In March last year, Emmanuel Saez, a sober economist at the University of California, published a sensational analysis that ought to change the way you see the world.
For a while, it seemed as if history had repeated itself. Average real income for America's top 1% fell by almost a third. The incomes of the remaining 99% fell sharply too – by 11.6%. But, as was traditional, those with the most to lose took the biggest hit.
Then came the American recovery of 2010. It showed that the past was no longer a reliable guide to the future. The incomes of the top 1% grew by 11.6% while the incomes of the bottom 99% rose by a pathetic 0.2%. The rich captured nearly all the income growth going in America and this when the country was led by Barack Obama...whom idiot conservatives denounce as some kind of socialist.
To put it another way, far from being an end of an era, the Great Recession was a temporary blip in the global march of the oligarchs...
Sunday, January 27, 2013
Nick Cohen @ The Guardian: