Thursday, August 13, 2009

Inequality

In the middle 1970s, the top 0.01% of income earners (the top one in 10,000) collected slightly less than 1% of the total income. That amounts to not quite 100 times as much as the average American. Via Brad DeLong, the latest numbers take them all the way up to collecting 6% of the total, or 600 times the income of the average American. The very rich have good reason to love Reagan and Bush.

No wonder they can afford to hire hacks like Will Wilkinson to spread counterfactuals about the matter.