Recovery Is Strong (For 1% Only, Not Existing for Rest)
Yves Smith reports: “The top 1% has captured all of the income gains since 2009 and then some, roaring ahead while the rest of the population slipped behind … income gains to the top 1% from 2009 to 2011 were 121% of all income increases. How did that happen? Incomes to the bottom 99% fell by 0.4%.”
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Previously on The Billfold
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The story there about how people treated the accumulation of wealth in the 19th century is also well worth a read, even if you find the “1% Wins Again!” news hook utterly unsurprising.