From IT’S OUR ECONOMY:
…Based on Tax Foundation figures, the richest 1% has TRIPLED its share of the income pie over the past 30 years, mainly through tax cuts and financial deregulation. If their income had increased only at the pace of American productivity (80%), they would be taking about a TRILLION DOLLARS LESS out of our economy…
And it might be worse. A report in Dollars & Sense calculates that TWO TRILLION DOLLARS A YEAR is transferred from wage earners to the lucky few in corporate management and the financial industry…
Despite a near-doubling of productivity since 1980, average Americans make the same money, adjusted for inflation, that they made 30 years ago. If the median household income had increased at the pace of American productivity (80%), families would be making $92,000, not $50,000…
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