“From the late 1940’s until the late 70’s, income in the US grew at about the same rate for every sector of the population. In fact, the bottom 50 percent gained a bit more than the upper echelons of the economy.
“Back in 1980, the share of national income going to the top 1 percent was just a bit over 10 percent and the bottom 50 percent’s share of all income was about 20 percent. By 2015, that situation had reversed, with the top 1 percent getting about 20 percent of the national income pie, and the bottom 50 percent getting 10 percent.
“The story is worse when it comes to distribution of wealth. From the late 40’s until 1980, the share of wealth held by the top 1 percent fell slowly but steadily until, in 1980, the top 1 per cent held about 24 percent of all household wealth.
“But today, the ultra-wealthy—the top .01 percent—now have as much wealth as the bottom 90 percent of Americans. And the three wealthiest individuals in America now have as much wealth as the bottom half of all Americans.
“And it’s not just wealth and income. Corporations and the rich have amassed enormous power and influence over government, too.”
— John Atcheson, Sorry, President Obama—But We Do Need To Tear Down The System
(Commoner Call photo by Mark L. Taylor, 2017. Open source and free to use with link to www.thecommonercall.org )