Feeling No Pain – New York Times: Paul Krugman…
The fact is that we’re living in a time when most Americans are seeing little if any benefit from overall income growth, because their share of the economic pie is falling. Between 1979 and 2003, according to a recent research paper published by the I.R.S., the share of overall income received by the bottom 80 percent of taxpayers fell from 50 percent to barely over 40 percent. The main winners from this upward redistribution of income were a tiny, wealthy elite: more than half the income share lost by the bottom 80 percent was gained by just one-fourth of 1 percent of the population, people with incomes of at least $750,000 in 2003.
Yes, good times.
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