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Your email address will not be published.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 *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More To Read

May 19, 2025

A year of reflections, a path forward

Read EOI Executive Director's 2025 Changemaker Dinner speech

March 24, 2025

Remembering former Washington State House Speaker Frank Chopp

Rep. Chopp was Washington state’s longest-serving Speaker of the House

February 11, 2025

The rising cost of health care is unsustainable and out of control

We have solutions that put people over profits