What's Coming Next?
Between 1917 and 1929 US average annual incomes grew by $935 dollars. All of that growth went to the top ten percent of income earners.
Between 1929 and 1933 US average incomes fell by $6200 dollars. The top ten percent absorbed half those losses, half was borne by the bottom 90%.
Between 1933 and 1980 US average incomes increased by $31,767 dollars. The top ten percent got 31% of that increase.
Between 1980 and 2008 US average incomes grew by $11,714 dollars. The richest 10% got 98% of that growth and the bottom 90% got 2%.
I chose 1917 because that was when the data in the chart begins. I chose 1929 because that was when the depression begins. I chose 1933 because that was when liberal handouts began. I chose 1980 because that was when tax policy shifted to the benefit of already wealthy people, and social policy shifted against unions and became pro business. I chose 2008 because that is when the data ends.
So the last time the financial rewards for the efforts of an entire Nation were so badly lopsided we resolved it with four years of losses a depression and the rise of organised labor and strict regulatory control of the financial industry.
So far this time around we have bailed out the financial industry and hung out organised labor. Which means things will probably get much worse, outside the financial industry, because it is the investment industry - some of us here? - who are the most unproductive and overcompensated people in the United States.