Americans think that the economy is still in recession. Americans think we’re in a recession. They’re wrong. But still…
The reason for this is that the vast majority of Americans have not benefited from the economic recovery and still suffer economic insecurity. It is the über-rich plutocrats who have reaped all the benefits of this economic recovery. This depressing chart shows that the rich aren’t just grabbing a bigger slice of the income pie — they’re taking all of it:
Take a look at this chart, from Bard College economist Pavlina Tcherneva. In an August 2013 paper, she wrote
An examination of average income growth [in the U.S.] during every postwar expansion (from trough to peak) and its distribution between the wealthiest 10% and bottom 90% of households reveals that income growth becomes more inequitably distributed with every subsequent expansion during the entire postwar period.
In other words, the wealthy are capturing more and more of the overall income growth during each expansion period. Notice the sharp drop in the bottom 90 percent’s share of growth starting with the 1982-1990 period — thanks, Reaganomics! Not only that, but the bottom 90 percent actually saw their real income drop between 2009 and 2012.
This chart doesn’t necessarily tell us anything new — we’ve known for some time that income inequality has risen steadily during the postwar period. But this chart is a novel way of illustrating that fact.
The reversal began in 1980 with conservative faith based supply-side “trickle down” GOP economics that Ronaldus Magnus brought with him to Washington, and that has dominated our economic policies ever since. The rich figured out a way that they could steal our money and get stupid Americans to vote for the guys who are stealing our money for them.
“You can never underestimate the stupidity of the general public.” – Scott Adams.