An economic recovery – but only for the top 1%

Can we really say the U.S. economy is recovering when 93% of all income gains in 2010 went to the top 1%?

In 2010, average U.S. unemployment reached its peak of 9.6%; home values continued to crater; and more Washington families needed food assistance then ever before. That same year, the wealthiest 1% hoarded 93 cents of every dollar created – leaving just 7 cents for everyone else.

This development is actually part of a decades-long trend of regular income increases for those earning 6 figures or better, while the “bottom 90%” (read: middle income and low-income) watch their incomes decline – despite huge increases in economic productivity.

For reference, here are average incomes by group in 2010 dollars:

  • Top 0.01%: $16,267,243
  • Top 0.1%: $3,693,117
  • Top 1%: $857,477
  • Top 10%: $227,761
  • Bottom 90%: $29,399

All data from The World’s Top Income Database by Facundo Alvaredo, Tony Atkinson, Thomas Piketty and Emmanuel Saez

  • Leave a Reply

Your email address will not be published. Required fields are marked *

More To Read

January 25, 2023

Top 5 Fixes for High Health Care Prices

High health care costs are driving Washington workers and families over the edge

December 15, 2022

2023 Legislative Agenda

By strengthening the core pillars of our economy – including child care, health care, educational opportunity, economic security, and our public revenue system – we can diminish economic, racial, and gender inequity.

December 7, 2022

One missing piece in Washington’s tax puzzle: A wealth tax

The way our state raises money is not fair. A wealth tax would help right that wrong.