The 99 percent v. 1 percent distinction is so 2011. The new hotness is the 99.99 percent versus the 0.01 percent.
Sure, the bottom 99 percent of the top 1 percent did pretty damn well in the last decade; those in the top 1 percent but not the top 0.5 percent saw average family incomes rise by 11.3 percent. But the top 0.01 percent really made bank, earning about 76.2 percent more in 2012 than they did in 2002. And that’s an conservative figure, considering the numbers above don’t take into account capital gains income.
What about the rest of us? Well, we saw average family incomes fall by 10.7 percent. All the economic growth of the last decade was hoarded by a small minority of Americans.
Hat-tip to James McRichie. Click “Know More” for more of Emmanuel Saez and Thomas Piketty’s findings about inequality during the recession and recovery.