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May 2012, Week 1

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Sat, 5 May 2012 15:08:50 -0400
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Stunning Income Inequality Data of the Day

By Digby
Campaign for America's Future
May 3, 2012

http://www.ourfuture.org/blog-entry/2012051803/stunning-income-inequality-data-day

Sure, this is healthy:

    Between 1979 and 2005 (the latest data available
    with these breakdowns), the share of total income
    held by the top 1.0 percent more than doubled, from
    9.7 percent to 21.0 percent, with most of the
    increase occurring since 1993. The top 0.1 percent
    led the way by more than tripling its income share,
    from 3.3 percent to 10.3 percent. This 7.0
    percentage-point gain in income share for the top
    0.1 percent accounted for more than 60 percent of
    the overall 11.2 percentage-point rise in the
    income share of the entire top 1.0 percent.

    The increases in income at the top were largely
    driven by households headed by someone who was
    either an executive or in the financial sector as
    an executive or other worker. Households headed by
    a non-finance executive were associated with 44
    percent of the growth of the top 0.1 percent's
    income share and 36 percent in the growth among the
    top 1.0 percent. Those in the financial sector were
    associated with nearly a fourth (23 percent) of the
    expansion of the income shares of both the top 1.0
    and top 0.1 percent. Together, finance and
    executives accounted for 58 percent of the
    expansion of income for the top 1.0 percent of
    households and an even greater two-thirds share (67
    percent) of the income growth of the top 0.1
    percent of households.

    The paper also presents new analysis of CEO
    compensation based on our tabulations of Compustat
    data. From 1978-2011, CEO compensation grew more
    than 725 percent, substantially more than the stock
    market and remarkably more than the annual
    compensation of a typical private-sector worker,
    which grew a meager 5.7 percent over this time
    period.

And to think think that these very same people are
whining and sniveling like little babies at the
smallest suggestion that we might want to even this out
just a tiny bit. They really are like the French
nobility.

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