I was quite surprised when I was led to a NY Times article yesterday by a particularly astute (and younger) former colleague of Ellen’s (thanx Matt Stoller) that basically said what most people think is the case about the rich getting richer and the poor getting poorer is not the case.
At least not since 2007.
The article tells us that even though income inequality is high historically, “The income of the top 1 percent – both the level and the share of overall income – still hasn’t returned to its 2007 peak. Their average income is about 20 per cent below that peak.”
While this may be more of a statement about who lost more in the period between 2007 – 2010, there is much in this article that is worthy of consideration.
Take a look at the article for yourselves:
Inequality Has Actually Not Risen Since the Financial Crisis, by David Leonhardt, NY Times, Feb. 17, 2014, p.3.