Think our national elite is on your side? Then listen to AP reporter Paul Wiseman’s words on U.S. inequality:
- the richest 1%. . . earned more than 19% of the country's household income last year -- their biggest share since 1928 . . . And the top 10% captured a record 48.2% of total earnings last year.
- In 2012, the incomes of the top 1% rose nearly 20% compared with a 1% increase for the remaining 99%. . . since the recession officially ended in June 2009, the top 1% have enjoyed the benefits of rising corporate profits and stock prices: 95% of the income gains reported since 2009 have gone to the top 1%. That compares with a 45% share for the top 1% in the economic expansion of the 1990s and a 65% share from the expansion that followed the 2001 recession.
- The top 1% of American households had pretax income above $394,000 last year. The top 10% had income exceeding $114,000.
- Economists point [out that] U.S. workers now compete with low-wage labor in China and other developing countries. Clerical and call-center jobs have been outsourced to countries such as India and the Philippines. . . technology [replaces] workers in performing routine tasks.
- The percentage of American workers represented by unions has dropped from 23.3% in 1983 to 12.5% last year, [reducing] costs for many employers. . . one reason corporate profits hit a record this year . . ., even [with sluggish] economic growth [and] 7.2 % [unemployment].
They know it. Do you? And does their rule make us all better?