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23 August 2007 @ 03:50 pm
Getting squeezed...  
The economy is growing, the stock market is booming, and productivity is at an all time high. So where's the extra dough going? I'll tell you this much, not to you or me.

http://www.cepr.net/index.php?option=com_content&task=view&id=1243&Itemid=45

"Saying that the majority of the country's economic gains in recent years have gone to the top one percent of the income ladder understates the trend. You have to cut the pie into even smaller slices to get the full picture. Because while the bottom half of the top one percent of the income distribution have done far better than the average wage slaves, it is a smaller slice still -- the top .01 percent -- that has grabbed most of the gains--seeing an impressive 250 percent increase in income between 1973 and 2005 -- from an economy that's grown by 160 percent.

"...(Thomas Piketty and Emmanuel Saez) found that despite several periods of healthy growth between 1973 and 2005, the average income of all but the top ten percent of the income ladder -- nine out of ten American families - fell by 11 percent when adjusted for inflation. For three decades, economic growth in the United States has gone first and foremost to building today's modern Gilded Age."

So, we're working harder and making less than ever before. We've all heard this story before. And we all want a slice of the pie. But apparently not as much as the aforementioned .01 percent that we're giving all our money to...