5300 people earn 10% of all US income, top 0.8% earn 27%, median income falls

[Hannah Bell]

Average annual wages for US workers fell by $457 in 2009 and the median annual wage fell by $247 to $26,261, according to recently updated data from the Social Security Administration (SSA).

Meanwhile, the incomes of the top-earning corporate executives barely budged in 2009. The pay of the handful of individuals making over $50 million fell by about 7 percent 2009, despite the fact that stocks fell in value by 40 percent, demolishing the claim that executive bonuses are tied to corporate “performance.”

Last year, in the midst of 10 percent unemployment, a relative handful of Americans lived as royalty. In 2009 there were 3,689 individuals that made more than $5 million, 1,618 that made $10 million or more, 425 that made $20 million, and 72 that brought in $50 million or more.

These 5,307 tax filers, equivalent to the population of a small town, together took home about $57.62 billion in 2009, about $8 billion more than the bottom 24 million households filing taxes, and a staggering 10 percent of all income earned in the US.

Behind this financial aristocracy are another 72,000 or so individuals and households that reported income of more than $1 million in 2009, and then another 1,611,000 who took home more than $200,000. These top three categories, only 1.7 million tax filers—the top 0.8 percent of those reporting income—cornered about 27 percent of all income, more than combined income of the bottom 100 million or so households, those making less than $40,000.


http://www.wsws.org/articles/2010/nov2010/wage-n06.shtml

[Hannah Bell]

1. kick

[Naturyl]

2. This is not a problem. This is not an issue. This does not exist.

Didn't your office get the memo that this has been scrubbed from reality? If not, we at the Ministry of Truth apologize.

Please cease and desist from referring to this non-fact. It does not exist. Capitalism is doubleplus good.

[Hannah Bell]

3. apparently it doesn't at DU. I thought it was shocking, about 5000 people take 10% of all income.

[Gabi Hayes]

4. they have expenses!

[Hannah Bell]

5. omg.

[RainDog]

11. it is shocking. and more shocking that our govt doesn't care

much, much more shocking than a lack of response to a post on du ever could be.

our nation is willing to allow wage earners to suffer - this isn't a govt of, for and by the people, plain and simple, when money decides elections.

it makes me want to vomit.

on the other hand, this will only be able to continue to a certain point, at which time people will turn violent. don't want that, but that's the outcome in nation after nation.

then, if we're lucky, the govt will "protect" the rich by creating social stability via tax/wealth redistribution - but not until the huge majority of American have suffered from the govt's total craven disregard for the welfare of the American people.

[joshcryer]

6. DU is intrinsically capitalist at heart.

It sucks but what can you do. :/

[Hydra]

17. Only the loudest ones

Capitalism gets an F from me, both in theory and in practice.

Any system that requires "non-people" to function as intended is worthy of the dustbin.

[Overseas]

7. K&R ! //nt

[JI7]

8. you do know that the morans think 5300 is a high number

and they can attain that also.

it's like that poll i remember where some large percentage of people thought they were in the top 10 percent. and they were nothing near it.

[Kat45]

14. I remember that poll, with the large number of people thinking they were in the top 10%

That told me all I needed to know about people voting for things that only help the top 10 percent.

[leftstreet]

9. K&R

[The Midway Rebel]

10. k&R nt

[Starry Messenger]

12. k&r

[ConsAreLiars]

13. Rec & Kick - Even uncomfortable facts matter (nt)

[Scuba]

15. Thank goodnesss the Republicans are going to give them a tax break.

[maryf]

16. kick

these facts need to be out there continually...