University of California-Berkeley economist Emmanuel Saez recently released an updated report on his study, “Striking It Richer: The Evolution of Top Incomes in the United States” (originally published in Pathways Magazine, Stanford Center for the Study of Poverty and Inequality, Winter 2008, 6-7). The report examines the effects of the recovery from the 2007-2009 Great Recession on average real income per family.
Using 2009-2012 tax data, Saez found that all income groups did not benefit from the recovery evenly. "Top 1% incomes grew by 31.4% while bottom 99% incomes grew only by 0.4% from 2009 to 2012. Hence, the top 1% captured 95% of the income gains in the first three years of the recovery. From 2009 to 2010, top 1% grew fast and then stagnated from 2010 to 2011. Bottom 99% stagnated both from 2009 to 2010 and from 2010 to 2011. In 2012, top 1% incomes increased sharply by 19.6% while bottom 99% incomes grew only by 1.0%."
This study provides further evidence of growing income inequality in the US and suggests that the economic downturn had only a temporary effect on income concentration.
Read more:
http://elsa.berkeley.edu/~saez/saez-UStopincomes-2012.pdf
TeachingWithData.org resources:
Income Inequality in the US (http://www.teachingwithdata.org/resource/3182)
An Analysis of Earnings (http://www.teachingwithdata.org/resource/3159)
NYT Interactive: What Percent Are You? (http://www.teachingwithdata.org/resource/3913)
Recession Trends (http://www.teachingwithdata.org/resource/3067)
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About TeachingwithData.org
TeachingWithData.org is a partnership between the Inter-university Consortium for Political and Social Research (ICPSR) and the Social Science Data Analysis Network (SSDAN), both at the University of Michigan. The project is funded by NSF Award 0840642, George Alter (ICPSR), PI and William Frey (SSDAN), co-PI.
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