Factoids like this, when understood by intelligent people, only furthers their torment when they are driving down the Interstate passing hundreds of shitty poorly maintained cars driven by unkempt angry individuals who have plastered their vehicles with Bush, McCain, and Tea party stickers. Like I do everyday here in the good god fearin’ bible thumpin burg of Nashville. These folks don’t get it.

    1. Some folks don’t know a good thing when they have it, even when it’s a check from the Government. They really killed their messiahs with this last election, didn’t they?

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