Someone want to tell me what occurred the last time we had an income disparity this large in our nations history?
Here, take my hand and let’s look at the facts. It won’t hurt. I promise, facts are good things. There, there, stop crying. Shhh, it’s ok, I know, you aren’t used to reading facts. I promise, you can get used to them if you just learn to accept them….
…academic research suggests the rich last had this high a share of total income in the 1920s.
The richest Americans’ share of national income has hit a postwar record, surpassing the highs reached in the 1990s bull market, and underlining the divergence of economic fortunes blamed for fueling anxiety among American workers.
The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue Service. That is up sharply from 19% in 2004, and surpasses the previous high of 20.8% set in 2000, at the peak of the previous bull market in stocks.
The bottom 50% earned 12.8% of all income, down from 13.4% in 2004 and a bit less than their 13% share in 2000.
The IRS data show that the median tax filer’s income — half earn less than the median, half earn more — fell 2% between 2000 and 2005 when adjusted for inflation, to $30,881. At the same time, the income level for the tax filer just inside the top 1% grew 3%, to $364,657.
I know, I know deep down in your heart, you want to scream, “screw the research done by academics in those fancy North Eastern cocktail drinking colleges gosh darnit!” But don’t say it. It’s ok to start to question everything you are told by your masters. It’s ok to not believe everything they tell you. It’s ok to think for yourself.