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NEWS-LOCAL1245

Reich: Rich Getting Richer

March 8, 2011

STINKING RICH

In America, the rich aren’t simply getting richer. They’re getting stinking rich.

They include overpaid CEOs who get big bonuses even when they drive their companies into the ground. They include Wall Street financiers who make fortunes playing with funny money but never create anything of value. They include corporations that offshore production and jobs and often find ways to avoid paying any taxes at all.

The result is a steady flow of money to the top, and a steady drain on middle class Americans. This chart shows the movement of money to the top over the years.

Source: Thomas Piketty and Emmanuel Saez, “Income Inequality in the United States, 1913-1998,” Quarterly Journal of Economics, 118(1), 2003. Updated to 2007 at //emlab.berkeley.edu/users/saez.

Source: Thomas Piketty and Emmanuel Saez, “Income Inequality in the United States, 1913-1998,” Quarterly Journal of Economics, 118(1), 2003. Updated to 2007 at //emlab.berkeley.edu/users/saez.

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