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Since 1981, the top 1% of US households increased their share of income 8% to 17%, while the remaining 99% of households experienced flat or declining shares of income. The chart below compares the share of incomer of an average 1% of households in each income percentile range.
and Piketty and Saez
In industrial nations, 71.8% of individual live in a country with increasing income inequality from the period of 1975-1999. ECLAC, Table 3.4. In Latin America, 83.8% of individuals are experiencing increasing income inequality.
USA Today. 7 November 2006. San Francisco Federal Reserve Bank Janet Yellen states "there are signs that (it) is intensifying resistance to globalization, impairing social cohesion, and could, ultimately, undermine American Democracy". The article continues " Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people"
- From 1973-2005 real hourly wages for those in the highest 1% income bracket rose 100%
- Those in the highest 10% income bracket rose 30% or more
- Those in the bottom 50% of the scale so 5 - 10% gains
- Inequality is higher in the U.S. than in other industrial nations
Full text of the speech, Economic Inequality in the United States.
Piketty, Thomas and Emmanuel Saez. "Income Inequality In The United States, 1913-1998," Quarterly Journal of Economics, 2003
Unequal Gains, Achin Vanaik
- "In 1960, the average income of the richest 20 per cent of the world’s population was 30 times higher than that of the poorest 20 per cent"
- "By 1995, this had become 82 times greater (United Nations Development Programme Report 1998)."
- "In 1970, the gap between the per capita GDP of the richest country, the United States of America ($5070) and of the poorest, Bangladesh ($57) was 88:1."
- "In 2000, the gap between the richest, Luxembourg ($45,917) and the poorest, Guinea Bissau ($161) was 267:1"
- "A study of 77 countries (with 82 per cent of the world’s population) showed that between the Fifties and the Nineties, inequalities rose in 45 countries and fell in 16 countries."
The Rich Get Richer: And Why the Poor Don't
According to Edward N. Wolff, in 1998:
- the top 1% of households accounted for 42% of the value of all stock
- the top 5% accounted for about 66%
- the top 10% accounted for more than 75%
- the top 20% for almost 90%
- less than 50% of households had any stock holdings at all
Unbridled Capitalism Will Lead to Very Real Problems, Interview with Kenneth Rogoff
Global Policy Forum: Inequality of Wealth and Income Distribution
Globalization Will Increase Inequality in Developing Countries
Latest page update: made by iamaFreeman
, Nov 29 2006, 1:57 PM EST
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|Anonymous||let's be more precise ...||1||Nov 9 2006, 7:15 AM EST by iamaFreeman|
Thread started: Nov 8 2006, 1:29 PM EST Watch
The first graph, a stacked bar chart, isn't what it claims to be. A stacked bar chart is not a good way to show the shares of income for various points in the percentile distribution. The percentile points are not additive! And there isn't a 100th percentile. You might remove the "r" from Piketty's name.
Nevertheless, taking that into account, it makes a striking exhibit.
You can find updated wealth distribution data linked from http://www.wealthandwant.com/
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