Redistributing Income from the Poor to the Rich

Washington Post: “Back in 1980, the bottom 50% of wage-earners in the United States earned about 21% of all income in the country — nearly twice as much as the share of income (11%) earned by the top 1 percent of Americans.”

“But today, according to a massive new study on global inequality, those numbers have nearly reversed: The bottom 50% take in only 13% of the income pie, while the top 1% grab over 20% of the country’s income.”

“Since 1980, in other words, the U.S. economy has transferred eight points of national income from the bottom 50% to the top 1%.”