Friday, August 21, 2009
Factlet of the Day
In 2007, the top one ten-thousandth of households took home 6 percent of the nation’s income, up from 0.9 percent in 1977. It was the highest such level since at least 1913, the first year for which the I.R.S. has data.
The top 1 percent of earners took home 23.5 percent of income, up from 9 percent three decades earlier.
—David Leonhardt and Geraldine Fabrikant in "Rise of the Super-Rich Hits a Sobering Wall"
Welfare for the wealthy has been one of our most effective government programs.