Rich get (a bit) richer, but the superrich.....yikes!
My paper today reprinted Paul Krugman (NY Times) discussing a Northwestern University study of wage and salary changes 1972 - 2001.
Real income of average salaried workers has barely risen relative to productivity gains in the economy. (No surprise to anybody living in the real world, hey?)
The 90th percentile in income (at the line of the highest 10% in wages) saw a 34% wage increase over the 30 years Northwestern studied. About 1% a year and still less than the productivity gains.
But get this:
Income of those in the 99th percentile rose 87%!
Income of those in the 99.9th percentile rose 181%!!
Income of those in the 99.99th percentile rose 497%!!!
FYI, Krugman notes the 99th percentile wage today would be $402,306 and the 99.9th percentile is $1,672,726 and those 99.99th percentile folk are upwards of 6 million.
Meaning the very very rich are getting much much richer, and not much is trickling down at all. And less you think there's so few of them rich types and lots of us regular types so this doesn't matter, understand that the actual dollars of raises pocketed by the top 1% as a group is the same number of dollars in raises spead across the entire bottom half of wage earners.
Here is a link that might be useful: Northwestern study