Editor’s Note: How many times do we have to hear this to really start getting pissed? The notion that gross inequality has something to do with the impossibility of attaining economic recovery (an elusive term anyway) is obvious and undeniable since insufficient demand (“underconsumption”) cannot create the conditions for a healthy economic ambit and social well-being under any system and most particularly under capitalism, which dynamically causes inequality and eventually gross poverty for the majority.
It’s a bit laughable that modern (mostly mainstream) economists still have to crunch enormous amount of data to arrive at the obvious, which Marx described almost two centuries ago.—PG
The Huffington Post Alexander Eichler
TAGS: Barack Obama , Recession , Video , 1 Percent , 99 Percent , Economic Growth , Economic Recovery , Great Recession , Income Gap , Income Inequality , Capital Gains , Earning Gap , Income Growth , Occupy Wall Street , Recovery, Top 1 Percent , Wealth Gap , Business News
Technically, the economy has been in recovery for two years. But it turns out the rich have been doing most of the recovering.
In 2010 — the first full year since the end of the Great Recession — virtually all of the income growth in America took place among the country’s very wealthiest people, says an economist at the University of California, Berkeley. The top 1 percent of earners took in a full 93 percent of all the income gains that year, leaving the other 7 percent of gains to be sprinkled among the vast majority of society.